If the National Bureau of Economic Research pegs the Great Recession over in June 2009, I think most economists would agree the recession is over. So, what can be said of the economy today? Certainly, the recovery has been very weak. Unemployment is still high at 9.6% with about 42% of the unemployed unable to get a job for 27 or more weeks. This represents very high, long-term unemployment. The U-6 metric of unemployment that includes additional categories of unemployed workers (such as discouraged workers and those who want full-time work but settle for part-time employment) is almost 17%. Just think, one in seven Americans can’t find a full-time job. That’s abysmal. [more...]
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