Holy Toledo! I read the other day in the Wall Street Journal that it will take 250,000 new jobs a month for three years to lower the unemployment rate to 8%. That puts us at the middle of 2013. What are the odds? Look at how long it took to shake the recession of 2001 and a 2% increase in cyclical unemployment! I think we are in for a long hard sloggggggg.
I also include a piece that discusses if unemployment insurance increases the spell duration of unemployment.