- In July 2014, 9.7M Americans were unemployed.
- Job growth has largely been in low-wage occupations but many of the jobs lost during the recession were high- and middle- wage jobs.
- Wage increases have not kept apace of inflation.
- The labor force participation rate is at its lowest level in 30 years.
- Long-term unemployment is above pre-recession levels in at least 40 states.
- More than ~17% of men of prime working age are unemployed or have given up entirely on finding work.
- 10M million private-sector jobs have been added to the U.S. economy the past 4 years and the official unemployment rate is 80% of pre-recession levels. Yet, job growth the United States has not created a sufficient number of full-time jobs. To reach full employment, the economy needs at a minimum to add 7M new jobs. However, a Brookings Institution report notes that if the economy continues to grow at its current rate, it will not be until 2019 that the economy will be able to accommodate new workers and be in the position that it was in prior to the recession.
Rightly so, all of this labor market news is disturbing the public:
- 71% of the public today believes the “Great Recession” has permanently changed the nation’s economy. In November 2009, 49% believed this was the case. In January 2013, 60% believed this was the case. Notice a trend?
- 16% of the public believes that job and employment opportunities will be better for the next generation. 56% believed that in July 1999. Notice another trend?
- 36% believe the economy will never fully recover. 24% expect the recovery to take 6 to 10 more years. 30% expect to see a recovery in 3 to 5 years. Irrespective of "when," these people may have the "what" exactly right.
- In August 2014, 22% of the public were optimistic the government could help fix the economy while 78% believed the government could do little, if anything. But, in January 2013, 42% of the public were optimistic that the government could fix the economy while 59% believed the government could do little to help the economy. How’s this for a trend?
Even though the “Great Recession”--which we have been told was caused by President George W. Bush--officially ended in June 2009, the public is pessimistic about nation’s economic recovery. This despite what we are being told about “jobs added.”
Hopium and changeum has cost the public both jobs and money.
But, what the heck? The President’s plan is working, if you listen to him and his lemmings in the mainstream media.
Let the discussion begin...
To read the Rutgers University report, click on the following link:
"Unhappy, Worried, and Pessimistic: Americans in the Aftermath of the Great Recession."