It's clear there's a recession going on, and it's also clear that it's a recession like none other, a Great Recession, some call it. While the recession's ugly toll can be seen in closures of businesses, increased use of food banks, and that like, there's nothing like numbers to bring us stark reality.
The Economic Policy Institute has a released a report called "Labor Day
by the Numbers" (.PDF). The numbers, quite honestly, are definitely not pretty.
All these statistics are current, according to the EPI, as of Sept. 4th, 2009. Here are some of the numbers.
Total jobs lost during the recession: 6.9 million
New jobs needed per month to keep up with population growth: 127,000
Unemployment rate: 9.7%
Number unemployed: 14.9 million (up from 7.5 million in December 2007)
Underemployment rate: 16.8%; Share of workers un- or underemployed: roughly 1 in 6
Under- and unemployed, marginally attached and involuntary part-time workers: 26.4 million
Increase in average U.S. Worker's Productivity: 19.2%. In other words, they're killing the rest of us to keep profits up. What if the jobs never come back?
Uninsured Americans (2007): 45 million
Percentage of under-65 Americans with employer-sponsored health insurance in 2000: 68.3%; In 2007: 62.9% (hint, it's dropping)
Average monthly cost of COBRA with American Recovery and Reinvestment Act subsidy: $370; Without American Recovery and Reinvestment Act subsidy: $1,057.
Rise in out-of-pocket spending for the 1% of adults with the greatest medical expenses, 2004-2007: 42%
Increase in health care premiums since 1999: 119%
Amount by which U.S. private health insurance administrative costs exceeded all Canadian national health spending in 2007: $25 billion
Share of people near retirement age with 401(K) totals under $40,000 (as of 2007): 50%
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