It's similar to asking a big part of the labor force to leave. In today's economy where the job market is at capacity, asking people to leave means the economy will not grow as fast. In fact, there could be a very difficult adjustment over the first three to four years when this process is in full swing.
More Quotes from Mark Zandi:
I suspect this is a pause and we still see a resumption of top line growth and, ultimately, better hiring in tech.Mark Zandi
You have to go back 25 years to find a decline that is as significant on a percentage basis.
Mark Zandi
Once skittish businesses are turning into confident businesses that are willing and able to hire. I think the job market will improve further in the course of the coming year.
Mark Zandi
The Port of New Orleans alone imports 250,000 tons of coffee every year.
Mark Zandi
It will cost you some money in fees. But in 2007, when the market is at its worst and your mortgage is resetting and you're looking for a lender to refinance you out, you just may not find one.
Mark Zandi
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