If there’s one issue in our current state of economic affairs that simply will not show any signs of brighter days to come, it’s the national job market. It was around Christmas of 2007 that marked the beginning of the “recession,” and unemployment rates have basically been on a steady increase with very infrequent deviations until the present day. Now we face 9.7 percent, an absolutely hideous figure that stood at the end of last month. As summer draws to a close, many wall streeters are proclaiming that the season represented the most dramatic decline in American jobs in recent history.
However, it doesn’t take a White House elite statistical analyst to realize that unemployment “rates” aren’t exactly the last, or for that matter, the most accurate word. It’s obvious that this national figure cannot count the substantial number of individuals who simply don’t go to the countless unemployment offices throughout the country to be considered officially unemployed and thereby become an active part of the 9.7 percent that haunts the US today. This figure also cannot take into account hourly cuts that characterize big and small business alike. John Doe who used to work 45 hours a week at Ford is now working 20, but he s still employed, so life goes on as far as Uncle Sam is concerned.
Despite the fact that we’ve lost 6.9 million jobs since that fateful December, all hope is not lost. Economists have adapted a mindset of looking past the big scary digits and focusing instead on global trends. The current prediction is that the rate of job loss is slowing down, and many a prayer can be seen rising out of DC that the people would be given the grace to start the climb, slowly but surely as always, out of this economic hole that has been feared for sometime will grow deeper and deeper until it becomes The Great Depression II.
While economically speaking, ignorance can never be bliss; it would be healthy for us to take a page from these analysts’ book. In a sense, it’s simply learning to look on the bright side, but the important point is to do it with an informed mind instead of immediately pointing fingers at the Obama admin. Minimum wage has increased, and the current trend suggests that those who do have jobs might even see an hour increase because companies are weary of hiring new employees. These are two examples of positive aspects of the job market, albeit backwards and slightly paradoxical.
Complaining has never accomplished anything. We’re going to have to learn to deal with the national market, good or bad. Saint Peter knew what it was to be content during both times of need and times of plenty. If we as a nation believe, Uncle Sam also has the ability to adopt this philosophy. The cup isn’t half full or half empty; it has a hole in the bottom and is slowly draining away. But it’s never too late for a turn in the economy to present an efficient means by which to clog it. So get creative you econ majors!