Sunday, November 04, 2012

Truest statement of the week II

Achingly slow job creation has left the U.S. with 4.3 million fewer positions than provided incomes to Americans in 2007.  Half the new jobs have been part-time, lower-wage slots, a trend that has ruinously sped a hollowing of the middle class.
The official unemployment rate stands at 7.9%, marking only the second month below 8% after 43 months above that level. Worse, add people who are working part-time because they have no better choice and the rate leaps to almost 15%.  Still worse, add 8 million people who have given up looking for employment and the number who are out of jobs or who are cobbling together hours to scrape by hits some 23 million people.

-- Editorial board of The New York Daily News, "Our choice for America's future."
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