In May of 2011, the total level of employment in California at 15.947 million is actually lower than it was in May of 2000, at 15.975 million. That’s not only a lost decade, but most important of all, that’s an entire decade in which the obligations of pension funds, state debt, private debt, and costs rose–but can no longer be supported by wage growth, or revenues. A depression need not be a Great Depression. However, a depression is certainly distinct from a recession—the business cycle variety that marked the post-war era.
It frankly doesn’t matter that some states, or even the United States, created non-farm jobs since the lows of 2009.
The US economy is a large system that employed over 146 million at its peak last decade. Now, having added nearly 30 million to its population over the 10 years, the US employs 6-7 million people less than in 2005. The implications for the operating costs of this system, from Social Security to Defense Spending are obvious.
Read more: http://www.businessinsider.com/noise-not-a-recovery-2011-6#ixzz1Pqr9LWaZ
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