A picture tells one story about the recession

Certainly, the pictures that matter most in the current recession are those of individuals trying to make ends meet and trying to find a way to stay afloat. That said, an image from our upcoming paper on the state’s business climate — and specifically on our tax competitiveness relative to other states — struck me as important to share.

Massachusetts’ economy has been mauled by the global recession, though several observers have noted that, during the recession, Massachusetts is faring better than many other states. The image below depicts the overall number of unemployed in the state from December 2007 to July 2009.

(Source)

If doubling the unemployed population is better, then we are really in deep trouble. The image strikes me as looking a lot like the tidal wave that has hit the economy.