Source: Calculated Risk blog.
Just in case anyone is ready to celebrate the January jobs report, here’s a reminder that 8.3 percent unemployment (with real unemployment still running at 15 percent) is bad news despite the positive trend.
You can see from the above graph why the Congressional Budget Office (CBO) estimates it is going to take a decade (i.e until 2018) to come back from the crash caused by the Bush administration’s economic malfeasance, especially given the current Washington obsession with austerity instead of economic recovery. We can count on Republicans doing everything they can think of to stall the economy, while Dems claim to be powerless to do much to help the middle class. Remember, consumers are the real “job creators” and consumer confidence declined in January.