Nigel Lawson: Time for a Climate Change Plan B
http://online.wsj.com/article/SB10001424052748704107604574607793378860698.html
"If two men agree on everything, you may be sure that one of them is doing the thinking." Lyndon B. Johnson
Nigel Lawson: Time for a Climate Change Plan B
http://online.wsj.com/article/SB10001424052748704107604574607793378860698.html
Patrick Michaels: How to Manufacture a Climate Consensus
http://online.wsj.com/article/SB10001424052748704398304574598230426037244.html
Rupert Murdoch: Journalism and Freedom
http://online.wsj.com/article/SB10001424052748704107104574570191223415268.html
Interview with Meb Keflezighi: Running Man
http://online.wsj.com/article/SB10001424052748704204304574545691839032268.html
Betsy McCaughey: What the Pelosi Health Care Bill Really Says
http://online.wsj.com/article/SB10001424052748704795604574519671055918380.html
The No-Cost Path to Cheaper Health Care
http://online.wsj.com/article/SB10001424052748704013004574517961189341646.html
Charles Gasparino: Three Decades of Subsidized Risk
http://online.wsj.com/article/SB10001424052748703363704574503404180541392.html
Jenkins: The Meaning of Nummi
http://online.wsj.com/article/SB10001424052748703298004574457242497429898.html
Figure 1: Recessions and U.S. Job Losses-A Historical Perspective 1945-Present | ||||||
Recession | Number of Months | Peak Employment | Month Peak Employment Obtained | Number of Jobs Lost During Downturn | Lost Jobs as a Percent of Total Jobs | Number of Months to Return to Pre-Recession Employment |
Feb-Oct 1945 | 9 | 41,903,000 | Feb-45 | 3,305,000 | 7.9% | 9 (Jul-46) |
Nov 48-Oct 1949 | 12 | 45,194,000 | Nov-48 | 2,244,000 | 5.0% | 9 (Jul-50) |
Jul 53-May 1954* | 11 | 50,536,000 | Jul-53 | 1,571,000 | 3.1% | 13 (Jun-55) |
Aug 57-April 1958 | 9 | 53,128,000 | Aug-57 | 2,102,000 | 4.0% | 12 (Apr-59) |
Apr 60-Feb 1961 | 11 | 54,812,000 | Apr-60 | 1,256,000 | 2.3% | 10 (Dec-61) |
Dec 69-Nov 1970 | 12 | 71,453,000 | Mar-70 | 1,044,000 | 1.5% | 10 (Sep-71) |
Nov 73-Mar 1975* | 17 | 78,634,000 | Jul-74 | 2,115,000 | 2.7% | 11 (Feb-76) |
Jan 80-Jul 1980 | 7 | 90,991,000 | Mar-80 | 1,159,000 | 1.3% | 6 (Jan-81) |
Jul 81-Nov 1982* | 17 | 91,594,000 | Jul-81 | 2,838,000 | 3.1% | 11 (Nov-83) |
Jul 90-Mar 1991* | 9 | 109,775,000 | Jul-90 | 1,579,000 | 1.4% | 23 (Feb-93) |
Mar 01-Nov 2001* | 9 | 132,500,000 | Mar-01 | 2,678,000 | 2.0% | 39 (Feb-05) |
Dec 07-Present | 14 | 138,152,000 | Dec-07 | 3,572,000 | 2.6% | TBD |
Source: US Bureau of Labor Statistics, Current Employment Series (CES), Seasonally Adjusted Data and National Bureau of Economic & Business Research, Business Cycle Dating Committee | ||||||
*Jobs in these recessions hit their low point after the recession was official declared over. For most, this low point was within a few months. The 2001 recession is the exception--jobs did not reach the trough until August 2003, when total nonfarm jobs reached a low of 129,882,000. |
As the chart shows, the current recession is now one of the longest since 1945—exceeded only by the downturns of 1973 and 1981. The current jobs losses are not nearly as severe as those experienced during five previous recessions, when measured as a percent of total jobs.