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View Diary: The economy is improving - just not for you (27 comments)

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  •  From Robert Reich: (2+ / 0-)
    Recommended by:
    blueoasis, Jim P
    We remain in the gravitational pull of the Great Recession. The Labor Department reports that 165,000 new jobs were created in April -- below the average gains of 183,000 in the previous three months.

    We can't achieve escape velocity. Since mid-2010, the three-month rolling average of job gains hasn't dipped below 100,000 but has exceeded 250,000 jobs just twice.

    This isn't enough to ease the backlog of at least 3 million (estimates range up to 8 million) job losses since 2007, just before the Great Recession began. (And as I'll point out in a moment, 2007 wasn't exactly jobs nirvana.)

    Moreover, most of the new jobs now being created pay less than the ones that were lost.

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