Saturday, January 25, 2014

It Isn't Good, Norwegian Wood Warning

Dean Baker at Beat the Press (his blog at CEPR) passes on a warning from a Norwegian economist, University of Oslo Professor Marcus Hagedorn, whose study of employment records in North Carolina shows an utter disaster following the election of a Republican governor:
Brad Plummer calls our attention to a study by an economist at the University of Oslo showing that employment in North Carolina plummeted immediately following the election of Republican Governor Pat McCrory. According to the study, whose lead author is University of Oslo Professor Marcus Hagedorn, employment fell by 295,000 or 7.0 percent in the three months from November, 2012 to February, 2013. This plunge in employment was associated with a 5.3 percentage point drop in the employment to population ratio and a 6.3 percentage point decline in the labor force participation rate.

This falloff in employment is far sharper than even the worst period following the collapse of Lehman in 2008. In the worst three month period following the collapse the employment population ratio fell by just 1.1 percentage point, just over one-fifth of the drop seen following the election of Governor McCrory.

Vote for a Republican governor at your own risk!

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