Our guest author today is James R. Stone, professor and director of the National Research Center for Career & Technical Education at the University of Louisville.
The headline of the USA Today article reads: “Tense Time for Workers, As Career Paths Fade Away” (January 13, 2011). The article notes that while most key economic indicators have improved over the past two years, the unemployment rate has remained persistently high. This is a jobless recovery.
Is this a time for pessimism or a time for a reality check?
This is not the first jobless recovery. The recession of the early 1990s spawned books with titles such as The Jobless Future (1994), A Future of Lousy Jobs (1990), The End of Work (1995), The End of Affluence (1995), and When Work Disappears (1996). Any one of those, and many other, similarly-titled books and articles could speak to today’s labor market crisis. Were these authors prescient or is the creative destruction in the labor market wrought by our relatively unbridled free enterprise system’s speeding up the cycles? I’ll leave that for economists to argue.
What is new this time around is the effect of the recession on recent college graduates.