HERE’S WHY U.S. JOB LOSS WORSE, WIDER THAN PREVIOUS RECESSIONS

The current economic downturn is the worst since the Great Depression and has led to more job loss than the previous two recessions. Just as in the 1930s, today’s economic crisis was triggered by a banking failure created in large part by financial degregulation. Both jobs and a stronger financial system must be addressed to prevent future problems, say two union leaders key to solving the crisis. In a recent interview with National Public Radio (NPR), AFL-CIO Secretary-Treasurer Richard Trumka, a member of President Obama’s White House Economic Recovery Advisory Board, pointed out that the current recession is worse than the recessions of the mid-1970s and early 1980s when it comes to job losses. Says Trumka: This recession began in December of 2007, and we’ve already lost more jobs as a percentage of total employment than in the entire ‘73 or ‘80-’81 recessions. continue reading