Words.
"Now, with the financial sector stabilized and economists predicting that the Great Recession is nearing an end, the sighs of relief coming out of Washington and Lower Manhattan are understandable. But this is no time to lose sight of the wreckage all around us. This recession, a full-blown economic horror, has left a gaping hole in the heart of working America that is unlikely to heal for years, if not decades.
Fifteen million Americans are locked in the nightmare of unemployment, nearly 10 percent of the work force. A third have been jobless for more than six months. Thirteen percent of Latinos and 15 percent of blacks are out of work. (Those are some of the official statistics. The reality is much worse.)
Consider this: Some 9.4 million new jobs would have to be created to get us back to the level of employment at the time that the recession began in December 2007. But last month, we lost 216,000 jobs. If the recession technically ends soon and we get to a point where some modest number of jobs are created — say, 100,000 or 150,000 a month — the politicians and the business commentators will celebrate like it’s New Year’s.
But think about how puny that level of job creation really is in an environment that needs nearly 10 million jobs just to get us back to the lean years of the George W. Bush administration.
We’re hurtin’ and there ain’t much healin’ on the horizon.
...“This is not your ordinary dip in the business cycle,” said Mr. Van Horn. “Americans believe that this is the Katrina of recessions. Folks are on their rooftops without a boat.”
Stunned by the financial and psychological toll of the recession, and seeing little in the way of hopeful signs on the employment landscape, many of the surveyed workers showed signs of discouragement. Three-fifths said that they had experienced feelings of helplessness.
...At some point the unemployment crisis in America will have to be confronted head-on. Poverty rates are increasing. Tax revenues are plunging. State and local governments are in a terrible fiscal bind. Unemployment benefits for many are running out. Families are doubling up, and the number of homeless children is rising.
...If we end up with yet another jobless recovery, there would seem to be little hope for impoverished families in America’s big cities, rural areas and, increasingly, suburban neighborhoods as well."
No comments:
Post a Comment