WASHINGTON - Even with an economic revival, many U.S. jobs lost during the recession may be gone forever and a weak employment market could linger for years.
That could add up to a "new normal" of higher joblessness and lower standards of living for many Americans, some economists are suggesting.
The words "it's different this time" are always suspect. But economists and policy makers say the job-creating dynamics of previous recoveries can't be counted on now.
Well yah. Socialism sucks.
Further in the article:
"Many factors are pushing against a quick recovery," said Heidi Shierholz, an economist at the labor-oriented Economic Policy Institute. "Things will come back. But it's going to take a long time. I think we will likely see elevated unemployment at least until 2014."
At best, many economists see an economic recovery without a return to moderate unemployment. At worst, they suggest the fragile recovery could lose steam and drag the economy back under for a double-dip recession.
"We will need to grind out this recovery step by step," President Barack Obama said earlier this month.
It is almost certainly too much to ask, but the folks in Washington D.C. could try getting the f[**]k out of the way and stop increasing the regulatory and tax burdens that they put on business. Businesses create jobs - regulation and taxation destroys them.