We revisit this chart (shown previously), which starkly presents the evidence of why this recession/recovery cycle is so very different from the preceding business cycles. Present job growth is failing to even outpace population growth. The failure to create jobs at this late date leads to the conclusion that permanent, structural changes have occurred in the economy.
Nonfarm Payrolls (% change from recession end)
Source: Chart of the Day, February 10, 2004
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Quote of the Day:
“I never cease being astounded about how [Greenspan’s] observations about our economy are so far removed from the reality that I see every day in my state, middle class people, and what I see all over the country. It’s like we live in two different worlds.”
–Bernie Sanders, Congressman from Vermont (I)
Economists still don’t get the job losses
I continue to be amazed at how most economists do not get a simple fact: This has been an inordinately unusual recession/recovery cycle. At this…
Economists still don’t get the job losses
I continue to be amazed at how most economists do not get a simple fact: This has been an inordinately unusual recession/recovery cycle. At this…