The Jobless Recovery

BuzzCharts spent much of 2003, 2004, and 2005 rebutting the media mantra that the U.S. was experiencing a “jobless recovery.” While unemployment rates bobbed between the upper end of 4 percent and the lower end of 6 percent, the press sang dirges about the “worst job market since Herbert Hoover.” So why is it that nobody seems to mention a “jobless recovery” anymore, especially with the unemployment rate marching toward 10 percent?

The data now confirm that we really are in a jobless recovery. Unemployment just hit 9.5 percent, with few signs of a momentum reversal. And we just passed a historic milestone: Our jobless rate has eclipsed that of France. And why not? American labor policy is rapidly mutating toward the Gallic model of wage floors, heavy unionization, and central planning, while French policy under Sarkozy is inching toward a supply-side formula for growth.

via The Jobless Recovery by Jerry Bowyer on National Review Online.

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