Word: lost
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...look at the three great job busts of the past 100 years - the 1930s, the early 1980s and today - you find an important difference. The Reagan recession ended with workers returning to jobs that were the same as or similar to the ones they had lost. But 1930s joblessness was structural. The jobs people lost - largely in agriculture - never came back. Workers had to move to the industrial sector, a transition helped by the demands of a war. It was massive national hysteresis. Sound familiar? "A lot of the jobs that have been lost will never come back," the Peterson...
...conveniently allowed him to deal with problems bedeviling his young Administration: a lack of focus, difficulty reforming the U.S. military, trouble articulating a global vision. Obama now faces a host of problems of his own: weakening political will, an inevitable "What next?" after health care, a base that has lost energy. His 9/11 is just the sort of transcendent issue that can reconnect him to the theme of hope and change. A tough challenge? You bet. But as Obama's presidency unfolds, it will be the most vital one for him to meet...
...Though it has been painful for him, Whitfield's lost job should have had little effect beyond his immediate family. One lost job is a microscopic event in the massive organism of the U.S. economy. In good times, America sheds 2.5 million jobs a month but creates nearly 3 million new ones. Rolling unemployment allows businesses to adjust to demand, improving efficiency and fueling growth. A healthy economy compensates job losers by creating new jobs for them. America's economic athleticism has been the envy of other countries, a key to its success...
...unhealthy economy, a single lost job becomes infectious, combining with others and spreading through family, neighborhood and community. Widespread cutbacks in spending by families mean lower demand for businesses and lower tax revenues for the government. This belt-tightening means fewer car sales and thus fewer jobs for car-part makers. It means less government spending on infrastructure and other public services, including economic development. The sum effect is less available work for job seekers - a perfect vicious circle. For a well-educated job loser like Whitfield, it can mean a permanent drop in earning power and standard of living...
...part, his advisers have since concluded, the difficulty stems from the natural give-and-take of the legislative process and how it plays out in the media. The larger goals, they say, get lost in the politics and the arguments over individual aspects of the bills. What Obama and his strategists concluded - paradoxically - was that the spotlight of a presidential address could take the public's attention off the politicians (including a President whose approval ratings have been edging down) and put it back on the larger goals that Obama is trying to achieve. As a senior White House official...