Crowder talks Detroit in Ruins
A decade of high unemployment is looming
‘New abnormal:’ Some think 10 years won’t be enough to replace losses
It's possible jobs won't return to pre-recession levels at any point over the next 10 years, Levy says.
That's mainly because the economy's recovery, sluggish by historical standards, isn't expected to regain its vigor over the next few years. As a result, companies will be in no rush to ramp up hiring.
Other analysts think the economy will recover the jobs wiped out by the recession by 2013 or 2014 but that the unemployment rate will stay high. They note that the healing economy will cause more people to stream back into the labor force, vying for too-few jobs.
In addition, baby boomers whose retirement accounts have shrunk could put off retiring and stay in the work force longer. That would leave fewer positions available for the unemployed. FULL STORY