The unique scale of job losses in the current recession

(written by Lawrence Krubner, however indented passages are often quotes)

Calculated Risk posts this surprising graph of job losses during the current recession, compared to all other post-war recessions:

Job losses during this recession

2 things surprise me:

1.) the scale of the losses

2.) the fact that $700 billion in fiscal stimulus, and the loosest monetary policy ever, merely brings the employment line up to a horizontal line, but doesn’t cause any big upward spike

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