The Number of Jobs Lost During the Recession Have Been Replaced, but Americans Continue to Struggle in Sluggish Economy

will work for food
(pjmedia.com)

News reports tell us that the U.S. economy has replaced all the jobs that were lost during the recent recession.

But many of those jobs are not of the same quality, and workers continue to struggle in a weak recovery, according to an Associated Press analysis.

From the AP:

Friday’s report from the government revealed an economy healing yet marked by deep and lasting scars. The downturn that began 6½ years ago accelerated wrenching changes that have left many Americans feeling worse off than they did the last time the economy had roughly the same number of jobs it does now.

To many economists, the job figures are both proof of the sustained recovery and evidence of a painful transformation in how Americans earn a living.

“The labor market recovery has been disappointing,” said Stuart Hoffman, chief economist at PNC Financial Services. “Even with the new peak, there is still a great deal of slack.”

There are still 1.49 million construction jobs missing. Factories have 1.65 million fewer workers. Many of these jobs have been permanently replaced by new technologies: robots, software and advanced equipment that speeds productivity and requires less manpower, said Patrick O’Keefe, director of economic research for the advisory and consulting firm CohnReznick.

“When heavy things need to be moved, we now have machines to do it,” O’Keefe said. “It is unlikely in the manufacturing sector that we recover much of the losses.”

Government payrolls have shrunk, taking middle class pay with them. Local school districts have 255,400 fewer employees. The U.S. Postal Service has shed 194,700 employees.

And during the economic recovery, more people have left the job market than entered it. Just 58.9 percent of working-age Americans have jobs, down from 62.7 percent at the start of the recession.

How much did the President’s economic stimulus plan cost? $831 billion? And this is what we get for it?

Many people legitimately wonder if this weak-knee recovery would have occurred on its own, without the administration spending the U.S. into even deeper debt.

It’s quite apparent we didn’t get our money’s worth. Now it’s up to the President and his party to explain to angry voters what went wrong.

The Great Recession Has Officially Been Over for 5 Years, But Americans Are Still Suffering Thanks to Obama’s Economic Policies


(phawker.com)

June 1 marked the fifth anniversary of the Great Recession’s official end, according to the economists who track such things.

This month also marks the fourth anniversary of the Obama administration’s “Recovery Summer” public relations campaign to promote the effects of the feds’ $878 billion stimulus plan.

But for most Americans, the Great Recession is still a present day reality, regardless of what the experts say.

From CNN.com:

“The majority of Americans still rate economic conditions as ‘poor’ and for good reason: This jobs recovery is the slowest on record, wages are barely rising, home prices are still below their peak and more Americans are using food stamps than ever before.

“Main Street America still doesn’t feel recovered, because, quite frankly, it’s not.

“ … Each American – including children – is about $4,700 a year worse off than they would have been if the economy had not gone into recession, calculates Lawrence Yun, chief economist for the National Association of Realtors. Of course, some are better and some are worse off than that, but that’s the average loss.”

This dour report comes on the heels of news that the U.S. economy actually shrank by 1 percent in the first three months of this year, and that the labor force participation rate is the lowest it’s been since 1979.
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Brits Begin Including Prostitution, lllegal Drugs in Measuring Overall Economic Activity

sexwork
(Reuters)

New economic reports indicate the U.S. economy actually shrank by 1 percent in the first three months of 2014, instead of growing by .1 percent as originally believed.

It marks the first time the U.S. economy has contracted in three years, the Wall Street Journal reports.

Those are bad numbers for President Obama and the Democrats – especially in an election year – which is why they’ll want to pay close attention to the new way officials in the United Kingdom are “growing” their economy.

According to CNN Money, “The British government is now including prostitution and narcotics sales in its official Gross Domestic Product (GDP) statistic. That’s the oft-cited measure of how much a country’s economy grows or contracts.”

Government officials estimate the shadowy activities add $16.7 billion a year to the overall economy, and say they’re including illegal drugs and prostitution in GDP figures because other European Union nations do, too.
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