EPI: 7 million jobs needed just to get back to before economic crisis levels

The Economic Policy Institute just released a detailed report on jobs.

When you look at these numbers, one realizes until all policy is addressed to stop the United States from hemorrhaging jobs, there will be no real economic recovery.

While the labor market has shed 5.1 million jobs since the start of the recession, it is important to keep in mind that in those 15 months, the population has continued to grow. Just to keep up with population growth, the economy must add approximately 127,000 jobs every month, which means 1.9 million jobs, should have been added over this period. In other words, the economy is now 7 million jobs below what is needed to maintain pre-recession employment levels.

That's a lot of jobs folks.

EPI:  job per population

 

Note that EPI recognizes population size as having a dramatic effect on labor markets. This is something one will not hear from those cheap labor lobbyists claiming a worker shortage.

EPI also shows the underemployment has almost doubled in less than 2 years!

And we have not even examined how many people are truly wage slaves but now categorized as small businesses. Those are people working under 1099-misc. as contractors.

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I'm convinced now that we can't

Which is the reason I ended up deleting my blog posting. NOBODY- not the SBA, not the IRS, certainly not BLS who only deals with businesses of >=1 employee, is tracking 1099-misc contractors.

It's the black market of labor. I know of at least one case where a janitorial firm in Portland got away with paying less than half minimum wage by making all of their employees 1099-misc.
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Executive compensation is inversely proportional to morality and ethics.

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Maximum jobs, not maximum profits.

Worker Shortage, Labor Shortage, Skills Shortage

When you use the phrase "labor shortage" or "talent shortage" you're speaking in a sentence fragment. What you actually have to say is: "There is a labor shortage at the salary level I'm willing to pay." That statement is the correct phrase; the complete sentence, the intellectually honest statement.

If you start raising your wages and improving working conditions, and continue to do so, eventually you'll have people lining up around the block to work for you even if you need to have huge piles of steaming manure hand-scooped on a blazing summer afternoon.

Re: Shortage due to retirees: With the majority of retirement accounts down about 50% or more, people entering retirement age are being forced to work well into their sunset years. So, you won’t be getting a worker shortage anytime soon due to retirees exiting the workforce.

If your job requires training and/or certification, again, raise your wages and improve benefits! You’ll incentivize people to self-fund their education so that they can enter the industry in a work-ready state. The attractive wages, working conditions and career prospects of technology during the 1980’s and 1990’s was a prime example of people’s willingness to fund their own education.

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you got it

When I say "worker shortage", it is completely sarcastic. It's been proved many times, there is not only not a worker shortage, there is a worker glut and this is in the STEM occupational areas (techies).

You are absolutely right, they will not hire older workers, want to pay next to nothing in wages and is some sectors it is illegal workers preferred.

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