A new report by CEPR details the moribund job market noting that employment levels won’t return to their pre-Great Recession levels for another decade.
Even if the economy creates jobs from now on at a pace equal to the fastest four years of the early 2000s expansion, we will not return to the December 2007 level of employment until March 2014. And, by the time we return to the number of jobs we had in December 2007, population growth will have increased the potential labor force by about 6.5 million jobs. If job growth matched the fastest four years in the most recent economic expansion, the economy would not catch up to the expanded labor force until April 2021.
And yet Congress refuses at every turn to boost job creation.
House Democratic leaders will accept the Senate’s plan to pass a stripped-down supplemental spending bill for the wars in Iraq and Afghanistan, while seeking another vehicle for money to prevent the layoffs of some 140,000 teachers, a well-informed House aide said Monday.
The decision reflects the reality that Democrats lack the votes in the Senate to attach billions of dollars in help for states to keep teachers on the payroll this fall.