President-elect Obama said Saturday an analysis of his stimulus proposals shows that between 3 million and 4 million U.S. jobs could be saved or created by 2010, nearly 90% of them in the private sector.
Employment as of December 2008 was about 3.3 million jobs less than it was as of November 1007 according to the household survey. The employment-population ratio has declined to 61.0%. Even if we had an additional 3.5 million jobs today, the employment-population ratio would be only 62.5%. Now when they start talking about an additional 7 million new jobs, I’ll be impressed as that might get us closer to the 64% employment-population ratio we enjoyed in the late 1990’s.