Risks are growing of an entrenched global jobs crisis, according to a new report by the International Labour Office (ILO) and the Organisation for Economic Co-operation and Development (OECD).
Issued ahead of a two-day meeting of labor ministers from the Group of 20 (the 20 largest economic powers) in Paris, the paper warns of growing unemployment among the group’s advanced and emerging nations as economic activity slows. The report notes that in the G20 economies, “the recovery appears to have come close to a halt.”
“We are very concerned about what we are seeing in the numbers,” Stefano Scarpetta, the OECD’s head of employment analysis, told journalists at a press briefing. “Employment and social policies should be at the center of the policy response to the current situation,” he said.
The ILO/OECD report notes that recent job growth in the G20 is already insufficient to offset the shortfall of 20 million jobs produced by the recession that began in 2008. “Should employment grow at a rate of 0.8 percent” until the end of 2012, the paper warns, “then the shortfall in employment would increase by some 20 million to a total of 40 million in G20 countries.”
The report further cautions that the burgeoning jobs crisis will put pressure on the economy by lowering consumer spending and exacerbating social tensions.
I don't see any efforts to fix the jobs problems -- here or elsewhere.
Barack came into office knowing this problem and he just let it get worse. Repeatedly, he'd claim to focus on American jobs, but he never would. By the time he was announcing the 'end' of the Iraq War and declaring 'now' he'd focus on jobs (August 31, 2010), I'd already heard that line too many times to believe it.
I wonder at what point the government takes the problem seriously? When people start killing themselves? When they turn out en mass in the streets? When they are rioting?
I have no idea but there is no grown up in charge in the US. That's very clear.
"Iraq snapshot" (The Common Ills):