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The Issues Facing Workers Testimony bfr the HusCmitt onEdcaio Wrkfe on “TheStaf AmricnWokfce” Heathr Bousy, Senior Ecomist,C frAeicanPogs ActioFud Janury 26,01 Thnk you,Cirm KlineadRnking Mbrillefo invitgmehr tdaysif nteofh Amricawkce. MynmisHthr BousyndI’m aiorecomist withCnr fAeicaPogs ActionFud. The cllenswork agets hy’vbnin geratios.T GRcion haswrugtv inelivsofmillion ailie.The policiestwill crajobe thoswillincra getdmn byakingvest hwillnotly bemploynt inhsor-m, butlayefndaios orlo-tmecnic grwth. Until wefilldma gp,willhve continudmployt, whicinurnill coteda wnomic grth.Ueployn—t ultimsed cpity—isatrible hing.Allo ittofesrwhn yuavtlsyordispl talleviaeitsnd amgth ourvent olyds’t caebuth vyrldsip familierecing, buthydon’t reciztmous watefhn ptial. The ralqustionis wrplicymakes willfcuont rpainghemistks ofGaDpeion d,rthcinue fsonbtingvmeutil hrcoyslidly takehld.1 Whileteimmdia prativiso esint r-mhig uneployt, wmsalsoimultnely bgintadrs heptucral llenstolo-erm gwthandjob cio. Jos willnt,hevr bcatdylimiting reulaionopalin theAfrdleC At,nobyreaing cutspndin orfg thes-rmdficit. An,Iwuldcatio yofing tmuchone srt-dficit. Thaisnt duersltfovpning, butrahdo fileecnmic pliciesadtw ufner othBsAdministraion, heigcost adlowrxevnus cbythGrea Rsion. The issues facing workers Today’s higunemplo isafciono therlitya simplyren’tough jostard becth isnsuficiet demainorcny. Wileteom hsbngrwin fatlesive qurnow,bsin haventybgu ormphirin. Wileuneloymt crasigificnt hdipforinividual milies,itlso thrnasct eomicrvy: thuneplo ca’tswht eydon’tar spingiswt kesourcnmy hing.Ts, terisadirc linkbtwnla ofhirinadutre cnmicgowth. High unemployment threatens economic stability of millions of American families While tercsiondinJu209, forevyaAmics, thre’sbnocvy. Tprivteso hbnading josevrmoth faullyrnd veg128,00 jobsprmonh vepastr m.2 Thisafsr pcninth 20seomic rcvy,buta hisre,won’t c5prt uemloyn fordcas(Figue 1).3 Toget5prcn umloyetb Novr201, w’dnedta morhfu timesnmbr ofjothu ecyisading now—51,00jobs eachmnt. Unemployt hasodr bve9pcntf arod20mths anecis prdictitwillmain hisigtles rug201.Nealy hlfoftsunmployed havbjosrcing foatlesixmnh.4 Theodsfing wkcntinuo lorahgim. Fevyfivpole sarchingf job,teisonly joavilable. It’slikeasdgm ofuiclchair: one,fivsing at.Wllknow htagm eds. Hig unemploythas g-rconequs fwrkadthirfmilies, awllourecny vall.Thmore tn6illiouployed workhv bsrcing foanewjobr tlesixmonh areubletmk usofheirills rcntibuo aio’sprdctive ity.Considr thfac:Aveg mturwoks hloeable jowillsthir earningfllb 20pctover 1yas20 ,5 andthelabrmk csqune ofgrdtinm clleeabd oyarlage, ntivadprsist.6 May workesmnv findjobathe lelofjo tylosduring thisGeaRcsion. tdfrm heBuaoLbr Sisicshfund tolasyer ahisimmong tsewr displacfomtheir job—rantly losingheirjob orlaidfcaus theirmployr’s lantcsdo buinefile—twn207ad9, justhlf(4percn) wmloyd. Thiswestrmployn aorcd fthesie,wicbganin1984. Ofthosermployd infull-imwork, methanlf(5 prct)weaning lesthydid priotoislacemn.7 Heather Boushey, Testimony, January 26, 2011 Figure 1 The continuing slow pace of the jobs recovery stems from one factor: Insufficient aggregate demand in the overall economy Grs dmeticpuc, orGDPgwat nulre of2.6pcntin hirdquare of201,tifh