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Employment conditions in the United States today, in the aftermath of the 2008–09 Wall Street collapse and worldwide Great Recession, remain disastrous—worse than at any time since the Depression of the 1930s.
Since Barack Obama entered office in January 2009, the official unemployment rate has averaged more than 9.5 percent, representing some fifteen million people in a labor force of about 154 million. By a broader definition, including people employed for fewer hours than they would like and those discouraged from looking for work, the unemployment rate has been far higher—16.5 percent, on average. Still worse, if we count people who have dropped out of the labor force, unemployment would rise to nearly 20 percent, or 30 million people, roughly twice the combined populations of New York, Los Angeles, and Chicago.
About the Author
Bob Pollin
Professor, University of Massachusetts Amherst
Robert Pollin is the Director of the Political Economy Research Institute, and Professor of Economics, at the University of Massachusetts, Amherst. His research centers on macroeconomics, conditions for low-wage workers in the U.S. and globally, the analysis of financial markets, and the economics of building a clean-energy economy in the U.S. He has been a ...
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