7.9 Million Jobs Lost, Many Forever - Polidicks

[QUOTE]The recession killed off 7.9 million jobs. It's increasingly likely that many will never come back. The government jobs report issued Friday shows that businesses have slowed their pace of hiring to a relative trickle. "The job losses during the Great Recession were so off the chart, that even though we've gained about 600,000 private sector jobs back, we've got nearly 8 million jobs to go," said Lakshman Achuthan, managing director of Economic Cycle Research Institute. Excluding temporary Census workers, the economy has added fewer than 100,000 jobs a month this year -- a much faster and stronger jobs recovery than occurred following the last two recessions in 2001 and 1991. But even if that pace of hiring were to double immediately, it would take until 2013 to recapture the lost jobs. And the labor market very likely doesn't have years before it gets hit with the shock of the inevitable next economic downturn. "It's virtually certain that the next recession will come before the job market has healed from the last recession," said Achuthan. (Read 'Stimulus: The big bang is over') More frequent recessions: Despite signs of slowing economic growth, Achuthan is not predicting that the U.S. economy is about to fall into another downturn later this year. But a combination of a slower growth and greater volatility is a prescription for as many as three recessions over the upcoming decade, he said. "We've entered a era where the United States will see more frequent recessions than anyone is used to," Achuthan said. One of the big problems is that many of workers who have lost jobs were in industries that are not likely to recover their former strength. "We've got the wrong people in the wrong place with the wrong skills," said John Silvia, chief economist with Wells Fargo Securities. He said construction workers in California or Florida and auto workers in Michigan will have to relocate and retrain to find new jobs. "As many as half the people who lost their jobs will have to find something else to do," said Silvia. Home building lost nearly 1 million jobs since the start of 2008, while the auto industry shed 300,000 manufacturing jobs due to plant closings. The finance and real estate sectors lost more than 500,000 jobs. "Those are the areas with the biggest bubbles, and so it's not a surprise that those are the areas with some of the biggest job losses," said Scot Melland, CEO of Dice Holdings, a provider of specialized career web sites. "Many of the jobs we lost are never coming back." More new workers: And recapturing the lost jobs fixes only part of the problem. The nation's working-age population grows by about 150,000 people a month. So the hole is deeper than it looks. It would take the creation of 10.6 million jobs immediately for the same percentage of the population to be working as was the case three years ago. Of course, it will take time to create jobs. If it takes three years, more than 3.5 million additional jobs will be needed because of continued population growth. The unemployment rate is currently 9.5%. A return to the 4.4% rate it was the summer before the recession started in 2007 is out of reach. In fact, the Federal Reserve, in its latest forecast, predicts that unemployment will stay around 7% or above through 2012, and in the 5% to 5.3% range in the long-run.[/QUOTE] Source: [url]http://finance.yahoo.com/news/79-million-jobs-lost-many-cnnm-1248019835.html?x=0[/url] :sigh:

[QUOTE]But even if that pace of hiring were to double immediately, it would take until 2013 to recapture the lost jobs. And the labor market very likely doesn't have years before it gets hit with the shock of the inevitable next economic downturn.[/QUOTE] If i'm reading this right, we're basically screwed for the future and there's not much we can do?

[QUOTE=Xen Tricks;23184494]If i'm reading this right, we're basically screwed for the future and there's not much we can do?[/QUOTE] Oh, we're fucked over really good. This, along with the fact that a good portion of the US population in the coming years will be elderly, we're going to be bankrupt as an economy.

Moving out of the country is looking like a better and better idea every day

I was like, but there are only 4 Million people in Ireland. Then i remembered the whole world is fucked too. [editline]09:06PM[/editline] Moving to America to get bitches with my accent

Condolences to the families of the jobs that lost their lives

Is this why i can't find a job anywhere.

brb China

We need more oil production that doesn't blow up.

Fucking TARP and stimulus money did jack shit except secure campaign contributions for both republicans and democrats. Thanks assholes on the hill. Over the last decade, the gap between our surplus going into the bush years and our deficit now under Obama, divided by the 300,000,000 residents of the United States comes out to just under 20,000 dollars each. Roughly translated, a ford fiesta; ironic considering about 200 of those dollars went toward securing the existence of the ford fiesta. I fucking hate politicians. The republican party butt fucked the American public, and when we cried out to the democrats for help a year and a half ago, they just came over and cupped the republicans' balls.

