The recession is supposed to be over

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If the recession ended in June, 2009, why does this 2008 cartoon from Dollars & Sense magazine seem so relevant?  Look for some answers below.

Click on February Jobs Report: Better but Not Strong Enough for analysis by Mike Konczai for the Franklin and Eleanor Roosevelt Institute.

Click on The Real News on Jobs for comment by ex-Secretary of Labor Robert Reich on his web log.  He thinks the real story is the decline of high-wage jobs and the growth of low-wage jobs.

Overall, the number of unemployed Americans – 13.7 million – is about the same as it was last month. The number working part time who’d rather be working full time – 8.3 million – is also about the same.

But to get to the most important trend you have to dig under the job numbers and look at what kind of new jobs are being created. That’s where the big problem lies.

The National Employment Law Project did just that. Its new data brief shows that most of the new jobs created since February 2010 (about 1.26 million) pay significantly lower wages than the jobs lost (8.4 million) between January 2008 and February 2010.

While the biggest losses were higher-wage jobs paying an average of $19.05 to $31.40 an hour, the biggest gains have been lower-wage jobs paying an average of $9.03 to $12.91 an hour.

In other words, the big news isn’t jobs. It’s wages.

via Robert Reich

Click on The March 2011 Jobs Report: Good News for February for a post on the Corrente web log arguing that the Bureau of Labor Statistics has undercounted the number of unemployed.

Click on Why Washington Doesn’t Care About Jobs for an article by Christopher Hayes in The Nation.  He points out that the unemployment rate is only 5.7 percent for the greater Washington metropolitan area, and only 4.2 percent for people with four-year college degrees, which category covers most of the policy-makers and commentators in Washington.  So the 9 percent national unemployment rate isn’t meaningful to them.

Click on Leftycartoons for more cartoons.


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