Yes, unemployment is still a crisis

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From the Washington Post online:

Another month, another dreary jobs report from the Labor Department. The U.S. economy added just 80,000 jobs in October, which isn’t enough to keep up with population growth, let alone get us back to full employment.

Indeed, this marks the seventh straight month that the jobless rate hasn’t nudged below 9 percent (it was at 9.1 percent last month). While there are a few bright spots in the report — the numbers for August and September were revised upward by 200,000 jobs — that still leaves vast battalions of unemployed workers sitting out there.

And for a reminder of why this is so alarming, the Hamilton Project has released a study looking, once more, at the heavy long-term toll that unemployment is taking on American workers.

The numbers are grim: Two years after losing his or her job, the average worker will earn 48 percent less than previously. Even workers who do find new jobs end up making about 17 percent less, and based on history, those lower wages will likely persist for years to come...

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Link: http://www.washingtonpost.com/blogs/ezra-klein/post/unemployment-takes-a-long-term-toll-on-workers/2011/11/04/gIQAE97olM_blog.html