Street Smart: What the Heck Is a Jobless Recovery? [Video]


When it comes to economic jargon there may be no more aggravating or seemingly contradictory phrase than "jobless recovery." After all, it's just common sense: What good is a recovery if it doesn't put people back to work? But a jobless recovery is what the U.S. has -- and it looks like it's here to stay. The Great Recession ended in the summer of 2009, and yet the unemployment rate remains stubbornly stuck at 9.6%. Even some of the more optimistic forecasts, like those of the Federal Reserve, see unemployment staying as high as 8% for at least a couple more years, despite economic growth. How can this oxymoronic state of affairs exist? See the video above for a DailyFinance explainer.

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davmoore56

Watched your jobless recovery bit. You stated Congres has to create X number of jobs. Whoa, Congress does not create jobs but can and should create the proper economic environment for jobs to be created in. Thanks Dave Moore

December 03 2010 at 3:05 PM Report abuse rate up rate down Reply
emmittsfuse

A jobless recovery is a Democratic invention, funded by endless Unemployment benefits, funded by debt to China and whoever. YES we can bankrupt ourselves.

December 01 2010 at 9:02 PM Report abuse +2 rate up rate down Reply
eejasp

Why do we let in 2.25 million legal immigrants every year if we have no jobs?

November 30 2010 at 7:28 PM Report abuse +4 rate up rate down Reply
Bill

Why aren't we addressing the most obvious reason for our joblessness: intentional de-industrialization? We've shipped most of our factory jobs to third world countries. We've moved our equipment there as well. We've lost our supply chains, our skill sets, and the whole infrastructure. According to the US Census Bureau our cumulative trade imbalance from 2000 to 2009 was $5.6 trillion. $1.7 trillion of that went to China alone: quite a "stimulus bill" for them. This was all done to get the owners of these industries incredibly rich at the expense of the 20 million Americans left unemployed or underemployed.

November 30 2010 at 3:23 PM Report abuse +5 rate up rate down Reply
BUFFALO

It doesn't have to be a jobless recovery! Business needs to know what its long term oblagitions are before they commit to hiring.With the no good health care laws and the tax liability's being undecided you can not expect business to create jobs. Would you buy a new car or home if you did not know what the cost was? Well employers are buying employees and they want to know what its going to cost.

November 30 2010 at 11:47 AM Report abuse +3 rate up rate down Reply
mfriedman

Let’s talk about the myths coming from the President and the Democratic party. First the biggest Pres. Obama’s “CHANGE” maybe I am blind but does anyone see it. Transparency in government “WHERE”? Less spending would be a change, NO just a tremendous increase. Lower unemployment, NO it’s actually higher than when he took office (gov’t is under reporting the statistics). We will have cooperation and inclusion from both sides of Gov’t. Obama has just reached out now that he lost the midterm elections (big change). Smaller gov’t would be a change, (gov’t has increased). The list can go on and on. Let me ask I simple question. Explain to me why if all the people are equal in our society why should anyone pay 1 penny more in taxes than anyone else (on a percentage basis, why does the media keep pushing higher unfair taxes on people making more money?) If I work harder and make more money than some people why should I have a higher tax rate, if someone doesn’t make as much as another why should he pay less? Stop the wasting of all our tax dollars.

November 30 2010 at 9:51 AM Report abuse +6 rate up rate down Reply
drbysharkbait2

......................."This will be the summer of recovery".....................

November 30 2010 at 9:45 AM Report abuse +3 rate up rate down Reply
drbysharkbait2

.................."We are going to put Americans back to work"...................

November 30 2010 at 9:37 AM Report abuse +4 rate up rate down Reply
ldavid217

Jobless recovery= Big business is doing fine moving plants and home offices to other countries. Balance sheets look fine here. Fix that equation first! Get ready for round 2...Hyper inflation

November 30 2010 at 9:37 AM Report abuse +6 rate up rate down Reply
1 reply to ldavid217's comment
emmittsfuse

Big Biz is outsourcing all our danged jobs. I am going to get into my BMW/Mercedes/Lexus/Kia and go raise hell about this with someone.

December 01 2010 at 9:05 PM Report abuse +1 rate up rate down Reply
drbysharkbait2

......." I will not rest until every American has a job that wants a job".........

November 30 2010 at 9:30 AM Report abuse +3 rate up rate down Reply