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Cutbacks

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"Cutbacks"

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This report from Pew on how the recession has changed life in America has a bunch of interesting data. This survey question capturing the broader impact of the recession on the labor market is definitely worth pondering:

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I recall having read that during the Great Depression of the 1930s, those workers who didn’t lose their jobs actually wound up experiencing rising living standards thanks to price deflation. Here we seem to see a labor market that, for better or for worse, is more capable of spreading the pain and inflicting damage on the economic interests of the employed.

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