The New Abnormal

At December’s rate of job growth (200,000 jobs) we won’t reach an acceptable level of employment until 2024. At this month’s rate of growth (243,000 jobs) it will still take us until 2019. Even if we accelerated that rate of growth to 400,000 jobs per month, it would still take us until 2015 to get back to our customary and normal rate of employment.

There would be room for celebration – cautious celebration – if we were protected from more economic shocks, which could come at any time from our under-regulated and too-big-to-fail banks. But we’re not. Or if the Republicans and ‘centrist’ Dems (including the President) weren’t pushing to cut government jobs, which will slow the rate of growth even more. But they are. Or if the President were pushing for bigger initiatives, on the scale that’s really needed, while making the case for the kind of short-term help we need to get this country on its feet again.

But he isn’t.

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