American families has suffered a job loss over the past year, according to a survey released by the Economic Policy Institute. Nearly 1 in 10 Americans is officially unemployed, and the real-world jobless rate is worse.
We’re running on a treadmill that is carrying us backward. Something approaching 10 million new jobs would have to be created just to get back to where we were when the recession began in December 2007. There is nothing currently in the works to jump-start job creation on that scale.
A massive long-term campaign to rebuild the nation’s infrastructure — which would put large numbers of people to work establishing the essential industrial platform for a truly 21st-century American economy — has not seriously been considered. Large-scale public-works programs that would reach deep into the inner cities and out to hard-pressed suburban and rural areas have been dismissed as the residue of an ancient, unsophisticated era.
We seem to be waiting for some mythical rebound to come rolling in, magically equipped with robust job creation, a long-term bull market and paradise regained for consumers.
It ain’t happening.