“Long-term unemployment has risen dramatically during the course of the recession – this increase is one of the most dramatic and important unemployment trends. In a healthy economy, we should expect to see a short duration of average unemployment. This signal indicates an economy where workers’ skills are transferrable and they are able to quickly move in and out of sectors of an economy in flux. During the 50 years from 1950 to 2000, this was the nature of unemployment in the United States, with an average of 12.4% of total unemployment lasting for periods less than or equal to 27 weeks.
Last month, over 44.1% of unemployed workers (over 6.5 million workers) had been unemployed for 27 weeks or more. This is the highest relative level of long-term unemployment in the United States since the beginning of BLS records in 1948; at the start of 2008 only 18.3% of unemployed workers fell into this category. Importantly, these measures of unemployment exclude workers who desired employment but were, for various reasons, not included in BLS’s unemployment calculations – an estimated 5.8 million workers. When these workers are included in the overall totals of the unemployment, the relative percentage of long-term unemployed workers is certain to increase as well as the absolute number of unemployed.
This trend has continued unabated despite numerous jobs bills and policy interventions.”
“True liberty, by protecting the exertions of talents and industry, and securing to them their justly acquired fruits tends more powerfully than any other cause to augment the mass of national wealth.” –Alexander Hamilton
The percentage of Louisville students in NCLB failing schools varies notably by race.
Remember how we were promised that stimulus dollars would be used to get people back to work on “shovel ready” projects within 60 days?
Well, it’s been 14 months and Louisville’s “just getting ready to do sidewalks,” according to city Stimulus Czar Rick Johnstone.
While the city has received $458 million — twice as much as expected — there seems to be some question about whether taxpayers are getting anywhere close to an appropriate return on their “investment.”
The Louisville Examiner’s Thomas McAdam does the math: $458 million spent on 1,152 new jobs works out to “$397,569.44 per job created.”
McAdam adds: Remember how we groused back in November that the City spent $31 million to create 562 jobs, at $55,160 per job? Come to think of it, that was something of a bargain after all.
See Louisville’s stimulus “bargains” here.
Nearly 60 percent of all Louisville students attend schools that fail to make Adequate Yearly Progress under No Child Left Behind.