Officially, the Great Recession of 2007 ended in June 2009. Yet the economic downturn remains in full effect for millions of Americans, particularly the nearly 40 percent of the unemployed who have been looking for work for six months or more.
In less than a week, emergency federal unemployment benefits for 1.3 million of these jobless Americans are set to run out. Proponents of ending the benefits argue that the economy is expanding and that the benefits prevent people from finding work. "You get out of a recession by encouraging employment not encouraging unemployment," according to Sen. Rand Paul (R-Ky.), who opposes extending benefits. However, the data shows that while corporate America has bounced back, it is not restoring all the jobs it shed when the economy tanked five years ago.
Currently, nearly 11 million Americans are unemployed. The unemployment rate stands at 7 percent. Both of those stats are improvements from a little more than four years ago, when the post-recession jobless rate peaked at 10 percent and more than 15 million people were out of work.
(c) 2022 Jon L Gelman, All Rights Reserved.