June 30, 2014
HOW’S THAT HOPEY-CHANGEY STUFF WORKIN’ OUT FOR YA? (CONT’D): Where Have All The Jobs Gone?
On the jobs front, it feels to many Americans that the recession never ended. One of the misleading headlines from last month’s employment report was that all the jobs lost during the recession have finally been won back.
Well, not really.
According to the Bureau of Labor Statistics (BLS), in 2007 on the eve of the recession, there were 146.6 million Americans working. Today, there are 145.8 million Americans in jobs. So nearly 7 years later, we are still 800,000 jobs below the previous peak. That’s some jobs recovery.
But the missing jobs in this economic recovery are much higher than that. A new analysis of the labor force numbers by Heritage Foundation economists places the real jobs deficit in America closer to 5.5 million, even after accounting for changes in population and demographics.
Shockingly, when you jack up taxes and flood the economy with new regulations, employment and growth suffer. Bad luck, I guess.