October 20, 2009
The AP reports, "Even with an economic revival, many US jobs lost during the recession may be gone forever and a weak employment market could linger for years," with some economists saying "that could add up to a 'new normal' of higher joblessness and lower standards of living for many Americans, some economists are suggesting." While "the words 'it's different this time; are always suspect...economists and policy makers say the job-creating dynamics of previous recoveries can't be counted on now." The AP adds that "even before the recession, many jobs had vanished or been shipped overseas amid a general decline of U.S. manufacturing. The severest downturn since the Great Depression has accelerated the process."
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