July 2, 2011

THE ECONOMIC “RECOVERY” TURNS 2: Feel Better Yet? “Unemployment has never been so high — 9.1 percent — this long after any recession since World War II. At the same point after the previous three recessions, unemployment averaged just 6.8 percent. The average worker’s hourly wages, after accounting for inflation, were 1.6 percent lower in May than a year earlier. Rising gasoline and food prices have devoured any pay raises for most Americans.”

Related: Here Is Your Lost Decade.

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