Higher jobless rates could be new normal

[Craftsman]

WASHINGTON – Even with an economic revival, many U.S. jobs lost during the recession may be gone forever and a weak employment market could linger for years.

That could add up to a "new normal" of higher joblessness and lower standards of living for many Americans, some economists are suggesting.

The words "it's different this time" are always suspect. But economists and policy makers say the job-creating dynamics of previous recoveries can't be counted on now.

Here's why:

• The auto and construction industries helped lead the nation out of past recessions. But the carnage among Detroit's automakers and the surplus of new and foreclosed homes and empty commercial properties make it unlikely these two industries will be engines of growth anytime soon.

http://news.yahoo.com/s/ap/20091019/ap_on_bi_ge/us_vanishing_jobs

[DJ13]

1. Higher turnover rates for politicians could be new normal

As a result of higher unemployment becoming accepted by those same politicians.

[Craftsman]

2. Bingo. If decent jobs do not come soon 2010 could look like 1994

[DBoon]

3. Marxists call this the "reserve army of labor"

High unemployment depresses compensation for the employed, allowing the property owning classes to extract a larger share

I'm paraphrasing to avoid typical Marxist jargon here

[Sinti]

4. +1 Welcome to Serfdom - it's the "new normal" and it's only going to grow. n/t