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There's always certain industries that do well in every recession. That doesn't mean it's not a recession. North Dakota had something like a 1.8% unemployment r
by cultus 7y ago
There's always certain industries that do well in every recession. That doesn't mean it's not a recession. North Dakota had something like a 1.8% unemployment rate in the depths of the Great Recession because the high oil prices (which otherwise exacerbated the recession) allowed the shale oil and gas boom. They were doing great, but the national rate was around 10%.
- scotty79 7y agoTrue. That's why we need basic income, because recession defined as more industries becoming more useless and less becoming more useful will occasionally happen for whatever reasons and hoping it never ever happens is not the best social harm mitigation strategy.