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ProPublica: Overwhelming Data Proves U.S. Economy is Sputtering

Mike Klein

The following data appeared this week in a ProPublica article written by Braden Goyette.  This data is staggering.  It confirms again how far the U.S. domestic economy has collapsed even though technically economists claim the recession ended two years ago.  The article was published before Thursday’s U.S. equity markets meltdown.   ProPublica is an independent, non-profit journalism project that specializes in stories with “moral force.”  ProPublica won a 2011 Pulitzer Prize for national reporting and a 2010 Pulitzer Prize for investigative reporting.  ProPublica is a valuable resource.

• Annual rate at which the GDP grew this year: 1.3 percent between April and June, 0.4 percent between January and March
• Average annual GDP growth from 1998-2007: 3.02 percent
• Total jobs lost since January 2008: 8.7 million
• Total jobs recovered since January 2008: 1.8 million
• Recession technically ended: over two years ago, in June 2009
• Current unemployment rate: 9.2 percent
• The “natural unemployment rate”: 5 percent
• Months that the unemployment rate has been around 9 percent or more: 28
• Number of unemployed people in June 2011: 14.1 million
• Growth in number of unemployed people since March 2011: 545,000
• Number of long-term unemployed people in June 2011: 6.3 million, or 44.4 percent of the unemployed
• Pace at which jobs were added throughout the late 1990s: 350,00 per month
• Jobs that were added in June: 18,000
• Jobs the U.S. needs to create to 5 percent unemployment rate: 6.8 million, as of January 2011
• Years it will take to get back to an unemployment rate of 5 percent: four years if we’re adding jobs at 350,000 per month; 11 years if we’re adding jobs at the 2005 rate of 210,000 per month
• Unemployed workers per job opening: 4.98
• Number of people who weren’t in the labor force, but wanted work, as of June 2011: 2.7 million
• The last time the labor force participation rate was lower than it is now: 1984
• The amount of state budget spending that comes from the federal government: about 1/3, or $478 billion in 2010
• Increase in before-tax corporate profits in the first quarter of 2011: $140.3 billion
• Percentage of Americans’ total personal income that comes from federal funds: almost 20 percent
• Spending cuts in the proposed budget: at least $2.3 trillion over a decade from 2012-2021
• How long you can currently receive unemployment benefits: up to 99 weeks
• The number of those weeks funded to some extent by federal aid: up to 73
• People currently relying on federal unemployment benefits: 3.8 million
• How long you’ll be able to receive unemployment benefits if you lose your job after July 1, 2011: 20 to 26 weeks, depending on your state
• Recovery-funded jobs reported by recipients, according to recovery.gov: 550,621
• Amount of stimulus money left to be spent: $122.8 billion of the original $787 billion

(Mike Klein is Editor at the Georgia Public Policy Foundation)

August 4, 2011 - Posted by mikekleinonline | Uncategorized | Economic Collapse, Mike Klein, ProPublica