Krugman at 4 AM — Jobs Limited

December 6, 2010

Trying to find a job in the US is getting to be worse than a bitch.
From Calculated Risk:

For the current employment recession, employment peaked in December 2007, and this recession is by far the worst recession since WWII in percentage terms, and 2nd worst in terms of the unemployment rate (only the early ’80s recession with a peak of 10.8 percent was worse).
The number of workers only able to find part time jobs (or have had their hours cut for economic reasons) declined slightly to 8.972 million in November. This has been around 9 million since August 2009 — a very high level.

According to the BLS, there are 6.313 million workers who have been unemployed for more than 26 weeks and still want a job.
This was up from 6.206 million in October. It appears the number of long term unemployed has peaked, however the level is extremely high – and the increases over the last two months is very concerning.

Check the link for some grim graphics on joblessness.

And a college degree don’t make no differenceThe jobless rates for Americans who had at least a bachelor’s degree hit 5.1% in November, the highest in 40 years, USA Today reported. In September, the rate was just 4.4%. In total, there were 2.4 million unemployed people with a bachelor degree or higher.

Paul Krugman, in his New York Times piece this morning, says push back on the hard-hearted GOP:

Think about the logic of the situation.
Right now, the Republicans see themselves as successful blackmailers, holding a clear upper hand.
President Obama, they believe, wouldn’t dare preside over a broad tax increase while the economy is depressed.
And they therefore believe that he will give in to their demands.
But while raising taxes when unemployment is high is a bad thing, there are worse things.
And a cold, hard look at the consequences of giving in to the G.O.P. now suggests that saying no, and letting the Bush tax cuts expire on schedule, is the lesser of two evils.

Among many evils, one might say.

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