As our own Brian McGovern pointed out yesterday, Save Jerseyans, a record number of working age Americans are now outside of the workforce. “Disastrous” doesn’t begin to describe what our country is going through.
To make matters worse? We’re not creating nearly enough jobs to keep up with Americans who are just entering the workforce.
The United States has weathered 16 individual recessions since 1919. The average length? 13 months, and these recessions have consistently grown shorter over time. Until now. The 2008 recession is an alarming aberration; conservative estimates say it lasted 18 months (until October 2009).
But keep in mind, Save Jerseyans, that while everyone defines recessions a little differently, every definition looks to prolonged economic contraction (usually in the GDP for 6 months or more) as the key measure.
Just because the economy stops contracting doesn’t mean it’s growing fast enough to keep up with population growth! And we haven’t come close under Obama’s stewardship. Experts believe we need anywhere between 90,000 and 150,000 new jobs PER MONTH to accomplish this goal. 120,000 new jobs in March is replacement level job creation at best.
So the next time you catch an Obama apologist celebrating 120,000 new jobs (perhaps at your family’s Passover or Easter gatherings?), remind them that that’s a lot like taking home $15,000 per month at your job and proclaiming that you’re officially “well off” when your monthly expenses average between $16,000 and $14,000 per month.
That’s no way to live your life, Save Jerseyans, and it’s certainly not an acceptable economic strategy for the third most populous nation on the planet. The President’s answer nevertheless continues to be increasing job-killing taxes, spending and regulations.
The inevitable result? Less revenue, less jobs, less “hope” than ever before. Particularly if you’re one of the unfortunate 88 million people subsisting “outside the workforce” or, alternatively, a young kid trying to break into it.