At this pace, the U.S. won’t get back to full employment until 2022
Right now, there are 12.3 million unemployed Americans. When the economy’s running at full blast, there are typically only a few million people out of work — in transition or switching between jobs, say. What’s more, the population keeps growing, currently adding about 88,000 new people to the labor force each month. So, at our current pace, it will take about nine years to close the “jobs gap.”
With faster jobs growth, the country could get back to full employment even quicker. The Hamilton Project calculates that we could close the jobs gap entirely by the 2016 election if the economy added 321,000 jobs per month. The problem? That was the average rate for the best single year of job creation during the 1990s dot-com boom. Hard to envision now.
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Right in the middle of Barry’s 4th term.
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Bitter Clinger on February 1, 2013 at 12:11 PM
These guys seem to be under the impression that we’re heading in the right direction.
forest on February 1, 2013 at 12:13 PM
Isn’t that number a lot higher? Does this include all the people who gave up looking for work and those who are now on disability or welfare?
The Rogue Tomato on February 1, 2013 at 12:16 PM
The new normal as embraced by our Journolisters who all have jobs (except for poor Soledad).
stvnscott on February 1, 2013 at 12:16 PM
Don’t forget the million legal immigrants pouring into the economy every single month.
A ten year legal immigration moratorium, coupled with enforcement of illegal alien laws, would free up an enormous amount of jobs, and would soak up a majority of those currently unemployed.
But, it’s almost as if the 0bama regime wants vast numbers of jobs to be taken by immigrants legal and illegal…
Rebar on February 1, 2013 at 12:18 PM
Funemployment.
jawkneemusic on February 1, 2013 at 12:20 PM
This will almost match Paul Ryan’s 10 year plan to a balanced budget.
portlandon on February 1, 2013 at 12:27 PM
That’s a long time to explore your hobbies or catch up on the gardening.
Bishop on February 1, 2013 at 12:28 PM
And the Congress and President are all talking about legislation that would add hundreds of thousands of new guest workers each year, give work authorization to 12 million currently unauthorized workers, while at the same time ignoring the fact that the US adds 1 million new LPRs each year–by far the most in the world.
Conservative in NOVA on February 1, 2013 at 12:30 PM
don’t blame me
-dear leader
cmsinaz on February 1, 2013 at 12:33 PM
BREAKING NEWS: DEMS ANNOUNCE PLANS TO EXTEND UNEMPLOYMENT BENEFITS FOR UP TO 10 YEARS. FILM AT 11.
Bitter Clinger on February 1, 2013 at 12:34 PM
steebo77 on February 1, 2013 at 12:35 PM
What we need is ~20,000,000 unskilled workers added to the labor force. That’ll fix that whole “full employment” thing – economist Paul GRUKMAN agrees!
Jeddite on February 1, 2013 at 12:36 PM
Future regulations will extend this until the 22nd century.
meci on February 1, 2013 at 12:49 PM
And, how are we getting to this full employment? I suspect that these calculations are relying on heavy retirement numbers of boomers rather than actual, you know, job growth.
besser tot als rot on February 1, 2013 at 12:55 PM
Uh, no.
There’s a better chance of us being at full employment this year than there is of us getting there “by” 2022.
Which is to say, none. “This pace” is not sustainable; we’ll lapse back into recession.
HitNRun on February 1, 2013 at 1:09 PM
Not if Obama has his way — we’ll NEVER get back to full employment because that’s not the plan.
clippermiami on February 1, 2013 at 1:10 PM
I scanned this article and no where is there any mention of the current administration. Just another effort by the press to cover for Obama by manufacturing a “new normal”.
heretic on February 1, 2013 at 1:17 PM
Sheesh…Optimist!
Of course, that depends on what your definition of “full” is…
ProfShadow on February 1, 2013 at 1:29 PM
Wonder what kind of miracle will cause this considering that we’ve hemorrhaged 8.5 million jobs during the Obamuh regime. I’m guessing their math relies on enough people leaving the job market over the next 9 years so that the number of job market participants gets reduced enough to match the massively fewer number of jobs that will still barely exist by 2022.
stukinIL4now on February 1, 2013 at 1:44 PM
Those last two words/numbers are not only superfluous, they make the rest of the title a lie..
LegendHasIt on February 1, 2013 at 2:31 PM
I plan on being employed in 2022 as a guard at a re-education facility.
Money for nuthin’ and my chicks for free.
“Hey, little girl. Want some extra rations?”
davidk on February 1, 2013 at 2:43 PM
The unemployed don’t want jobs.
They want govt cheese.
Cut them all off.
Seven Seas on February 1, 2013 at 2:55 PM