PROSPECTS

E Ray Canterbery
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E Ray Canterbery: Florida State University, USA

Chapter 15 in The Global Great Recession, 2011, pp 315-334 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractA strong recovery in the United States is necessary to revive the global economy. Yet, in December 2010 the most depressing news was about employment. Job growth was anemic; the unemployment rate was 9.4 percent, which meant that almost 15 million people were unemployed. Some 4.6 unemployed Americans were competing for each job opening, whereas only 1.8 people were vying for each job before the Great Recession. Only 49 percent of people laid off from 2007 through 2009 were reemployed by January 2010. The economy lost 95,000 non-farm jobs in September 2010, the result of a 159,000 decline in government jobs at all levels. Some 155,000 nonfarm jobs were added the next month, but 300,000 were needed just to match population growth. One out of seven Americans were on food stamps. The USA needs full employment as well…

Keywords: Great Depression; Keynes; New Deal; Post Keynesianism; Housing Bubble; Banking Crisis; Speculation; Derivatives (search for similar items in EconPapers)
Date: 2011
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