The Economy is Better, Except that No One Has a Job


The LA Times reports on the economy today:

Improving economic data is making the prospects more likely that the Federal Reserve will start tapering its massive bond buying next month, a move that suggests the recovery is on solid ground….Economic growth unexpectedly picked up in the second quarter, though it still remained relatively weak. Corporate earnings are largely stronger. Consumer confidence is back to pre-recession levels.

This is all true, and it’s all conventional wisdom. But it really shows how low our expectations have gotten. Take a look at the following two charts. The first one, from CBPP, shows that although the headline unemployment rate is down, this is mostly due to large numbers of people dropping out of the workforce and not being counted anymore:

The second one, from Pew, shows the employment rate specifically for workers under 30:

The employment rate of young people cratered between 2007 and 2010, and it hasn’t rebounded since. The same report shows that young people are increasingly living at home—hardly a surprise if they can’t find a job. And yet, our recovery is supposedly on solid ground. If this isn’t the soft bigotry of low expectations, I don’t know what is.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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