In case you missed the news, the recession ended in 2009. Some members on a panel of economists are now disputing that fact, to the surprise from politicians and mainstream media who long ago declared the greatest economic crisis of our time dead and gone, and are merely bickering over precisely when it dropped off the twig: Was it in mid-2009? Before then? After?
Of course, some people just refuse to get with the program, insisting that with a national unemployment rate hovering around 10 percent , the recession isn’t really over. And that for older people dependent on deep-sixed 401ks, it most likely will never be over. People who are unemployed and on food stamps don’t think it’s over. People underemployed and still looking for more work are not receiving any trickledown. And for those lucky enough to have been receiving unemployment insurance, who now find it running out and still can’t find a job, things don’t seem to have materially improved.
The Center on Budget and Policy Priorities, the Washington,D.C.-based think tank with a liberal bent, recently released a report that offers a different slant on this subject:
The long-term unemployment rate — the percentage of people in the work force who have been out of work for over half a year and are still looking for a job — reached an unprecedented 4.3 percent of the labor force in March (see the chart). Yet Congress has allowed the Recovery Act measures that provide additional weeks of unemployment benefits and subsidized COBRA health insurance coverage for unemployed workers to lapse. Opponents’ arguments that these measures should not be extended unless they are paid for with cuts in other spending do not withstand scrutiny. Meanwhile, delay imposes unnecessary hardship on the long-term unemployed and weakens the economic recovery.
Although there are growing signs that the economy is in the early stages of a recovery, unemployment remains very high, and the economy is not running on all cylinders. Demand for goods and services remains far below what the economy is capable of producing, and the rate of job creation anticipated over the next several months will represent only a small start toward restoring the 8.2 million jobs lost since the recession started. (That loss essentially erased all of the jobs created between 2003 and 2007 in the economic recovery that followed the previous recession.)
Sam Smith over at prorev.com calls attention to another factor reported by Air Force Times:
Disturbing new statistics from the Labor Department show that one in three veterans under age 24 is unemployed – and that the unemployment rate for Iraq and Afghanistan veterans has jumped to 14.7 percent, half again as high as the national employment rate of 9.7 percent.The March unemployment rate of 30.2 percent for veterans aged 18 to 24 is a big jump from February’s figure of 21.7 percent, although it may be partly the result of a small sample used by the Labor Department in determining unemployment, said Justin Brown, a labor expert for Veterans of Foreign Wars.
Then, there’s this from Black Agenda Report:
Official labor statistics show Black unemployment rose to 16.5 percent in March, up from 15.8 percent the month before, while white joblessness remained steady at 8.8 percent. At least a score of major Black population centers now register official unemployment levels nearing 25 percent, comparable to the depths of the Great Depression – and it took World War Two to pull the economy out of that pit.
With 5.5 job seekers for every actual job opening, according to the latest data, employers can discriminate in favor of whites to their hearts’ content, while continuing to lower wages and working conditions. It’s easy to casually fire Black people and even easier not to hire them. We will soon find out if a statistical “point of no return” in unemployment levels exists, from which communities cannot recover absent extraordinary assistance by a caring government.