Fuck this shit I'm off to Switzerland. They're still rolling in money, right?

Tsk Tsk...halt space programs, stop using all the money on military and you are saved?

Oh fucking shit, I think the unemployment figures are worse here in the UK. Oh man 2012 is looking likelier by the day, what with all the major countries still crippled. :ohdear: Well army or chair force for me I guess.

Someone remind me why just don't print a lot of money to solve the economic crisis.

[QUOTE=Xen Tricks;23184935]Moving out of the country is looking like a better and better idea every day[/QUOTE] But yet, Mexicans are coming over ever day. Dosen't make much sense.

[QUOTE=the-dutch-guy;23186870]Someone remind why just don't print a lot of money to solve the economic crisis.[/QUOTE] Hyper Inflation, that's what they done during the Great Depression. Money became so worthless and unreliable it could cost 1000 pounds or 2000 dollars for a loaf of bread, and then on the way to get the loaf of bread all you would be able to afford is some salt, or maybe a lollipop, or if you're really lucky all that money you have is now some fancy toilet roll. Seriously it got so bad people refused to be paid in any method other than paper money and they would actually take wheel barrows to work to collect their money. People fucking used it as wall paper.

[QUOTE=Xen Tricks;23184935]Moving out of the country is looking like a better and better idea every day[/QUOTE] Unless you plan on going to Canada, there aren't to many better options. There are a lot of countries in the shitter thing now.

[QUOTE=Luxo;23187735]Unless you plan on going to Canada, there aren't to many better options. There are a lot of countries in the shitter thing now.[/QUOTE] Except for the cold, I wouldn't mind Canada. They seem like a cool bunch, at least in anywhere that's not Alberta

i am currently taking Soc Sci, and all i can say is that in the near future, USA is fucked :/

Well, looks like it's only logical to exterminate 8 million humans so we can keep up with the times.

[QUOTE=the-dutch-guy;23186870]Someone remind me why just don't print a lot of money to solve the economic crisis.[/QUOTE] Hey look it's Robert Mugabe!

and here i am, 16, and buying myself all these expensive things from my part time job. :(. Well at least im not a major part of the problem...

[QUOTE=Chickens!;23184943]I was like, but there are only 4 Million people in Ireland. Then i remembered the whole world is fucked too. [editline]09:06PM[/editline] Moving to America to get bitches with my accent[/QUOTE] I'm telling Obama not to let you in because those are his bitches.

[img]http://www.barackobama.com/images/issues/economy/chart-jobs-june10-blog-email.jpg[/img]

[QUOTE=Jewsus;23185631]Fucking TARP and stimulus money did jack shit except secure campaign contributions for both republicans and democrats. Thanks assholes on the hill. Over the last decade, the gap between our surplus going into the bush years and our deficit now under Obama, divided by the 300,000,000 residents of the United States comes out to just under 20,000 dollars each. Roughly translated, a ford fiesta; ironic considering about 200 of those dollars went toward securing the existence of the ford fiesta. I fucking hate politicians. The republican party butt fucked the American public, and when we cried out to the democrats for help a year and a half ago, they just came over and cupped the republicans' balls.[/QUOTE] Ford didn't take bailout money, so... No.

The country's going to be fine. A big economic system like the United States has a lot of inertia. We're going to be seeing the aftermath of Bush's presidency for the next 2-3 years until things finally swing back around over the next decade. People keep expecting things to be fixed overnight, or worse, they keep thinking that the economic shortfalls we're seeing are the direct results of President Obama's actions.

Simple, shift the taxes to 30% let the government run everything. Poor paid jobs for everyone.

Back to Canada for me.

[QUOTE=Rotinaj;23188268][img]http://www.barackobama.com/images/issues/economy/chart-jobs-june10-blog-email.jpg[/img][/QUOTE] If that was reversed it would be the same numbers, the economy will always fluctuate. - also good thing the future workers of America spend all their time on facepunch :v:

Owning a business sucks ass, especially when you've got people trying to talk to you about job security and shit, I can't guarantee them a job in this kind of market, but I've known them for so many years it's heartbreaking.