Nine years of job growth wiped out

[w¡n9Nµ7 §£@¥€r 123]

Since the start of the recession, the labor market has lost a total of 6.5 million jobs, down from 138.2 million in December 2007 to 131.7 million in June. As the chart below shows, the peak number of jobs after the expansion of the 1990s was 132.5 million jobs in February 2001. We are currently 838,000 jobs below that figure. In fact, the entire growth in jobs over the last nine years has now been wiped out — the economy currently has fewer jobs than it had in May 2000 (when there were 131.9 million jobs). And importantly, this decline was not occurring because the jobs weren’t needed — the labor force has expanded by 12.5 million workers since then, as the population continued to grow. This is the only recession since the Great Depression to wipe out all jobs growth from the previous business cycle, a testament both to the enormity of the current crisis and to the extreme weakness of jobs growth over the business cycle from 2000 to 2007.

http://www.epi.org/publications/entry/jobs_picture_20090702/

Edited July 9, 2009 by Randomizer

[w¡n9Nµ7 §£@¥€r 123]

A Feeble Recovery: The fundamental economic weaknesses of the 2001-07 expansion

A complete business cycle from 2001 through the end of 2007 (or perhaps the start of 2008) is now on the books, and the economic performance of the current decade can be held up in comparison to that of past business cycles. By almost all measures, the most recent expansion was the worst since WWII.

...

Of the 10 expansions since 1949, as measured from the end of the recession (trough) to the end of the expansion (peak), the expansion from 2001 through last year ranks last in average growth of GDP, investment, employment growth, and employee compensation.

GDP growth in the latest expansion was a full 40% slower than the post-World War II average (2.7% versus 4.8% in previous expansions).

Despite tax changes that were promoted as incentives to increase investment, average growth in total investment over the latest expansion was less than half of the post-WWII average, and ranked last in this group.

Corporate profits were the only area of strength in the latest full cycle, ranking 2nd strongest among the last the prior 10 cycles.

[AlHayatZween 2]

[alienlovechild 75]

Gee, I wonder what happened after June 2001 to start the economic decline that didn't bounce back until June 2005?

How about June 2008-June 2009 decline?

How are those bailouts and stimulus packages working out?

[w¡n9Nµ7 §£@¥€r 123]

Gee, I wonder what happened after June 2001 to start the economic decline that didn't bounce back until June 2005?

Of the 10 expansions since 1949, as measured from the end of the recession (trough) to the end of the expansion (peak), the expansion from 2001 through last year ranks last in average growth of GDP, investment, employment growth, and employee compensation.

Yeah, blame it on 9/11. Dumbass.

[ready4ONE 5,400]

Gee, I wonder what happened after June 2001 to start the economic decline that didn't bounce back until June 2005?

Of the 10 expansions since 1949, as measured from the end of the recession (trough) to the end of the expansion (peak), the expansion from 2001 through last year ranks last in average growth of GDP, investment, employment growth, and employee compensation.

Yeah, blame it on 9/11. Dumbass.

I think alien was looking to blame the Dem's and of course, Obama with the June 2008-June 2009 crack [the mere threat of Obama? Please!] and moving on the the stimulus wise crack.

[NickD 203]

Talk to my family about this, if all hell breaks loose, we will be prepared to share a common household. My son-in-law is still hanging in with Caterpillar, but only permitted to work 75% of the time at 75% if his wages. Just told him, he and my grandkids have a home here if all hell breaks loose. Also said, too bad they don't reduce his property taxes by 25%, when you think about it, our government is a bunch of dirty rotten b@stards, the greedy SOB's, I hate these fvckers, how else and you phrase this.

Governor keeps on talking about services, wrote him, the only service I am aware of is that weekly garbage pickup. And I wouldn't need that if I could return all that recyclable ####### to the store I buy this sh!t from and had a permit to burn all that junk mail I don't want, wouldn't need that service either. Cops ain't worth a ####### and if my house burns down, I have insurance, don't need a fire department. Well maybe my letter did some good, some talk about making these stores that sell all this Chinese made electronic ####### that becomes obsolete within a year take all this ####### back. But the damned city is charging 30 bucks to return a monitor or a TV set, and this is above and beyond our huge tax burden. Man, we are getting screwed and screwed royally. Just bend over and enjoy it if you can.

[one...two...tree 2,762]

IMO, we need to build a new economy. The economic stimulus jobs were mostly temporary, but we need something to drive the next boom...alternative energy. Combine it with a health care reform that effectively reduces its impact on our GDP. But hey, what do I know. I'm just a hippie.

[rebeccajo 14]

Gee, I wonder what happened after June 2001 to start the economic decline that didn't bounce back until June 2005?

How about June 2008-June 2009 decline?

How are those bailouts and stimulus packages working out?

Why does the 'blame' go the bailouts and stimulus?

Maybe people ought to take a look at the fact that 'trickle down' policies begun in the 80's didn't work. Profits weren't put into creating jobs. They were put into high risk-vehicles that crashed in 2008.

'

[w¡n9Nµ7 §£@¥€r 123]

IMO, we need to build a new economy. The economic stimulus jobs were mostly temporary, but we need something to drive the next boom...alternative energy. Combine it with a health care reform that effectively reduces its impact on our GDP. But hey, what do I know. I'm just a hippie.

If alternative energy was nearly that promising, this would not have ended like this.

This week, T. Boone Pickens announced that his plans to build the US $10 billion, 4,000-megawatt, Pampa Wind project are on hold. He cited lack of available transmission and funding concerns as the reason for the scale back.

http://www.renewableenergyworld.com/rea/ne...s-wind-industry

Maybe people ought to take a look at the fact that 'trickle down' policies begun in the 80's didn't work. Profits weren't put into creating jobs.

Yeap.

Corporate profits were the only area of strength in the latest full cycle, ranking 2nd strongest among the last the prior 10 cycles.

[rebeccajo 14]

Alternative transport.

Rebuild the railways. Develop mass transit.

[chri'stina 190]

IMO, we need to build a new economy. The economic stimulus jobs were mostly temporary, but we need something to drive the next boom...alternative energy. Combine it with a health care reform that effectively reduces its impact on our GDP. But hey, what do I know. I'm just a hippie.

Ya know, I have come to the realization that many of you so called hippies on VJ aren't hippies at all, even if you think you are. (I know you are mostly joking ).

[justashooter 430]

Alternative transport.

Rebuild the railways. Develop mass transit.

an english solution to an American problem. if America was england, it might be helpful. if Americans were englishmen, it might be accepted.

[SMOKE 1,426]

Alternative transport.

Rebuild the railways. Develop mass transit.

an english solution to an American problem. if America was england, it might be helpful. if Americans were englishmen, it might be accepted.

idk she might be on to something.

i'm from Oklahoma City...public transit sucks.

recently went to Chicago...public transit rocks! $20 got me & the wife all around Chicago for 4 days. & it would create many jobs during construction & after for opperations & maintenance.

[w¡n9Nµ7 §£@¥€r 123]

Alternative transport.

Rebuild the railways. Develop mass transit.

an english solution to an American problem. if America was england, it might be helpful. if Americans were englishmen, it might be accepted.

Besides, in most parts America just isn't densely populated enough to justify it. Mass transit works well where I live since Jersey is more densely populated than Belgium, but can you imagine commuter trains in upstate NY? It just wouldn't work. You'd have to drive miles to the station, you'd have to have parking, you'd need a rental or a taxi once you got off the train. It would be silly.