Spending won't help this time

The silver lining may be a ways off. The current storm is unlike the others we have seen in several ways. The duration, the breadth, the sectors involved, an election and the age distribution of the population will all lead to a slower recovery. This downturn has had several festering sores before the major contagion set in. Michigan had seen a recession well before the rest of us, and it started to spread slowly into other Rust Belt areas as well. The loss of jobs in manufacturing that have not been recovered are unlike other recessions when the ...

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From the Print Issue

October 2009

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