My liberal friends are all enjoying an emotional high. Their guy won reelection, they kept the Senate, and here in Minnesota the DFL won both houses of the legislature. It appears to them as though liberalism has ascended to the throne.
I think they’re incorrect, and maybe that’s a topic for another post. But no matter what your interpretation of the election is, the above graph needs to be on your mind. It shows how our job market has deviated from the trendline (a trendline based on population increase). While we are adding people to the payrolls, we are not doing so at a rate appreciably faster than the rate of population increase. This means we have not recovered the jobs lost during the recession (unlike in all previous recessions) and we are not on pace to recover those jobs.
This means there will be a permanent scar from this recession. And it’s not the kind of scar to be proud of, our economy has left behind millions of people who would otherwise be working. And those millions of people may never work in a substantial way. It may not be the original people who lost their jobs in the recession; millions of people have tried to enter the workforce since the recession and have been unable to find consistent work. It’s a real tragedy to think productive lives are being wasted and people are being hurt. It’s an even bigger tragedy that liberals, who allege themselves to the sufferings of the forgotten, are those who have abandoned those in need.
At least, that’s been my experience.
- The ‘New Normal’ of High Unemployment (cato.org)
- January Employment Report: 157,000 Jobs, 7.9% Unemployment Rate (calculatedriskblog.com)
- The Most Likely Cause Of The Next Recession… (businessinsider.com)
- Predicting the Next Recession (calculatedriskblog.com)
Filed under: Economics |