“It was truly amazing the way last week’s employment report was hailed by many people as a sign that our troubles are over. Here we are, having suffered huge job losses, and needing to make up the lost ground — and a report showing that we’re still losing jobs, but not as fast, is grounds for celebration?”
Krugman calculates we need to ADD 580,000 JOBS A MONTH for two more years to get back to where we were in 2007.
Or ADD JUST 300,000 JOBS A MONTH every month through 2014 to get back to where we were at the end of 2007.
So we need to add, nationwide, an economy the size of Albuquerque’s EVERY MONTH to get back to where we were two years ago.
You’ve got to stop before you can reverse direction, so I understand the celebration. No one is claiming that the problem is solved and everything is fine, but come on: it’s worth celebrating that we’re no longer heading off a cliff.
Just because we are slowing down to look down doesn’t mean we aren’t still heading off a cliff.