Below are December 2012 jobs numbers and where they fit in the big picture.
The big picture has been that the jobs recovery period has been taking longer and longer and looooooooonger for jobs to return to their high point.
Back in 2009 a number of economic models were published that pointed to 2017 as the probable year when jobs finally recover to 2007 levels.
There are also some dark sides to the models that say full recovery will not be until 2022-24.
There are many different reasons as to why it is taking longer and longer for jobs to recover — and they never did recover to their high point from the 2001 Recession; the percentage of employed Americans has continually dropped since 2001 … with today being 2012 and that trend continuing.
You can blame left policies. You can blame right policies. But mostly we are doing two things which almost guarantee fewer jobs.
#1 is that we are enjoying the benefits of an information society tied to both industry and to productivity. The productivity rate of Americans is almost double that of population growth. Bottomline: we can do more with less, and when times get difficult we really can do much more with less … and once we do then there is no going back.
#2 is that our economy is so integrated with the world economy that we no longer feel bad selling our fellow citizens down the river if we can get a better price on a product produced anywhere else in the world. That may sound cynical but it is reality. There may be American flags flying at our shopping malls and in front of mega-stores but concepts like ‘borders’ and having an ‘integral economy’ really do not matter in our modern world — the only thing that matters is our own job which will enable us to keep buying whatever from wherever whenever we want.
Thoughts and ideas?