tag:blogger.com,1999:blog-14963913.post608741183168568932..comments2023-10-27T20:27:57.900-04:00Comments on Kid Dynamite's World: Our Credit Has Already Been SpentKid Dynamitehttp://www.blogger.com/profile/17475987512856310577noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-14963913.post-40619623962759554522010-04-05T07:49:10.836-04:002010-04-05T07:49:10.836-04:00While I agree with your point, KD, I think another...While I agree with your point, KD, I think another issue is that the unemployment curve is shaped differently in the last two recessions because the job market is very different now than in the recessions of the past. When job swings were primarily in manufacturing (private industry with fast-acting demand changes) people were laid off as soon as demand slowed and added back when it picked up. But now the major job categories like health, education, and government do not quickly respond to reduced spending, and so the job losses take longer to happen (and to end). Another way to say it is that these enterprises are not motivated by profits, but by yearly budgets, and they are slow to respond to changes in revenue streams--both in hiring and in firing.But What do I Know?noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-75926033229695711462010-04-04T12:39:18.862-04:002010-04-04T12:39:18.862-04:00yes yangabanga - exactlyyes yangabanga - exactlyKid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-14963913.post-85913994443634492422010-04-04T11:22:25.078-04:002010-04-04T11:22:25.078-04:00I think this is just another way of saying that un...I think this is just another way of saying that unemployment isn't a dip but rather a fundamental change, now that spending is no longer powered by too easy credit. <br /><br />Or put another way that it is much easier to grow in a ponzi scheme than it is "naturally". And it is even harder to grow again in the aftermath of one.Yangabangahttps://www.blogger.com/profile/01602946300256374843noreply@blogger.com