I never thought that I’d quote Ezra Klein. However, it’s been a screwy day, so I am.
Here is a graph from the WaPo, via Brookings.
That’s job growth per month on the X axis, and how many months that level of job growth would take to get us back to pre-recession levels on the Y axis. Notice that adding new jobs at a rate of 200,000 a month would take us 150 months — or 12.5 years — to get back to normalcy. So far, only April has seen more than 200,000 in non-census jobs growth — and even then, just barely.
Now, for the analysis. I have to doubt that the job creation will stay anywhere near enough to get us back to “normalcy.” As long as businesses hold off hiring, and banks hold off lending, job creation will remain flat. After all, why hire or loan when you might get screwed? When there is uncertainty about what the government is going to do to people, the people are cautious. Also, with Cap and Trade, and the tax increases set to begin soon, why try? Anyway, this chart is scary, and should be.
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Matt
I believe that future generations should have the same opportunities that myself, and those that came before me, had. My parents taught me that I could do anything I wanted to do. I don’t want to have to tell my daughter, “You can do whatever the government tells you to do.” We are at a crossroads in this country; are we going to be free, or are we going to be slaves to the nanny state. I choose freedom.
[...] This post was mentioned on Twitter by Matt Ross, Matt Ross. Matt Ross said: The Jobs Situation is Grim http://su.pr/2xFQDj [...]
Honestly, there is a reason job growth is so low. Everything the Democrats have done is gearing towards the public sector, ie. growing the government. Until they start trying to grow the private sector, it will remain thus. It’s sad, but it’s the truth. This is one reason I was so adamant to my son-in-law about keeping the job he has, at least until he finds a different one. They are very scarce right now and if you have one, it’s best to keep a tight grip on it.
There has already been significant damage done. It will take years to recover, and that is with massive tax cuts, and for the Democrats to be out of power for all of that time. Anytime they get back in, they will continue to destroy job creation.
On the bright side, look at all the great opportunitoes the jobless have for FUNemployment and STAYcations!!!! [sarc/]
Unless they’re artists or musicians. Pelosi told them to quit their jobs and ObamaCare will take care of them!
Do you think they will create large war in an attempt to stimulate the economy?
I don’t think so. That would strengthen the country in the end. They mean to destroy the country,
Sadly, a downward adjustment to the standard of living seems inevitable for many – ending at a point where there will no longer be a “Job Americans won’t do.” I think things will start to get really “interesting” once that happens.
That it will. The question is, what will happen then? It could get ugly.
Great post Matt, one I’d really like to share with my readers- so linked today at RR.
http://reaganiterepublicanresistance.blogspot.com/2010/07/meandering-righty-blogoverse.html
Have a great weekend,
-RR-
I did see that RR. Thanks for including me in such a great collection of blogs.
“When there is uncertainty about what the government is going to do to people, the people are cautious.”
But, but… i thought big government was supposed to make the jobs out of thin air for the people and wave the uncertainty away with it’s fancy bureaucratic wand.
What happened big government liberals, why aren’t your promises working. No wait, don’t tell me, it’s still Bush thwarting your grandiose plans isn’t it.