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Anyone got 11.6 million open jobs?

jobgapgraph.jpg

This is a helpful concept from the folks at the Hamilton Project: The job gap "measures the number of jobs the economy needs to create to return to pre-recession employment levels while also absorbing the 125,000 people who typically enter the labor force each month." As of this month's jobs report, the job gap is up to 11.6 million.

By Ezra Klein  |  August 20, 2010; 1:47 PM ET
 
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Comments

And of course, it's not just a matter of creating 11.6 million jobs, but rather finding appropriate places for 11.6 million people to work based on their abilities, location, preferences, schedules, and whether or not they can produce more value than they cost to employ.

There is no easy answer to job growth, and it can't be done by fiat or by a single policy proposal.

Posted by: huadpe | August 20, 2010 1:59 PM | Report abuse

labor force participation rate changes are at least as important as job growth for closing this gap.

as for 'single policy proposal', it depends on whether you consider allowing existing policy expiration dates to come to fruition to count as one or more policy proposals.

robust carbon policy + expirations of job market distorting policies = resolution in not that long.

Posted by: eggnogfool | August 20, 2010 2:11 PM | Report abuse

So if we immediately start creating 200K jobs a month, it will take 5 years to get to 5% unemployment. Heartbreaking.

Back to our Churchill:
“Never give in, never give in, never; never; never; never - in nothing, great or small, large or petty - never give in except to convictions of honor and good sense”

Posted by: BHeffernan1 | August 20, 2010 2:18 PM | Report abuse

"There is no easy answer to job growth, and it can't be done by fiat or by a single policy proposal."

Are "rudderless" and "adrift" as memes in play yet?

Posted by: tuber | August 20, 2010 2:19 PM | Report abuse

I suppose thankfully we're not offically losing jobs anymore. We are still unoffically losing them (when factoring in population growth). Once we get to marginally adding over population growth we'll have turned the corner but the block is very long. I'm sure we'll see Republicans in the White House and in majorities when that happens. I wonder what the Dems messaging will be then. Oh wait, I don't have to wonder do I??

Posted by: visionbrkr | August 20, 2010 2:28 PM | Report abuse

Would international labor market mobility solve this inequality, since we're apparently unable to sufficiently devalue the dollar?

Posted by: staticvars | August 20, 2010 2:34 PM | Report abuse

With the current recession, is 125k people/month coming into the job market still an accurate number?

Posted by: mschol17 | August 20, 2010 2:42 PM | Report abuse

"I suppose thankfully we're not offically losing jobs anymore."

http://voices.washingtonpost.com/political-economy/2010/08/unemployment_is_in_this_countr.html

"Would international labor market mobility solve this inequality, since we're apparently unable to sufficiently devalue the dollar?"

Printing more dollars than the market cares to hold would devalue the dollar, eventually. Some countries _may_ be wising up.

http://www.nytimes.com/2010/08/21/business/21charts.html?ref=business

Posted by: tuber | August 20, 2010 2:43 PM | Report abuse

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