Even with political focus on jobs, return to prerecession work levels could take 5-plus years
By Tom Raum, APSaturday, February 20, 2010
Getting back lost jobs will take years
WASHINGTON — So many jobs have been lost that the U.S. must run hard just to keep from losing more ground.
Despite the election-year emphasis on job creation by both parties, the short-term outlook is bleak.
There are nearly 15 million Americans out of work — six million for more than half a year.
President Barack Obama is asking for almost $300 billion more for recession relief and job formation. The House last December passed a $154 billion spending bill focused on jobs. The Senate is due to debate a far more modest version on Monday, but appears bogged down in partisan bickering.
Reducing a jobless rate that’s now just under 10 percent to prerecessionary rates of about half that won’t happen soon. In fact, it could take up to five years or more just to get back to even.
