We will need at least 5 million jobs to get back to an unemployment rate of under 4 percent, what we had when Democrats in Congress in the mid 2000s were complaining that unemployment of 4% reminded them of Herbert Hoover.
Remember: This is after all the bank bailouts and the shovel-ready jobs that were not exactly shovel-ready, and the ensuing trillions in budget deficits.
The most obvious problem we have is the lack of job growth. And the adverse condition most likely will get worse.
Conditions will get better when consumer and business psychology recovers. Translation: Lower taxes and less confusion from Washington.
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