Quote:
Originally Posted by Rochard
The recession in the 1970s wasn't nearly as bad as what we just went through.
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Of course not.But it didnt help the mass laying off of people. Our economy is based on spending. Germany took less of a hit because of the action they took instead of having a layoff blood bath.
http://www.economist.com/blogs/freee...ry_comparisons
"Germany proceeded to protect its labour market from major disruption by the great recession, through the use of its "short work" labour sharing programme. Firms were encouraged to cut hours rather than jobs, and workers facing reduced work hours were provided an income subsidy. The result? Germany's huge output fall produced only a labour market wiggle."