US Jobless Rate Likely to Pass Europe's

This headline from the New York Times says it all.

“The current economic crisis,” wrote John Schmitt, Hye Jin Rho and Shawn Fremstad of the Center for Economic and Policy Research, a research organization in Washington, “has turned the case for the U.S. model almost entirely on its head.”

The usual take on our labor force is that we can't have European-style social benefits so that we can maintain labor force flexibility that will keep our unemployment rate low.

Hmmm. . .

The full article is here.