Erasing this deficit will require substantial and sustained employment growth. Even if the nation could add 2.15 million private-sector jobs per year starting in January 2010, it would need to maintain this pace for more than 7 straight years (7.63 years), or until August 2017, to eliminate the jobs deficit! This is approximately 50 percent greater than the length of the average post-World War II expansion (58 months).
The report goes through all of its assumptions and calculations in detail, so I won't bother regurgitating that here. If you want to see a nice breakdown summarizing their calculations and assumptions, check out page 10 of the report (opens .pdf).
But it also does a lot of comparisons between this and other recessions. Here's one chart, showing the job losses recessions were responsible for since 1980:
And here's another more detailed chart comparing the job losses from the 2001 recession and the current recession:
I thought it might be
And this is the same data since 1980:
That is a very, very long time to take employment to recover. And it also assumes we don't have a recession for the next 8+ years, which is probably fantasy. So if anything it might be optimistic.
The moral of the story: if you have a job, hold onto it for dear life.
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