In case you missed it, New York Times columnist Paul Krugman takes on the talk of a Carolina comeback in his latest column. The Princeton economist, explains that the improvement in North Carolina’s jobless rate tracks with what we’re seeing at the national level. But Krugman notes the state should be concerned by the people who have dropped out of the job search and are no longer counted. In fact, North Carolina’s labor force drop has been much larger than the national change, according to Krugman.
As for North Carolina’s move last year to cut the length and the duration of unemployment benefits, he concludes:
…if there were anything to the theory that cutting unemployment benefits encourages job search and somehow translates into higher employment even in a slump, harsh policies should work better at the state than at the national level. But there is no sign at all that North Carolina’s harshness has done anything except make the lives of the unemployed even more miserable.
Click here to read Krugman’s full column.