Different states are having different recessions
I've made the point recently that the federal extensions of unemployment benefits apply differently to states with low unemployment rates and states with high unemployment rates. This graph from Catherine Rampell explains why:
If you're in Nebraska, where unemployment is less than 5 percent, long extensions of unemployment benefits may be a crutch. But if you're somewhere like Nevada, where unemployment is 15 percent and underemployment is probably nearer to 25 percent, long extensions of unemployment benefits are the only things keeping you afloat because there just aren't jobs available. If the country's unemployment rate was 15 percent, we'd probably be calling this a depression. And the difference between being jobless amid jobs and being jobless amid a localized depression is hard to overstate.
July 21, 2010; 1:30 PM ET
Save & Share: Previous: What lesson did the White House take from Sherrod?
Next: How's that energy bill coming?
Posted by: Chris-TheFold | July 21, 2010 4:53 PM | Report abuse
The comments to this entry are closed.