The US economy is frequently compared to Japan in the early days of its lost decade, but here’s one way it’s way different: the US is a much worse place to be a worker.
As this chart from Deutsche Bank nicely illustrates, US unemployment took off like a rocket when the crisis hit. In Japan, it barely budged, just gradually getting slightly worse over the years.
The good news: At least it means the economy will be forced to restructure faster.
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