Paul Krugman: That ’30s Show | New York Times
Posted by Faiz on July 4th, 2009
“[T]he deeper the hole gets, the harder it will be to dig ourselves out. The job figures weren’t the only bad news in Thursday’s report, which also showed wages stalling and possibly on the verge of outright decline. That’s a recipe for a descent into Japanese-style deflation, which is very difficult to reverse.”
Also see: Japanese workers’ tales of woe | Globe and Mail
“[Newly] unemployed Japanese, who now number three-quarters of a million more than a year ago [come from the ranks of] temporary, or contract, workers [but are now joined by] graduates expecting to be hired into a job for life.”
