otbricki

Relatively Low Unemployment Is No Cause for Optimism

I don't think this analogy holds up given the changes in the economy that have occurred in the last 80 years.

Companies cut jobs far more rapidly than they used to because in a service economy employee costs are a far larger part of their costs. In addition there is not the same social contract between employee and employer that used to exist 80 years ago. Also we have stuff like unemployment insurance now.