Sunday, June 24, 2012

Newest New York Post piece: "A Nation too scared to quit"


I hope that this piece gets shared widely as I think that the information in it is pretty important.  The piece starts this way:
In case you missed it, hiring fell a staggering 9 percent last month. The hidden secret is how bad hiring has been throughout the “recovery.”
Economists say the recovery started in July 2009 — but the jobs picture still looks more like a recession.
New hires not only fell during the recession, they’ve kept on falling during the “recovery” — something that isn’t supposed to happen.
The economy has added jobs for 20 months, but very slowly. The total number of jobs has grown by just 1 percent during the 36-month “recovery.” In all past recoveries since 1970, the average job growth in the first 36 months is 7 percent.
The story gets even worse when we look more closely at that small increase in jobs.
In the year and half before the recession, new hires averaged 5.25 million per month. During the recession (December 2007 to June 2009), they fell dramatically to 4.39 million, hitting 4.2 million per month in December 2008, right before Obama became president. . . .

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