The Low Cost of Full Employment in the United States

Fadhel Kaboub

Chapter 3 in The Job Guarantee, 2013, pp 59-71 from Palgrave Macmillan

Abstract: Abstract The US Census Bureau reports that 46.2 million people, that is about one in seven Americans (including 16.4 million children), lived below the official poverty level of $22,000 for a family of four in 2010. The 2010 official poverty rate of 15.1 percent was the highest since 1993. According to the 2010 data, 8.9 million people fell below the poverty line in the United States since the beginning of the Great Recession in 2007. Between 2007 and 2010, the poverty rate for non-Hispanic Whites increased from 8.2 percent to 9.9 percent, and for Asians the poverty rate went from 10.2 percent to 12.1 percent. Blacks and Hispanics have experienced the largest percentage point increases from 24.5 percent to 27.4 percent and from 21.5 percent to 26.6 percent respectively. Economists have officially declared the recession over in June 2009 despite the major woes that continue to drain the US and the global economy. The economy has registered nearly 15 million foreclosure filings since 2007. The unemployment rate continues to hover around 9 percent and other labor market indicators continue to alarm the most optimistic observers, despite quarterly GDP growth averaging 3.1 percent in 2010 and 1.5 percent in 2011.

Keywords: Full Employment; Great Recession; Wage Bill; Central Bank Independence; Public Service Employment (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-29799-0_4

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DOI: 10.1057/9781137297990_4

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