In today’s New York Times there’s a story, Is There Such a Thing as a Jobless Recovery? From the story,
After falling into recession in 2001, the economy did indeed recover in 2002, hard as that is to believe. Despite a sluggish fall, most economists believe the United States expanded at close to 3 percent last year (final statistics are still being compiled).
But because productivity — the amount of goods or services produced for each hour worked — is climbing relatively fast, last year’s relatively tepid expansion created almost no new jobs. Instead, businesses are finding ways to get more production out of each current employee. In fact, the unemployment rate has risen from 3.9 percent in 2000 to 6 percent today.
So the unemployed aren’t finding jobs, more people are becoming unemployed, the people still working have to work harder to do the jobs the unemployed were doing, and many of them are afraid they’re going to lose their jobs.
Productivity means increases in wealth. But whose wealth? When you’re working harder on the job for the same pay, that’s called a productivity increase, and SOMEone is getting richer. But obviously it isn’t YOU. Statistics show the wealth in America is concentrating at the top. WE’re working (if we have jobs) and THEY’re getting rich.
Who is our economy for? Why are we tolerating this?