One can grasp the Employment situation from this link; I will say now that Heidi Shierholz and Stephan Stanley probably make the most sense at this point in Time. The later is something which I would like to discuss at this time. Most economists don’t, but should, track the productivity per Worker across their labor lifetime. This vastly changes the Productivity levels of Labor, as period of non-labor appear as 0 within the Average. Labor lifetimes under such a Scenario should likely fall over a 35-year Period of Time, though many Workers work much longer or shorter periods of time. I say this because Recessions could be gauged in terms of lost labor hours, and Booms in terms of gained labor hours. The Average labor Wage can be produced at any point in time, and the real Cost or Gain from such things can be judged for Labor. The Trick, here, is because loss of Savings comes naturally under unemployment conditions, and the Gain or Loss will naturally reflect gain or loss of domestic Consumer Demand within the Period in Question.
I remit to you this article by Michael Konczal. It seems that Unemployment remain a semi-permanent condition with semi-permanent effects. Labor has to relocate to find Work, and loss of Labor time and relocation Costs make a permanent dent in their net worth. Localities do not recover from such Recessions in the Short or Intermediate Run, and there is evidence that localities recover in the Long Run only after serious readjustment of the Tax and Welfare structure. It is assurance that it takes more than economic policy to regenerate any economy.
I ordinarily do not like to link to such a Post, basically due to dislike of the Thought that Americans conceive of the Vote as a way to punish Incumbents for previous performance. There is the fact, though, that many actions are unpopular with the Voters, and Incumbents can lose support because of their position which angers their base. It did happen this time to a relative ‘swing’ degree, and I say this believing that the Change was probably Good even though I back Obama’s positions. I opposed the TARP, but they passed it anyway; the notice here being that it was a Republican Congress which did that. It is not to say that I like Democrats any more; yet, I think politicians should be hung for their own behavior, not that of Others. What truly amazes me is the lack of core Democrat response to the constant attack by Republicans through they years since Reagan. Could it be that they are truly Republicans in Sheeps’ Clothing; bought and paid for with Conservative, Republican, Corporate Cash? lgl