The headline to this article states that there will never be enough jobs in America again.
Tuesday, July 10, 2012
Well, we just had another bad jobs report. The U.S. economy created just 80,000 new jobs during the month of June. Normally, about 125,000 new jobs need to be created every month just to keep up with population growth. So it is a bit odd that the official unemployment rate did not rise above 8.2%. What is even more alarming is that the Social Security Administration is telling us that 85,000 U.S. workers "left the workforce" and enrolled in the Social Security Disability Insurance program during the month of June. That means that the number of Americans enrolling in Social Security Disability actually exceeded the number of new jobs that was created. That is definitely not a sign of recovery. Unfortunately, this is about as good as things are going to get. Right now corporate profits are at an all-time high and usually after a recession has ended the percentage of working age Americans that have jobs bounces back very strongly. But that has not happened this time, and when the next economic crisis hits things are going to get a lot worse.