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.
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.