We have come to expect that as our economy rebounds from a recession, the percentage of good jobs in the economy will return to its pre-recession level and rise further as the recovery progresses. This was certainly the case during the eighties and nineties, but this recovery has been different. Six years after the onset of the 2001 recession, the percentage of good jobs in the economy jobs that pay $17 per hour and offer health insurance and a pension is still below the pre-recession level, and falling. Compared to similar points in the past two business cycles, this is very unusual. We thank Joint Economic Committee Vice Chair Carolyn Maloney for making this event possible.
On November 27, John Schmitt, Senior Economist of CEPR, and Stephen J. Rose, Principal of Rose Economic Consulting, debated how a diminishing number of good jobs effects the strength of the US economy. Are these findings a cause for alarm?What, if anything, can the government do to reverse this trend?