7 Disturbing Charts From One Of The Weakest Decades On Record (CHARTS)

The last ten years certainly weren't pretty.

The last decade was "one of the weakest on record" for GDP and job growth, according to Rebecca Thiess, the author of a new report from the Economic Policy Institute. The the last decade, the real value of the minimum wage declined, and the gap between rich and poor grew, meaning there was no cushion when the recession hit, Thiess wrote.

The EPI report, "The Great Recession's Long Tail," was released on Tuesday, as the Bureau of Labor Statistics announced that unemployment fell or stayed the same in two-thirds of American cities in December.

Using federal data, the EPI report found that while the economy will add jobs this year, it could be up to a decade before pre-recession employment levels return. The graphs, from a new Economic Policy Institute report, show in stark black-and-white the impact of the great recession: the highest job losses and lowest gains on record since 1948.

One chart (slide 1 below) shows indexed job loss during the recent recession, which ended in 2009, outstripping every other post-war downturn. "Three years past the start of the recession, the labor market is down a larger percentage of jobs (5.2%) than at any point in any other post-war recession," Thiess writes. "The economy continued to shed jobs for two years after the recession."

Another chart (slide 2) shows the number of unemployed people in a sector vastly outstripping the number of job openings. "Job creation has been overwhelmingly slow," writes Thiess. At the beginning of the recession, there were around two unemployed workers for each opening, now there are around six she adds.

According to the Bureau of Labor Statistics, unemployment rate dropped in 207 of 372 of the largest metropolitan areas, and stayed the same in another 43 in December.
Washington, D.C., Dallas-Fort Worth, Boston, Phoenix and Minneapolis-St. Paul posted the biggest gains, AP reported.

Check out the EPI's disturbing charts below:

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Indexed Job Loss In All Post-War Recessions

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"Three years past the start of the recession, the labor market is down a larger percentage of jobs (5.2%) than at any point in any other post-war recession," writes Rebecca Thiess of the Economic Policy Institute.

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"Three years past the start of the recession, the labor market is down a larger percentage of jobs (5.2%) than at any point in any other post-war recession," writes Rebecca Thiess of the Economic Policy Institute.

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Comments

[Tom Hendricks]

02:13 PM on 02/04/2011

The real job story is the media's refusal to talk about National Hiring Day - a good solution to spark the job recovery. That includes HP news and columnists that talk about jobs daily and have plenty of time to talk about movie stars spotted crying.
National Hiring Day #2 is suggested for a month or two from now. This is a day that corporations are encouraged to hire new employees. Corporations are called on to put patriotism first and help their country in hard times. Those corporations that cannot hire, are asked to stop firing for that month. The day was suggested by the 18 year old Dallas art and media zine Musea.

[execuman1]

11:49 PM on 02/03/2011

why is this going to get better ???

[Teritt]

03:12 PM on 02/06/2011

Because everything is cyclical

[AyeChart]

10:11 PM on 02/03/2011

Nice graphs you have above, the equivalent of running around in a theater screaming FIRE!  But wouldn't it be better to determine where the fire is, what caused it, and how it could be put out?

1) Government spending too much.
2) Government sucking too much out of the private sector through taxes and borrowing to pay for its excessive spending.
3) Government having the hubris to think that it (consisting of a bunch of lawyers and bureaucrats with no significant business experience) can regulate and micromanage an economy.

There's your sign pointing to the fire extinguishers.  Start lobbying your congressmen to stop spending, stop regulating, stop growing government, stop taxing the economy to death.

[Robert Cantor]

12:18 AM on 02/04/2011

Lowest US Tax Rates in history for 10 years
Lowest US Economic Growth in History for 10 years
how do you reconcile this fact with your bizarre view of the world?

[Vincent Van Der Hyde]

12:40 PM on 02/09/2011

It is sorta odd how the Republician/Conservative solution is always lower taxes.
When times are bad, lower taxes to stimulate the economy.
When times are good, lower taxes to keep government from spending--they don't need the money.
Reminds me of the old doctors. Bleed the patient no matter what the illness.

[CollectiveId]

07:08 AM on 02/04/2011

To much spending on Military, usa needs to stop being an empire. Close down all bases around the world no need for them.

