Debt-laden US is a leader in job losses
In my previous post on the jobs market, I asked about different ways to help long-term unemployed people — especially those who were unlikely ever to find work in the areas they were trained for. Now, the Wall Street Journal reports that the US is way behind in new job formation since the global economic meltdown began. A key reason: too much debt and shaky banks. So it appears we need to engage in a double-tracked conversation to heal the jobless situation: trimming the debt while re-training the jobless.
At the bottom of this post, I share the very disturbing WSJ graphics, which show how poorly the job market here is faring — down 4.8% from December 2007 (click to enlarge). It’s a sad day when you see US fall behind countries as diverse as Brazil and Japan and Hungary in creating new jobs. Here’s the top of the WSJ story:
One year into the global recovery, the U.S. is lagging far behind other major economies in restoring jobs lost in the recession.
A Wall Street Journal analysis of employment trends in 11 countries suggests that manageable debt burdens and healthy banking systems—areas in which the U.S. doesn’t excel—are proving to be crucial factors in creating jobs.
Graphics via WSJ