By James Kwak
From Peter Goodman’s story about long-term unemployment in The New York Times.
For those wondering, U.S. population in 1982 was about 232 million; today it’s about 307 million, or about 33% more.
Unemployment benefits typically run out after six months. That deadline has been extended with federal money, but I believe the extensions will expire again in the next few months.
Then there’s this:
“During periods of American economic expansion in the 1950s, ’60s and ’70s, the number of private-sector jobs increased about 3.5 percent a year, according to an analysis of Labor Department data by Lakshman Achuthan, managing director of the Economic Cycle Research Institute, a research firm. During expansions in the 1980s and ’90s, jobs grew just 2.4 percent annually. And during the last decade, job growth fell to 0.9 percent annually.”
Population growth runs at about 1 percent per year (that’s the average rate from 1982 to 2009, for example).