[AyeChart]

10:05 PM on 02/03/2011

http://seekingalpha.com/article/195012-debt-the-chart-of-the-century

There you have it.  Plot of delta-GDP vs delta-Debt.  And a second plot of a similar relationship.

GDP is depressed as debt is increased.

Note the massive downturn in 2009 when the huge stimulus bill was passed.

Progressives, were they rational, would read the statistics and immediately undergo conversion to a realistic belief system.

[Robert Cantor]

12:19 AM on 02/04/2011

R(z) dominated Govt. for the over a decade during this down turn.
Who is responsible for these events? The 'Progressives' in the Republican party?

[MichaelGMan]

09:49 AM on 02/04/2011

Belief system? Are you talking re-programming? Sounds like everybody needs to stop the old religion and pick up a new one. Compassion.

[AyeChart]

09:58 PM on 02/03/2011

It can be rather clearly demonstrated, by plotting delta-GDP versus delta-Spending, that the massive deficit spending of 2009 DEPRESSED the economy by 45cents for each $1 spent.  That is, we would be, as other recessions have historically gone, out of recession by now and the economy booming if Obama and the Democrats had spent responsibly--that is, CUT BACK and lived within their means.

It's as if Charlie Sheen expected to shape up by going out and buying more cocaine.

[AyeChart]

10:07 PM on 02/03/2011

Should have said "delta-GDP versus delta-Deficit."

Sorry.

[AyeChart]

09:52 PM on 02/03/2011

Whenever we get into a discussion about the economy here on HuffPost, someone always justifies their bashing of corporations, CEOs, or the "rich" in general by claiming that incomes haven't risen for the "working class," as if CEOs don't work too.

But if one corrects for inflation, the wages in 1980 for the average family in America was around $24,000, while in 2010 it was around $44,000 (I'm going from memory here, but it's pretty close).  I saw the figures in a USA Today piece.

They also mentioned that the standard of living purchased by the recent average wage was much greater than even the earnings difference would indicate because products now have much greater performance for the money spent.  One example was that 2 gigabytes of computer memory would cost over $200,000 in 1980 and fill one whole room of a house, while now it costs $7 and it's the size of your finger and it fits into your pocket.  Indeed, you could stuff several dozen gigabytes into a small shirt pocket today.

It is surely true and easily proven that even the poor households in the USA have televisions, microwaves, automobiles, etc.  A refrigerator, back when I was a kid--one that ran on electricity--was somewhat unusual.  A recent article said that his family kept his refrigerator in the living room to show it off when he was a kid.

Our standard of living has improved markedly and so have incomes in inflation-adjusted dollars--and that takes in our the time period of our recent financial downturn. 

Is this a great country or what?

And why would you want to destroy the capitalism goose that lays these eggs?

It is simply mindless faith-based socialism.

[CollectiveId]

07:11 AM on 02/04/2011

Wealth Distribution is whats going to destroy this country. The gap is getting bigger and bigger.

http://sociology.ucsc.edu/whorulesamerica/power/wealth.html

[MichaelGMan]

09:50 AM on 02/04/2011

Liberals don't want to destroy the goose that lays the golden egg. We only want the duck to keep eating duck food. That's what makes them valuable.

[Don Necessary]

05:57 PM on 02/03/2011

What is not graphed is the types of jobs lost, ages of those no longer looking, and number of jobs shipped overseas. But then, that would be totally depressing.

[sensimilla]

01:19 PM on 02/03/2011

So lets call it what it is, the GREAT DEPRESSION. Interesting how each time a GOP president gets elected, they leave MASSIVE debt, economic strife and w4r$ behind. Dems always have to come in and do cleanup.

Hey America, haven't you had enough of the GOP trying to destroy your lives?

[healthanalyst]

05:19 PM on 02/03/2011

It started with Reagan. Its astounding how people keep voting Republican. Its even worse in rural areas where there ARE NO JOBS. you know the idea of kids leaving the farm for the big city? Well there are counties in this country that are aging and have no medical care or hospitals. So what do the people do? Vote GOP. Go figure.

[VTL]

05:35 PM on 02/03/2011

Reagan doubled the debt, CLinton paid it off and left a surplus, Bush stepped in and thripled it.

