Recovery. Talking recovery today.
Big Red Car here. I’m vexed. People think that the economy is doing fine or, worse, that it is headed in the right direction. It is not.
Let me tell you why. First, say: STRUCTURAL CHANGES to the ugly face of employment.
There are four things we need to look at: total unemployment, unemployment for 25-54 year olds, the Labor Force Participation Rate for the same 25-54 year olds, and Employment-to-Population ratio for the same 25-54 year olds.
So, the hypothesis of this post is this — while America has been engaged in the weakest recession recovery dynamic in the history of the United States, the job market and the structure of our employment force has changed STRUCTURALLY.
A historic example of something like this was the wholesale introduction of women into the work force in the early 1980s. It changed things. Forever.