corrente

Didn't think so. And at last the numbers are starting to catch up with what we all know from experience, and the experience of our neighbors.

Layoffs occurred at the second-fastest rate on record during the first three years of the Bush administration, a government report has found.

In the government's latest survey of how frequently workers are permanently dismissed from their jobs, the layoff rate reached 8.7 percent of all adult jobholders, or 11.4 million men and women age 20 or older. That is nearly equal to the 9 percent rate for the 1981-1983 period, which included the steepest contraction in the American economy since the Great Depression.

Recession and weak economic growth characterized most of the period from 2001 to 2003, and millions of jobs disappeared. But while layoffs normally rise in hard times and fall in prosperous years, the new survey published Friday by the Labor Department's Bureau of Labor Statistics added to the statistical evidence that layoffs are more frequent now, in both good times and bad, than they were in similar cycles a decade ago.

The anecdotal evidence is abundant on this point, but the statistical evidence is only beginning to tell the same story. "It appears there is more displacement now; this latest number is quite high," said Henry S. Farber, a Princeton University labor economist who has challenged the anecdotal evidence, wondering whether it overstated the case.

No one should be surprised by the increasing frequency of layoffs," said James Glassman, senior United States economist for J. P. Morgan Chase. "It is the echo of globalization. Companies are shifting production around more frequently to take advantage of low-cost centers."

"If you plot the displacement rate in relation to the unemployment rate, it is a staircase going up," Mr. Bernstein said. "You are more likely to be laid off now than in similar levels of unemployment in the past."

Pay is another matter. In the latest survey, 56.9 percent of those who said they were re-employed also said they were earning less in their new jobs than in the jobs they had lost. That compared with 46.6 percent from 1991 through 1993, a similar period of recession followed by weak recovery, and 42.2 percent from 1997 through 1999, which were boom years.
(via NY Times)

Oh, wait. The new Bush slogan isn't "Safer, Stronger." It's "We've turned the corner, and we're not turning back."

Who thought that one up?

Wouldn't you want to "turn back" to a time when you had more money and a more secure job? I sure would.