On Monday July 15, there was an exceptional article on the opinion page of The Wall Street Journal about the so-called improvements in the American economy. I have included the link at the end of this post, but I first want to share with you some key excerpts from the article.
“In recent months, Americans have heard reports…that the economy is looking up…If only it were true. The longest and worst recession since the end of World War II…the weakest recovery from any U.S. recession in that same period…the real unemployment rate for June at 14.3%, up from 13.8% in May. The 7.6% unemployment figure so common in headlines these days is utterly misleading. An estimated 22 million Americans are unemployed or underemployed; they are virtually invisible and mostly excluded from unemployment calculations that garner headlines… the number of people leaving the workforce during this economic recovery has actually outpaced the number of people finding a new job by a factor of nearly three…there are three more million part-time positions than when the recession began …gains in June…. Restaurants and bars …average weekly paycheck $351…..chronic long term unemployment shows no sign of easing …jobless recovery …adults who can work and have jobs….63.5% – a drop of 2.2% since the recession ended…millions of American families whose breadwinners are unemployed or underemployed will remain dispiriting and apprehensive”
The article ends with policy ideas for the U.S that includes producing more engineers, improving the infrastructure of airports, and streamlining the patent-application process. These may be good ideas but they are not going to help the 22 million invisible unemployed or underemployed very much, particularly those who have been out of the workforce for more than six months. Many of these 22 million are young workers and those over 55. The Recession has hit these two demographic groups harder than any other.
Waiting for a real recovery instead of phony recovery is one option for those who are unemployed, underemployed, or making less than they need to pay all their bills and save a little money too. The other option is to start your own small business. Many of the individuals who have full-time jobs are working more that full-time replacing the work that was done by one, two, or even three other employees. What needs do these over-worked workers have that could serve as the basis of your new business? Running errands, shopping at specialty shops with limited hours, keeping closets, garages, attics clean and organized, delivering home cooked meals? Need help coming up with ideas – Click on Services.
- Teens struggle to find summer jobs (newsday.com)