America’s economy has not worked for average families since the Clinton administration ended.
If they were judging the economy by the monthly jobs report, working Americans would be popping champagne corks. Total employment has risen every month for more than four years. According to the Current Population Survey, more than eight million jobs have been created since the trough, while the number of unemployed has been cut by nearly six million. The unemployment rate has declined to 6.1% from 10%, and the number of Americans enduring long-term unemployment (27 weeks or more) has fallen to three million from 4.3 million in the past 12 months.
Yet average Americans remain gloomy about the current economy and anxious about its future. According to a Pew Research Center report released this month, only 21% rate current conditions as excellent or good, versus 79% fair or poor. Only 33% say that jobs are readily available in their communities; when asked about good jobs, that figure falls to 26%. Only 22% believe the economy will be better a year from now; 22% think it will be worse, while fully 54% think it will be the same.
More than five years after the official end of the recession, the Public Religion Research Institute finds, only 21% of Americans believe the recession has ended.
Two recent reports help explain the disconnect between the official jobs numbers and the economic experience of most Americans. Every fall, the U.S. Commerce Department issues a detailed analysis of trends in income, poverty and health insurance. Although economists have some technical quibbles with the Commerce data, the broad trends are unmistakable