There is every reason for states to panic. Expect nothing less than panic.
What puzzles me is that with such large numbers of people without jobs or adequate jobs, how can retail sales continue to hold their own? If people still had their house ATM or were increasing their credit card debt, I could see how they could keep spending at pre-recession levels. But people are paying down debt, not increasing it. Something just doesn't jibe IMO.
With the current job situation, I would expect to see retail sales at something like 90% of the bubble years sales. Do you have any retail sales data that verifies the stress in the employment situation?
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