The recovery isn't happening. I'm afraid the next downturn could be very bad.
Official unemployment hovers around 8 percent, but if you count the people who are forced to work part-time, or who have been dropped from the rolls because they’ve been looking for a job for a month or longer, the numbers jump to anywhere from 15 to 23 percent of the population.
During the downturn, 78.7 percent of the jobs lost were either mid-wage or high-wage jobs like paralegals, carpenters, nurses, and accountants. According to the Bureau of Labor Statistics, three out of five newly created jobs are part-time, low-wage jobs with little opportunity for advancement.
Roughly one in ten families, and one in four children, remained dependent on food stamps.
Corporate America might be recovering, but working people aren’t. For corporate America to recover, the rest of us have to take a pay cut or lose our job, our pension, our health insurance, our home, our time with our family. Recovered profits aren’t trickling down to create decent jobs or pay workers back for concessions.