Over that past five years the United States has lived with high unemployment that rivals what this country experienced during the Great Depression. As we all hear in the news almost daily, there are now millions of long-term unemployed, many of whose jobs have disappeared and will most likely never return.
However, the picture in Germany today is very different. As New York Times op-ed contributor Glenn Hutchins observes:
In 2009, Germany suffered a more precipitous drop in gross domestic product than the United States, but it experienced almost no change in unemployment.
(see “Work Like a German,” March 14, 2014)
While unemployment almost doubled in the United States after the Wall Street meltdown, in Germany it hardly budged. Today German unemployment is actually lower than it was before the “Great Recession” and – even more impressively – long-term unemployment is virtually non-existent. How could that be? Read more