We lost 10 million jobs peak to trough in the last recession. We are still down 7 million jobs from the high. But, from a strictly employment view, it is actually worse than that because we need 125,000 new jobs each month just to keep up with population growth. That is 1.5 million jobs a year. If we grew at 3 million jobs a year, it would still take over 4 years (until some time in 2016) to get back to the level of unemployment (4.5%) that we saw in 2007.
The notion that the government can somehow meet this demand with meaningful production is fatuous. Simply silly.
It would be interesting to hear a politician say in a campaign, "I am going to create policies that allow the GDP to grow 4% annually throughout my term in office."
We could create a party game to find as many ways as possible to explain why a politician would never, ever, say that.
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