Obama’s Biggest Challenge

By BOB HERBERT
NYT

Another month, another half-million Americans out of work. The ranks of the unemployed have now stretched beyond 11 million, and millions more are underemployed — working part time, for example, because they can’t find full-time jobs.

As bad as this sounds, the reality confronting working men and women is actually significantly worse. Some 2.6 million jobs have been lost since December 2007, and as the Economic Policy Institute tells us:

“Just to keep up with the ever-expanding labor force, the economy would have needed to create 1.5 million jobs over the last 12 months. This means that the 2.6 million jobs lost leaves us over 4 million jobs short of what the economy required to provide employment for the American work force.”

We’re in employment quicksand. The official unemployment rate (a notoriously rosy statistic) is 7.2 percent. But more than one in every eight workers in America is jobless or underemployed. That’s 21 million people. And it’s not even counting the so-called discouraged workers, who have given up looking for a job.

(More here.)