At the rate of job growth since the recovery began in mid 2008 it will take 24.8 years to recover the jobs lost since the beginning of the Bush recession and make up for population growth since the recession began.
At the rate of job growth since the recovery began in mid 2008 it will take 81.3 years to recover the jobs lost since the beginning of the Bush recession, make up for population growth since the recession began and restore the labor force participation rate to its pre-bush levels.
At the rate of job growth since the recovery began in mid 2008 it will take 91.2 years to make up the jobs lost in the recession, for population growth since the recession began, restore the labor force participation rate to its pre-bush levels and lower unemployment from 6.7% to 5%.
Jobs needed to recover jobs lost from the Bush recession = 666,000
Average rate of job growth since recovery began = 189,277 jobs per month
Average monthly labor force (population) monthly growth rate from 1976-2007 = 154,566 workers per month
Net growth in employment per month since recovery began = 34,711 net jobs gained over growth.
Jobs lost in the bush recession = 8,528,000
8,528,000 jobs / 34,711 net jobs per month = 247 months to make up the number of jobs lost in the bush recession over the monthly additional population rate increase.
current u.s. labor force = 145,266,000 workers
Average labor force (recession/collapse) monthly growth rate from 2007 to 2014 = 67,529
2000 labor force participation rate = 67.1%
2014 labor force participation rate = 63.0%
current unemployment rate = 6.7%
not considered
--the reduction in hourly compensation during the "recovery"
we cannot wait.
this isn't working.
suggestions???