The chart below divides total Full Time jobs by Total Part Time jobs, in the United States. Coming into the financial crisis of 2008, the US maintained nearly 5 Full Time jobs for every Part Time job.
The failure of the economy to add back those Full Time jobs, along with flat to falling wage growth in real terms, accounts for much of the country’s dissatisfaction with the “recovery.”
Replacing higher paying full time jobs with lower paying part time jobs simply won’t do. As food prices continue to climb, and as oil stubbornly holds to $100 a barrel (kicking 12% of US oil consumption offline), Americans are discovering what its like to live without progress.
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