Mr. Housing Bubble Part Duex

Paul Krugman has a second column in a row about the housing bubble (for the previous one, click here). I’m starting to think perhaps he is Mr. Housing Bubble. Says Krugman, “I've written before about the reasons to believe that current house prices in much of the country represent a bubble. When that bubble begins to deflate, so will housing-related employment.” How many jobs are dependent on the current bubble? “Typical estimates say that each additional dollar of housing wealth adds about 3 cents to annual consumer spending, as families reduce their savings and borrow against their newly valuable homes. So we're talking about an additional $150 billion in spending, and roughly 1.5 million more jobs.”