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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IT'S NOT THAT WE'RE SCREWED WITHOUT TRUMP:

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This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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