The recession is over in the U.S.. We’re now in the recovery period.
This would be more comforting if the pace of the recovery weren’t glacial. If you pay attention to weekly unemployment numbers or monthly economic reports, you’ve gotten used to the word “disappointing.” Yes, the economy is gaining jobs, but slowly. At this rate, it would take years to climb out of the hole the recession left us in.
But the slow pace of growth isn’t the only concern. The New York Times discusses the types of new jobs being created. While the majority of the jobs lost were midwage jobs, so far most of the new jobs are low-wage:
We’re not gaining new jobs very quickly. And when we do, it’s hard to find a job that provides a solidly middle-class income among those that are being added, continuing the trend of job polarization that economists have shown is reinforced during economic downturns.
Willikers — August 31, 2012
If we in fact are truly in a recovery phase as it is defined, we should demand a more accurate definition of recovery. First, economists are not in agreement that we are adding enough jobs to keep real unemployment from growing. Second, if real unemployment is is truly going down but disposable income (after subtracting growth in the top 1%) after adjusting for inflation is significantly contracting, that simply cannot be a true recovery for the broad economy.
WHAT KIND OF JOBS ARE WE GAINING? « Welcome to the Doctor's Office — September 1, 2012
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