America For Purchase

What 3.6 Million Jobs Lost Over 13 Months Looks Like

This chart compares the job loss so far in this recession to job losses in the 1990-1991 recessions and the 2001 recession – showing how dramatic and unprecedented the job loss over the last 13 months has been. Over the last 13 months, our economy has lost a total of 3.6 million jobs – and continuing job losses in the next few months are predicted.

By comparison, we lost a total of 1.6 million jobs in the 1990-1991 recessions, before the economy began turning around and jobs began increasing; and we lost a total of 2.7 million jobs in the 2001 recession, before the economy began turning around and jobs began increasing.

As President Obama said on February 5, 2009:

We can’t embrace the losing formula that says only tax cuts will work for every problem we face; that ignores critical challenges like our addiction to foreign oil, or the soaring cost of health care, or falling schools and crumbling bridges and roads and levees. I don’t care whether you’re driving a hybrid or an SUV – if you’re headed for a cliff, you’ve got to change direction.

Reported by Speaker of the House on The Gavel Blog

Filed under: U S Economy