A Remarkably Prescient Song
Over 35 years ago during the 1981-82 recession, Billy Joel released “Allentown” about the plight of this Pennsylvania town. The song resonated across the Midwest during the worst economic downturn since the Great Depression. It also anticipated, I think, an important change in our economy and society.
I was in high school in suburban Detroit when “Allentown,” and Mr. Joel could easily have been singing about our troubles. Unemployment in Pennsylvania topped out at 12.7 percent in the recession, while Michigan hit 16.4 percent. Something seemed fundamentally wrong.Fortunately, the U.S. economy recovered, and growth exceeded 7 […]
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