WASHINGTON - Call it the Terrible Teens.
The decade ahead could be a brutal one for America's unemployed and for people with jobs hoping for pay raises.
At best, it could take until the middle of the decade for the nation to generate enough jobs to drive down the unemployment rate to a normal 5 or 6 percent and keep it there. At worst, that won't happen until much later perhaps not until the next decade.
The deepest and most enduring recession since the 1930s has battered America's work force.
The unemployed number 15.4 million. The jobless rate is 10 percent. More than 7 million jobs have vanished. People out of work at least six months number a record 5.9 million. And household income, adjusted for inflation, has shrunk in the past decade.
Most economists say it could take at least until 2015 for the unemployment rate to drop down to a historically more normal 5.5 percent. And with the job market likely to stay weak, some also foresee another decade of wage stagnation.
Even though the economy will likely keep growing, the pace is expected to be plodding. That will make employers reluctant to hire. Further contributing to high unemployment is the likelihood of more people competing for jobs, baby boomers delaying retirement and interest rates edging higher.
A decade of high unemployment is looming - Outlook 2010- msnbc.com
It's apparent that the 787 billion dollar stimulus bill has done nothing to create new jobs in this country. Now we're on stimulus bill jr.--which only means in the working persons terms that their unemployment checks have been extended again.
In my area--we are currently at 7.5% unemployment--(lower than the national average) & we have tent cities growing up around our creeks & streams. Each day there is another 1 or two tents that are families with small children. It's very cold out. I have never seen this before in my over 55 years. And I have survived many recessions.
This again shows that massive government spending does not equate to private sector job growth.
"When government is big enough to give you everything you want, it's also big enough to take everything you have." Thomas Jefferson
The decade ahead could be a brutal one for America's unemployed and for people with jobs hoping for pay raises.
At best, it could take until the middle of the decade for the nation to generate enough jobs to drive down the unemployment rate to a normal 5 or 6 percent and keep it there. At worst, that won't happen until much later perhaps not until the next decade.
The deepest and most enduring recession since the 1930s has battered America's work force.
The unemployed number 15.4 million. The jobless rate is 10 percent. More than 7 million jobs have vanished. People out of work at least six months number a record 5.9 million. And household income, adjusted for inflation, has shrunk in the past decade.
Most economists say it could take at least until 2015 for the unemployment rate to drop down to a historically more normal 5.5 percent. And with the job market likely to stay weak, some also foresee another decade of wage stagnation.
Even though the economy will likely keep growing, the pace is expected to be plodding. That will make employers reluctant to hire. Further contributing to high unemployment is the likelihood of more people competing for jobs, baby boomers delaying retirement and interest rates edging higher.
A decade of high unemployment is looming - Outlook 2010- msnbc.com
It's apparent that the 787 billion dollar stimulus bill has done nothing to create new jobs in this country. Now we're on stimulus bill jr.--which only means in the working persons terms that their unemployment checks have been extended again.
In my area--we are currently at 7.5% unemployment--(lower than the national average) & we have tent cities growing up around our creeks & streams. Each day there is another 1 or two tents that are families with small children. It's very cold out. I have never seen this before in my over 55 years. And I have survived many recessions.
This again shows that massive government spending does not equate to private sector job growth.
"When government is big enough to give you everything you want, it's also big enough to take everything you have." Thomas Jefferson
