Floyd Norris shows that the share of U.S. men without work is higher than many imagine (hint: “unemployment rates” are not the same as “the rates of people without a job”). Paul Krugman agrees and adds France to the equation.
Krugman also points us to a paper from 2006 by John Schmitt and Dean Baker taking issue with the “Eurosclerosis” argument.
Just one thought: How do the incarceration rates in the U.S. influence the figures?
Of cause the impending downturn complicates matters a bit.