Overly Optimistic on Jobs and the Economy, Once Again - NYTimes.com

The key to the economic turndown is that too few people are working and those who are don't earn enough.  In 2007 63.5% of the population was working.  Now it's a hair over 58%.  No wages, no income.  No income, no demand. - GWC

Overly Optimistic on Jobs and the Economy, Once Again - NYTimes.com: by David Leonhardt

"The share begins falling in 2007 even before the recession officially began, picked up speed in early 2008 and then began plummeting after Lehman Brothers collapsed in September 2008. The job market began stabilizing in late 2009, as the stimulus and the Federal Reserve’s efforts to battle to the crisis reached their peak. Employment began growing faster than population in early 2010 — but then stalled, thanks to some combination of Europe’s debt troubles, the waning of government action and the general uncertainty in the wake of a financial crisis."