In this recession, the economy has lost a net 3.4 million jobs from its 2008 peak that have yet to be recovered. Meanwhile the working age population has grown by more than 11.1 million — creating a 13.5 million (and widening) jobs gap that will not be filled easily no matter who wins the election on November 6
At the first presidential debate, Barack Obama tried to put a nice spin on this dismal situation, claiming millions in private sector jobs growth in the past 30 months. But this is false comfort.
Since the job market’s bottom in December 2009, the meager jobs growth we are currently seeing of about 150,000 per month is still not keeping up with population growth of about 200,000 each month.
Therefore, it has had little effect on the unemployment rate – which had been above 8 percent for 43 straight months, the longest period of sustained high unemployment since the Great Depression.
For new entrants into the workforce, the hiring prospects out there are particularly grim, especially for recent college graduates, about half of whom alarmingly cannot find work according to aRutgers study.
1 comment:
obama supporters keep pointing, in a delirium of ecstasy, to the jobs obama has "created", but fail to notice (deliberately fail to notice) that the numbers are not even CLOSE to what is necessary. They are so hypnotized by this fraud that ANYTHING good is cause for "I told you so!!". What kind of place are we in when we CELEBRATE 7.8% unemployment?! And, its kind of strange that the very people who have 4 year degrees but are working as the assistant manager of electronics at Best Buy for $22,000/year are so deeply in love with the worst president in the history of our nation (and there have been some REALLY bad ones). Wait another 10 years (if we are still here) for the taxes to tear them apart. The wailing will be deafening...
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