Why the 'great' jobs market was always an illusion

[marmar]

(MarketWatch) As recently as early February 2020 B.C. (Before Coronavirus), President Donald Trump told us “our economy is the best it has ever been.” That line came in his Feb. 4 State of the Union address, in which he mentioned “jobs” 10 times and how great everything was.

“Jobs are booming,” he said.

“We have created seven million new jobs.”

“Last year, women filled 72% of all new jobs added.”

And so on.

Lots of lousy jobs

But the underlying reality was never as lustrous as we were led to believe. In sheer numbers, job growth had indeed been solid for a decade — here is the month-by-month data going back 10 years— yet this obscured the fact that tens of millions of these jobs weren’t very good to begin with. .........(more)

https://www.marketwatch.com/story/why-the-great-jobs-market-was-always-an-illusion-2020-05-14

[CottonBear]

1. It's not a good life when you have to work 2 or 3 low wage, no benefit part-time jobs.

The schedules are always changing, you get sent home when they need to cut hours, and you can never plan to be with your child or family for school and family events.

It sucks especially for those in red states that didn’t expand Medicaid.

[Newest Reality]

2. And...

Security is just not there as an underlying foundation or feeling.

You may still worry about prices, food, bills, rent, etc. often even while you are being frugal and cutting corners the best you can. One not even major event can knock you down and getting up again can be difficult or even, for some, impossible.

That's not a realistic or practical situation to have more than half of your citizens and workforce in. It is obviously not sustainable in many ways, but particularly for the workers. That's a slow burning up and out unto the grave. No legacy is left for anyone and what is an estate?

[genxlib]

3. I have always suspected

That the gig economy changed the way people thought of unemployment. Instead of being unemployed, many people shift to being self-employed by doing odd-job shit like driving or delivery.

So when asked if they are unemployed, they say no. Even though they lost a job and are using a side hustle as a prime source of income.

It feels as though this phenomenon has skewed the numbers far lower than they really are.