David Cay Johnston looks at payroll tax data every year in an attempt to understand the labor market. He summarizes 2010 in an article in Reuters. His conclusion? 2010 was awful. We can see from the following chart that in both jobs and median pay the numbers are very disturbing.
There are 5,200,000 fewer people with jobs than there were in 2007. That size drop brings back memories of the 1930s.
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