New GDP data released Friday show the U.S. economy grew in the first three months of 2010, for the third straight quarter. This is clearly good news. However, unless the pace of growth picks up significantly we will see high unemployment rates for years to come. For example, even if we grew at the 3.2% rate that characterized the past three months for next three years, we would still see unemployment rates higher than were reached at any time during the 2001 recession — and that would be a full five years after the last downturn began.
We should not ask American workers to wait this long for labor market recovery. Congress and the Administration need to make passing another jobs package a top priority. — Josh Bivens