Depth & Duration of Past Recessions[click to enlarge]
Productivity is killing the middle class....
How long will it take for that job-bleeding red line to get back to zero? Look at the brown 2001 line. It took 24 months for that recession to recover the 2% jobs contraction. If we assume that we're now at the start of the turn, then using the same recovery slope as 2001, it will take 72 months (six full years!) to get back to the previous peak employment at the end of 2007, just in time for the 2016 presidential campaign. If the Democrats think that the mid-term elections will be tough this November, wait until 2012 if the recovery is only to -4% on this chart. At least the start of the Obama Presidential Library in 2013 will generate some construction jobs.
--James Anderson, Minyanville
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