Economic note: America is in a growth depression
Economically, I believe the
jobless rate will soon pass 10 percent — it is actually closer to 15 percent in
real life — and I suspect the formal jobless number will rise above 10.5
percent to 11 percent.
Politically, if this happens, election 2010 will be a dark day
for incumbents. Democrats will be hurt more because they control more seats, but
there will be some Republican incumbents suffering surprise defeats as well.
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