America faces a jobs depression

Robert Reich writes:

The Reverend Al Sharpton and various labor unions announced Wednesday a March for Jobs. But I’m afraid we’ll need more than marches to get jobs back.

Since the start of the Great Recession at the end of 2007, the potential labor force of the United States – that is, working-age people who want jobs – has grown by over 7 million. But since then, the number of Americans who actually have jobs has shrunk by more than 300,000.

In other words, we’re in a deep hole – and the hole is deepening. In August, the United States created no jobs at all. Zero.

America’s ongoing jobs depression – which is what it deserves to be called – is the worst economic calamity to hit this nation since the Great Depression. It’s also terrible news for President Obama, whose chances for re-election now depend almost entirely on the Republican party putting up someone so vacuous and extremist that the nation rallies to Obama regardless.

Print Friendly, PDF & Email
Facebooktwitterrss
Facebooktwittermail