Tuesday, January 05, 2010

The Lost Decade

The past decade was a rough one for American workers. Wages have declined, and millions of jobs disappeared. We can thank George W. Bush and the Republicans for most of the misery, though the corporate wing (and breast) of the Democratic Party is also partly to blame (NAFTA, etc.)

Here's the consequence of Reagan--Bush onomics:
"The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation's growth.

It was, according to a wide range of data, a lost decade for American workers. The decade began in a moment of triumphalism -- there was a current of thought among economists in 1999 that recessions were a thing of the past. By the end, there were two, bookends to a debt-driven expansion that was neither robust nor sustainable.

There has been zero net job creation since December 1999. No previous decade going back to the 1940s had job growth of less than 20 percent. Economic output rose at its slowest rate of any decade since the 1930s as well."

No wonder, Americans' Job Satisfaction Falls to Record Lows

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