Wednesday, 21 July 2010
Graph from The Atlantic, showing duration of unemployment in the USA.
I loved Portland, Oregon. But I couldn't help noticing that all was not well. There were far too many "To Let" signs, and far too few signs of new construction.
Oh there were signs up for new buildings to be built on vacant lots.... signs over a year old, with no hint of any work being conducted any time soon.
Meanwhile, here in Canberra... money's flooding in, new buildings going up hither, thither and yon. Where's the money coming from? I can only conjecture. I think it's coming from those seeking a perceived safe haven, security from the gathering storm.
The USA has got massive reserves of wealth, real wealth, productive capacity and human and other resources. But the problem is not so much that people are losing jobs - which they are - it's that they're unable to find new ones, as the graph shows. The perception is that bad as things are now, they're going to get a lot worse.