Steve Benen reminds us today on the occasion of our first decent overall jobs report that in fact private sector jobs have been gaining FOR AN ENTIRE YEAR. That's right, the private sector started adding jobs in January of 2010 and has added jobs every month since then.
What that means is that for the last year, the continued high rate of unemployment has been entirely a matter of public policy. The government has been firing people when it should be hiring them. A disgrace and a tragedy.
Those unworked hours can never be regained - they are squandered forever.