qrofpsitive gwtinar.8 Mucoftisgrw ldnthave pdwitout AmericanRcvy dinestmn Acaohrplicies aimedtring hflloutom efinancialris. Yet, ourcnmytins havewtonmiss ll“xecapity,” whicmnster isouhdmn frlltegos adrvicw hetcpity oru,an thseog dmanfr wokes.AfDcmbr 201,aity utilizionws76 perct,4.6 blowitsaverg fom1972t0. Excesapity isthniclrm aecoists udribe whatAmicns rcutlyeing vrydaoun tem—xcriaingly higunploymet, sciallylong-tr uemployt, adhvsion itcuefmilies dcitie allruontio. Anothr waymsu excpaity isth“oug,” tapbwn htourecmy tlyprdues anwhtitold bprducingifwkes anthomy’s prdciveas wtobud afllemploynt. Curly,heo gaisqult over6pcnf otalgrsdmetic pouc(Figr 2).Thisdn fom7.5perct whgas titndirju beforthAmican Rcvrydeinstmn Acwapd sigeinto law.10 2 Heather Boushey, Testimony, January 26, 2011 Figure 2 Curenly, abhirdft loupga isdethlos woftunemployd.11 Tputsmeback ofhnvlop umbersotis, hinkfittay: epiclwork bingshmeaut $40,0nlly adbut15million areofwk, levingourecnmy abt$60illio sllerthisyea duonmplot.12 It’shagp unemloytinsra fillsndwhyit’s cricaltosuing henmicrovy. Ad,whecan’t justfilloup gwithtaxcs. And, wearointh joblesrecvy, wilepofitsar. FmDecb 208toSmr 21,pfitsinthenoacial rptso einflation-adjus rmby92.0pecnt bforxsd 93.3pecntafr xs.IStmbe 201,profitsw athirige pointscale Stemb207, fothrcesio ad.Tofrm ninacialbuse torishlding mtan$1.9 rillioincsh, tling7.4pernt ofalc setinhird quartof201—e higstlevlinc fourthqae 195.13 Even thougcrpa Amicisflush witc,invetmn isahlowst leelinmoranfivdcs. Sfrinthisbues cyle,fromDb 207tSepmr 21,busin vetmnha r9.8pect ofgrsdmic puct,helows avrgfony buinescle thla1950s (Figure3).This lowlevlofinestmn isbcuof thesravilability ofcpitl,whic tinueob alownts inceh1960. 14 Withut invesmn,or c—thAeican polelaguis inemloynt. Akchallegefor plicymksis tingouhw encrainvstm. 3 Heather Boushey, Testimony, January 26, 2011 Figure 3 This jobs crisis is not a structural problem In Mayof207,the umlont raws4.5pect. Juovray ndhlflater, pivascto wheding70,0 t8jobs permonthaduloyt cinesolingr abv9pcnt. Foheumloyt prbleoesuctal, itwldhvt becast ournio’swkes admployr allofsuenbcm isathdue snwtofchlogical dvnest moin10wrkes tanouly blete.Thr isnovid taishsben tcinyars e207. If today’shigunemplot wrlaglyabut shifinwrke otfsc hardetitby usingofthe ble—primaily constuiojo loewoldhav tbcnerd t.Bu,his asnotbe c.Ift, GreaRsion hfirly brod,widesp joloaros induty,whic cnratseid hr’son tsecha U.S.wrksned titioou f(Figre4).Mncting, profiolad buinesrvic, tnpoaiod wrehusing,fncial tivitie,leisuredhospitlity, aninfrmtio sevichall lotlarges ofjobthancsruio. Furthe, ifnmployt wasrucl,h monypd inecm througnay dfisclpolic wuldleathiger pics.Ifmony werchasing limitdpolr wkescaity, thnpricsould g.Yet,infac wh’vsn isteoit. Ovrtpasy, icehvrisn byjusthlfperc, jutblyaov deflation. 