The Federal Reserve Bank of San Francisco reported that the labor market has more slack than the official unemployment rate indicates. The FRBSF measured labor under-utilization using involuntary part-time workers and projected that "the level of labor market slack would be higher by the end of 2009 than experienced at any other time in the post-World War II period, implying a longer and slower recovery path for the unemployment rate."
I found this old NYTimes article about the jobless recovery in 2003. I think it does a good job of explaining the meaning of a jobless recovery (although, it might be a bit self-explanatory...)
Note that the NYTimes and the FRBSF both predict that employers will increase output by increasing productivity of existing workers as opposed to hiring new ones. (Jeez, great news for the class of 2009.)
on health care:
from whitehouse.gov
REMARKS BY THE VICE PRESIDENT AT HEALTH CARE ANNOUNCEMENT
Promises, promises.
Our friend, Jonathan Gruber, comes up with some solutions! [Jonathan Gruber is not actually my friend, but I wish he were. Haha.]
Good paper that I remember from Health Econ: Madrian on job lock as a result of employer provided health care. Here's an old article about job lock.
a little bit of joy:
This picture of Russell, from the movie Up, is currently my desktop background. Isn't it sooo cute?! It makes me happy whenever I look at it.
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