Politics

What 3.6 Million Jobs Lost Over 13 Months Looks Like

By Karina

This chart compares the job loss so far in this recession to job losses in the 1990-1991 recession and the 2001 recession ? showing how dramatic and unprecedented the job loss over the last 13 months has been. Over the last 13 months, our economy has lost a total of 3.6 million jobs ? and continuing job losses in the next few months are predicted.

By comparison, we lost a total of 1.6 million jobs in the 1990-1991 recession, before the economy began turning around and jobs began increasing; and we lost a total of 2.7 million jobs in the 2001 recession, before the economy began turning around and jobs began increasing.

(click chart for larger image)

As President Obama said last night:

We can’t embrace the losing formula that says only tax cuts will work for every problem we face; that ignores critical challenges like our addiction to foreign oil, or the soaring cost of health care, or falling schools and crumbling bridges and roads and levees. I don’t care whether you’re driving a hybrid or an SUV — if you’re headed for a cliff, you’ve got to change direction.

Full post as published by The Gavel on February 06, 2009 (boomark / email).