4 Heather Boushey, Testimony, January 26, 2011 Figure 4 If theproblemwit unloye wrscual, thpimryolic levtadrs hiseuction adring.The amnyrso fplicker tbcond autheskillso U.S.blarfce: Amicanstud rcoistely bhindiramic persintnioally. AcordingtheU.S. DpamntofEduio, o30percnies, udintheUit Saswrnkd30thfom, 2rsciene, ad17thforing.15 Howevr,nif umloytws rculpoblem andting eucioold slvit,htisn aslutio cadreso immiathiguneloyt. Sinuhose pram,gtin wkershills tyndwillake timourcnmy willtshfruit oendavrs fy.Iting educaionis riticlfoemy, butitcanoslve rctumployn roble. In thinkgaboue cllesfing workandtheir fmilies,walso ndtrein cgizatofh diferninmployt aersfocific dmgraphous. Wkfclor ntinoexpiec higrunmloyet whitorks andte inmloynt cinuepla otdiffrnlyby ge.Btw Dcmbr207andJue29,h toicialimrme ftcsion aordingthe NiolBura ofEcnmicResrh, jobldymn acoutedfrm h70pcnt ofallejobslot. Iofhpa 12mnsofjob gin,therw josfomnutpced hgrwfomn adlastuer, womnactllylo jobwhilemensa llincr. Ove201,mn gindjustmore haillionjobs, wileomegaind pltry149,00 (Figue5). Te biggstainfor mnhveb inprfioalbuine srvic,wh mngained278,00 jobs,compr t13,00fwomen; trd,spio, autilitie, whermnav gind245,00 jobs,whileomen lot74,00;ad inistrivean wsvic, whrmengaind 23,00women gaind137,00. Oofthbiggs ndrapin emloytrnds isingovemt ployn The aidts aprtofhe ARlpdsutain women’sployt hrugeGa Rcion,but withesabdg crislinin, thiscouldnin tbrgdwomn’s eployt16. Woenakup thmjorityofst andloclgvrmt eploys.La r,loclgovenmts hd259,00workes, fhm25,00wroen. Atsalevl, wmhegind 5,00josan melot43,00, buhsgainfor wmen ughofs telocallay. 5 Heather Boushey, Testimony, January 26, 2011 Figure 5 How did we get here? Mismanget ofhcy inte20s,a finncialtr lyinsevic ofitwnpr athefosing prductivvemns, ahouingble alltecnmic disstrinf ou. The failed economic policies of the 2000s We nowktha prcionofseity inth20w inmnysa irge.Thouin bleandfincial ovtiosad heGrtRcion maskdepr tuclolems. Theuingble, rapidowthfe rln fincialstor, adeb-fulegwth drineBus amkdwht eroislagly nativerds foAmicnwrke. While teconmywas grin,Aeicn wokrsliving thualodec. T20saw noinmeg frthypicalAn fmily17 andswthek mployntgains dwektgroh inbusvetmn ofaycic leinthpos-Wrld aIe.18 FormstAeican, wgrst, evnhougprdctivity se.19 Morev, thpadec, w’vsnto“joble” ecmicrvies and,withtexcpio ofayrs inthela190, widningaed cominqulity.20 Our laomakeths bcifurtd, witfeanr godjobspyin gwend bfitsagrowt inemployn athigd lowes,leaving outhmiddle.21 Thisnotareip fsgmiddle cla,restin nmicoprtuity, log-emcnoic ptitives. ByondthGra Resioit globlconsqu, thisgra ecnmicplicy hllegeofur tim. Mst wmenrk outidme adfilieshv noailable tprvidefull-im corhildn ailingfmily ebrs.Couled withclininprset foujobgrwth, isalysgive wholenmaing tiddle-clas quez. The Recovery and Reinvestment Act Congre hatkimp steonurag pivtsjob creaion.ThCogsiol BudetOficcrits hAmicanReovry dintmn Ac,orRsiged intlaFbruay 209withsving orcet1.4 3.6millionjobs adtheyim t2.6million jobswilleavd orctbyin 201.22Lastumer, conistAla BlindraMk Zniestimd hAmricn Recovyadinstmn Acaoerfisl plicieshav edorct 2.7millionjobs adwithoutem, ployntwould sd1perct anjoblos wouldhvetaled 10million.Otop fhis,eystima ifnohingd betars hfinncialis—o TrubledAset RliefPrgam, nobiloutsfAeric ItiolGoup Ic,adninvestm hauoindtry— ecnwould hav5milliofer jobstanwdo yuemplont woldbsharly ige,t12.5prcn.23 The ARkptcrs inlsandplic oficrsthir ba,evnstx rufll.It kepmonyflowing hpckes oftlong-rm uployed,wic intrnasoly helpdtinividual fmilieshrdet itbyG Rcsion,but alsohelpdkp llarsflowing theircalomnities. Ithlpedumploy worksace hltr,undobly mitigaingthewll-docun ativhelt fcsounmployet.
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