Why We Don't Believe that the Fact that We Had too Many People Working in Construction in 2007 Has Much to Do with Our Current 10% Unemployment
The arithmetic simply does not add up.
We had a construction cycle, but a simple shift of demand from construction to other sectors and the shifting of labor out of construction and the process of retraining construction workers for other occupations does not produce the more than six million fall in payroll employment from mid-2008 to mid-2009.
It simply does not.
