Saturday, November 14, 2009
Jobs deficit requires bold action
Since the beginning of the Great Recession, unemployment has increased by 5.8%, the biggest increase since the Great Depression. The ranks of the long term unemployed (those laid off for more than six months) has soared to 5.6. million, also a post-depression peak. While Republicans like Congressman Paul Ryan, and Blue Dog Democrats hyperventilate about the threat of inflation and the federal deficit, America's working people are experiencing a real jobs deficit!
As the New York Times Bob Herbert notes:
Wall Street can boast about recovery all it wants, much of America remains trapped in economic hell.
It will take a monumental leadership effort by the administration and Congress to spark the kind of changes necessary to transform this wretched employment landscape. Ross Eisenbrey of the Economic Policy Institute has written: “By itself, the private sector is unable to create jobs in the numbers the United States needs to obtain a robust, full economic recovery.”
...we need to rethink our entire approach to employment. Conventional efforts to kick-start economic growth are dwarfed by the vast scale of the problem. Bold new efforts — creative efforts — are needed.
Herbert's piece is linked.