[madame48]

08:15 PM on 02/03/2011

it's easier to just react to gop taglines than to research & think

[MichaelGMan]

09:51 AM on 02/04/2011

GD 2.

[Carrie Krueger]

11:25 AM on 02/03/2011

Overwhelming and deeply concerning numbers. It's difficult to predict how the unemployment number will improve over the year but it is certainly true that some job types are not coming back, ever. I am working with a lot of job seekers on career transition because it's necessary for them to move into new fields. If your former job type or industry is no longer robust, consider a change. Retraining may be necessary, but it can be done. Here is a blog on the topic: http://blog.jobfully.com/2011/01/making-a-career-transition/ Despite the economy, there are fields and industries that need workers, so targeting one of those and making a transition may be a good long-term course.

[madame48]

08:18 PM on 02/03/2011

It took my husband 6 years to train for a new career while working a $12k yr job, now we are paying back his student loans AND our kids' college parent loans. He is 61 and started at the bottom again....last hired..first fired

[MichaelGMan]

09:54 AM on 02/04/2011

I have a feeling I will be in the same boat soon. I am finishing a two degree program. I see the need to finish a four year program. I am 49. My children are either in college or starting soon. Will I have to help them repay their student loans? Will I be able to?

[NoiseOfKnowing]

11:23 AM on 02/03/2011

I remember in the early 80's how Republicans were actually saying that American workers were making too much money. That was their rational for cracking down on the unions. Well it looks like they sure fixed that problem.

[greyhound2]

11:21 AM on 02/03/2011

To create jobs in America, bring back tariffs, tax corporations who offshore jobs and deport all illegal aliens. It will help to level the playing field from the large corporations who profit by flooding the labor market, driving down wages and crushing the middle class.

[healthanalyst]

05:21 PM on 02/03/2011

Shut down the H1B program. Send them home.

[Mr Hankey]

10:05 AM on 02/03/2011

It's more like a depression than a recession.

[keramos]

10:43 AM on 02/04/2011

hidey hoh

[mdsman]

07:57 AM on 02/03/2011

Control of the Govt since 1945 - 33 Congressional Sessions
House - 23 sessions controlled by Democratic Party
Senate - 26 Sessions controlled by Democratic Party
Both Houses - 12 controlled by Democratic party; 6 controlled by Republican Party
Presidency - 15 Democratic
Congress and Presidency - 11 Democratic; 2 Republican

For a group that has been in the majority most of the time, why do the democrats always have some one else to blame?

[saveourplanet]

09:53 AM on 02/03/2011

Because the "someone else" always turns out to be the GOP.

G=GREED
O=OVER
P=PEOPLE

[bd7769]

10:08 AM on 02/03/2011

Because it’s easier to blame some else then to reflect upon ones' own actions and learn to be responsible.

[healthanalyst]

05:22 PM on 02/03/2011

No its the deregulation that the GOP forced through. All the drivel Reagan sold. The trickle down was his brain cells turning off.

[MichaelGMan]

10:02 AM on 02/04/2011

Don't forget that deregulation was advocated by a mentally incompetent president suffering from the early stages of dementia.

[bd7769]

07:55 AM on 02/03/2011

There is more this issue then just the bush tax cuts. Has anyone ever done a cost impact analysis on NAFTA?

[48thGuy]

08:14 AM on 02/03/2011

I was always skiddish on the benefits of NAFTA for working Americans. My origional thoughts were, how can a Mexican in Mexico ever afford to pay for an American made good? I was right!
I believe it was enacted to keep Mexicans in Mexico working and out of the United States. Guess what, it's not working!

[NoiseOfKnowing]

11:22 AM on 02/03/2011

I think it had more to do with wage suppression than immigration.

[Mr Hankey]

10:06 AM on 02/03/2011

Marcy Kaptur wants to do just that.

[bd7769]

10:10 AM on 02/03/2011

is she from Ohio? I think I have heard of her.

[NoiseOfKnowing]

11:20 AM on 02/03/2011

Then I will contribute to her campaign.

[Reiner-von-Sinn]

07:40 AM on 02/03/2011

Ray gunned and bushwhacked.

[saveourplanet]

09:52 AM on 02/03/2011

YOU BETCHA!