"[The] jobs report shows that labor markets still bear the scars of the Great Recession despite 38 straight months of private-sector job growth and a drop in the unemployment rate from 7.9 percent to 7.5 percent since January. Unemployment remains stubbornly high and many people who would likely have a job in a stronger economy are not even looking for work. Consequently, the share of the population with a job remains well below what it was over the two decades before the recession started in December 2007 (see chart).
"It’s time for lawmakers to recognize that unemployment is too high and there is no looming debt crisis. Spending money on job creation now is not incompatible with deficit reduction and debt stabilization over the longer run."
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- Policy Basics: Unemployment Insurance
A recession is a significant decline in the size of the U.S. economy lasting more than a few months, normally visible in a variety of economic indicators. Economic stimulus policies aim to avert a recession or lessen its severity by boosting the economy in the short term. The unemployment insurance system helps people who have lost their jobs by temporarily replacing part of their wages, typically for up to 26 weeks.
- The Legacy of the Great Recession
Paul Van de Water
The Center examines the impact of changes in the economy on federal and state budgets, as well as the likely effectiveness of economic stimulus proposals. We also examine trends in employment and promote reforms to strengthen the unemployment insurance system.
May 17, 2013
Updated May 13, 2013
May 3, 2013
Updated May 3, 2013
Updated April 15, 2013
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