The South Florida housing market is a wreck. The school districts are laying off teachers by the thousand. Every government agency has had to slash services. There's record unemployment. And yet Florida's saving grace is, as always, the tourist industry.
Tourism is pretty much Florida's only hope at this point, since real estate was the foundation of its economy -- and it isn't coming back. If tourists shun the state for a year or two, you'll see prolonged high unemployment, income declines, and probably even a population drop.
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prolonged high unemployment, income declines, and a population drop. But his point is well-taken.