Higher jobless rates could be the new normal


So the free market is worthless, the government is our new daddy controlling banks, cars, insurance companies, the mortgage business, soon-to-be- healthcare, and the defacto journalism world, the weather, and now unemployment is at 9.8% with 15 million people out of work. This is the new norm? Really? Should we all sing the Hope & Change song now? Here’s a little flashback for you. Remember this nugget of hope and change? How’s that workin’out for you?

WASHINGTON – Even with an economic revival, many U.S. jobs lost during the recession may be gone forever and a weak employment market could linger for years.

That could add up to a “new normal” of higher joblessness and lower standards of living for many Americans, some economists are suggesting.

The words “it’s different this time” are always suspect. But economists and policy makers say the job-creating dynamics of previous recoveries can’t be counted on now.

Here’s why:

• The auto and construction industries helped lead the nation out of past recessions. But the carnage among Detroit’s automakers and the surplus of new and foreclosed homes and empty commercial properties make it unlikely these two industries will be engines of growth anytime soon.

Read the rest of the article here:

http://news.yahoo.com/s/ap/20091019/ap_on_bi_ge/us_vanishing_jobs

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1 Comment

Filed under Barack Obama, Economy, Unemployment

One response to “Higher jobless rates could be the new normal

  1. jeff

    what a foo if she thinks ba-lack obama will give her those things

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