Logo

Where were you in '82?

Published: Mar 06, 2009

For some of Vault's readers, that's probably a joke, having not yet been brought into the world at that time. For others, there may be visions of college (beer pong, Around the World night, or wall-bouncing, anyone?). And for the Baby Boomers, perhaps memories of achieving some level of prestige at work, a first huge deal, a move across the country to embark on a new career opportunity.

By one measure, we are approaching 1982, what some say was the low point of the ugliest post-war recession to date. That measure is an alternative to the narrowly-defined "unemployment," a more comprehensive jobless rate that also considers workers who have had to settle for part-time employment (among other adjustments). These days, the U.S. Bureau of Labor Statistics compiles a similar "unemployment plus underemployment" stat. Back in the day, it didn't, but a New York Times reporter was kind enough to calculate one. With the help of the BLS, he figured the amount for 1982 at 16.3 percent -- and at 14.1 percent currently. The BLS estimate is 14.8 percent.

The rates are sure to climb -- if analyst predictions are correct, we're in for at least several more months of pain. So are you ready for a prolonged period of depressing economic nostalgia? Perhaps spinning(?) some Adam & the Ants will help...

--Posted by Todd Obolsky, Vault News & Commentary

***