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The graphs paint a very simple picture to me; we Americans have trimmed payroll fat that was contributing little or nothing (in aggregate) to our GDP. True, fewer workers are doing more just to sustain output but the disparity in GDP vs. employment shows that it was far from equilibrium going into he recession. If it were, a precipitous drop in employment would have had a lock-step drop in output...but it didn't so our companies (not necessarily the country) are better off (in aggregate). As for those who lost their jobs - what a great chance to re-train, start a business, invent something....innovate!!!!
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Jan 16, 2011