U.S. and Western European Unemployment: Now Equally Bad

The CEPR comes through:>John Schmitt, Hye Jin Rho, and Shawn Fremstad: U.S. Unemployment Now As High as Europe: From the early 1990s through the peak of the last business cycle, relatively low U.S. unemployment rates seemed to make the United States a model for the rest of the world’s economies. The Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), and other international organizations all praised the U.S. unemployment performance and urged the rest of the world’s rich countries to emulate the “flexibility” of the U.S. model…I still suspect that the U.S. unemployment recovery will be more rapid than the European–too many linguistic and bureaucratic barriers to effective mobility to the growth poles of the continent, et cetera. But swe will see:

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