Cassandra of Cassandra Does Tokyo has an excellent post about "what's normal in the economy"? I've also observed the same phenomenon: lots of people (IMHO, the majority right now) still think this downturn is just a temporary cyclical event. In a few months they think things will turn around ("they always do" they keep saying!) … Continue reading What is “Normal”?
Here's a link to a state-by-state unemployment map of the U.S. Krugman observes that there's a "slump belt" running from the Great Lakes down through Georgia & South Carolina. This is also the heavy auto manufacturing region. He also observes that the highest unemployment states aren't necessarily the same states that had the highest run-ups … Continue reading Unemployment Map of U.S.