Economic Recovery: Take Two
July 28, 2009
Silver Spring, MD
AFL-CIO Executive Council statement
The legacy of the Bush Administration has been a perfect storm of economic devastation — in finance, housing and jobs. The challenge of fixing this economic mess is enormous – and urgent. Creating good jobs that cannot be outsourced is central to the solution.
Despite much-touted “green shoots,” the prognosis for the U.S. economy keeps getting worse. The official unemployment rate hit 9.5 percent in June and is likely to exceed 10 percent by later this year and remain high throughout 2010 – when mid-term elections will take place. We have lost an extraordinary 6.5 million jobs since the onset of the recession, and we are 8.8 million jobs short of where we should be, taking into account the growing working age population.
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