As Atrios would say: Maybe someone should do something? Instead, we have the administration talking about token solutions that don't really address the unemployment problem. But why should they? They're only geared at dealing with the political problem of Republican attacks. Since the Republicans will attack them no matter what they do, perhaps the administration might consider the possibility of presenting bold, courageous solutions?
Hah hah, just kidding! That's just crazy talk!
What some economists now project — and policymakers are loath to admit — is that the U.S. unemployment rate, which stood at 9.6% in August, could remain elevated for years to come.
The nation's job deficit is so deep that even a powerful recovery would leave large numbers of Americans out of work for years, experts say. And with growth now weakening, analysts are doubtful that companies will boost payrolls significantly any time soon. Unemployment, long considered a temporary, transitional condition in the United States, appears to be settling in for a lengthy run.
"This is the new reality," said Mark Zandi, chief economist at Moody's Analytics. "In the past decade we've gone from the best labor market in our economic history to arguably one of the worst. It's going to take years, if not decades, to completely recover from the fallout."
Major employers including automakers and building contractors were at the core of the meltdown this time around. Even when the economy picks up, these sectors won't quickly rehire all the workers they shed during the downturn.
Many small businesses, squeezed by tight credit and slow sales, similarly aren't in a hurry to add employees. Some big corporations are enjoying record profits precisely because they've kept a tight lid on hiring. And state and local governments are looking to ax more teachers, police officers and social workers to balance their budgets. Meanwhile, U.S. legislators have shown little appetite for a new round of stimulus spending.
It all points to a long slog for the nation's unemployed. In May, a record 46% of all jobless Americans had been out of work for more than six months. That's the highest level since the government started keeping track in 1948, and it's about double the percentage of long-term unemployed seen during the brutal recession of the early 1980s.
Jobless Americans such as Mignon Veasley-Fields of Los Angeles don't need government data to tell them that something has changed. A former administrative assistant at an L.A. charter school, she has searched fruitlessly for employment for more than two years. She's losing hope of ever working again.
"If I were 18, I'd say, 'I can bounce back.' But I'm 61," said Veasley-Fields, a dignified woman with graying, close-cropped hair. "It's really scary. It's like someone just put a pillow over your head and smothered you."
