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Life on Severance: Comfort, Then Crisis - WSJ.com
Things are scary out there for the unemployed in America! This article tells some sad stories of opportunities lost and next eggs blown! It also illustrates a key concept from AP and IB Economics: the theory of sticky wages and prices, at the heart of Keynesian macroeconomics.
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Add Sticky NoteThe family recently vacationed in Virginia Beach, Va., and likes to dine on Porterhouse steaks. Since losing his job, Mr. Joegriner, 44 years old, has had several offers. He's turned each down in hopes of landing a position comparable to what he held before.
- Unemployed Americans unwilling to accept lower wage jobs! This sounds like evidence of the "sticky wages" Keynesian observed in his arguments for fiscal stimulus! - on 2009-11-10
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Add Sticky NoteMr. Joegriner is a member of what might be called the severance economy -- unemployed Americans who use severance pay and savings to maintain their lifestyles. Many lost their jobs in 2007 and 2008, and thought they'd soon find work. Now, they're getting desperate.
- I bet these people just wish they had taken that good offer a year ago. Finance people laid off during this recession must have an artificially inflated view of their own value in the labor market: over-inflated like the assets they had dealt in! - on 2009-11-10
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BBC NEWS | Business | US jobs data ease economy fears
Things aren't looking as bad for the US economy this month. Employment, down 80,000 jobs in March, only fell by 20,000 jobs in April, not as bad as expected. This may mean the US is already on the upswing in its business cycle.
Bush says pain from economy defies easy fix - International Herald Tribune
Bush reflects on the waning US economy... surprisingly he
opposes McCain and Clinton's proposed gas tax holiday, also thinks it's
time to start drilling in ANWAR to help bring down energy prices.
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