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Pay for delay: Wage subsidies and fatter jobless benefits have softened the impact of the recession but may yet hurt recovery
AMERICA may lead the rich world in periods of prosperity, but Europe has shown a greater talent for dealing with recession. Unemployment in the euro area has risen by 30% from its pre-crisis levels. America’s jobless rate has more than doubled. In Germany, the largest country in the euro zone, output fell far harder than America’s during the worst months of the crisis but Germany’s unemployment rate barely rose. Consumer spending has held up surprisingly well in a country where hi
Submitted by
AmericanConsumer
11/10/2009
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