That is more than just a Japanese-style lost decade; it is starting on two decades. We have over six million, or north of 40%, of the unemployed who have been looking fruitlessly for work for at least six months. The unemployment rate for adult males is 8.5%, which is unheard of more than two years into a recovery and the youth jobless rate is 20%. These are two statistics that have “social tension” thumbprints all over them...
After the jobs report came out, Jeffrey Frankel, who is on the NBER recession- dating committee, had this to say:
The trend is worrisome. This is a long slump we’re in. In that sense it’s like the 1870s or 1930s. You have a recovery but not enough to create jobs or get the economy going.Geez. We’ve [Rosenberg] only been saying that from the get-go.
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