Changes

Finally--and most serious--is '''cyclic unemployment''' (as in [[Recession of 2008|2008-2009]] and the [[Great Depression]]), when the whole economy is sagging and businesses lay off tens of thousands of workers every day. A few new jobs are created every month but they are overwhelmed by the jobs that are lost.  In February 2009, the U.S. economy lost 651,000 jobs net (that is, jobs that disappeared outnumbered jobs that were created by 641,000). Over 4.4 million jobs were lost in 2008-9.

Finally--and most serious--is '''cyclic unemployment''' (as in [[Recession of 2008|2008-2009]] and the [[Great Depression]]), when the whole economy is sagging and businesses lay off tens of thousands of workers every day. A few new jobs are created every month but they are overwhelmed by the jobs that are lost.  In February 2009, the U.S. economy lost 651,000 jobs net (that is, jobs that disappeared outnumbered jobs that were created by 641,000). Over 4.4 million jobs were lost in 2008-9.

[[Image:Job-loss-09.jpg|thumb|250px|US job losses January 1-March 31, 2009]]

[[Image:Jobs09q1.jpg|thumb|250px]] [[Image:Job-loss-09.jpg|thumb|250px|US job losses January 1-March 31, 2009]]

At election time, unemployment is often portrayed as a great evil, but Milton Friedman said,

At election time, unemployment is often portrayed as a great evil, but [[Milton Friedman]] said,

:All of the progress that the US has made over the last couple of centuries has come from unemployment. It has come from figuring out how to produce more goods with fewer workers, thereby releasing labor to be more productive in other areas. It has never come about through permanent unemployment, but temporary unemployment, in the process of shifting people from one area to another. [http://www.rightwingnews.com/interviews/friedman.php]

:All of the progress that the US has made over the last couple of centuries has come from unemployment. It has come from figuring out how to produce more goods with fewer workers, thereby releasing labor to be more productive in other areas. It has never come about through permanent unemployment, but temporary unemployment, in the process of shifting people from one area to another. [http://www.rightwingnews.com/interviews/friedman.php]