Melting snowballs and the winter of debt

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In late 2010 and early 2011, the U.S. economy had barely begun to recover from the 2008 financial crisis. Around 9 percent of the labor force was still unemployed; long-term unemployment was especially severe, with more than 6 million Americans having been out of work for six months or more. You might have expected the continuing employment crisis to be the focus of most economic policy discussion.

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