The recession is still here

Dean Baker writes:

It would still take another 7-8 million jobs to bring the percentage of the population employed back to its pre-recession level. The 5.8 percent unemployment rate (compared to 4.5 percent before the recession) doesn't reflect the true weakness of the labor force since so many people have dropped out of the labor force. 

Furthermore, more than 7 million people are working part-time who would like full-time jobs. This is an increase of almost 3 million from the pre-recession level. It's not just the labor market that shows the economy's slack. According to the Congressional Budget Office (CBO), the economy is still operating close to 4.0 percentage points below its potential.

Demand is still weak. Problems still abound: our infrastructure, our education, greenhouse gas emissions, etc. Attacking the problems can increase demand. We just need a government that tries to solve problems.