In the past, a long period of economic growth would reduce the number of layoffs and unemployment would decline. But this time, the number of layoffs actually continued to rise. By 1995, the rate of job loss even surpassed the previous peak reached in the early 1980s when we had the worst downturn since the Depression. Employers have eased up a little over the last few years, but the frequency of downsizing is still unusually high by previous standards. For some workers, this is clearly the worst of times.
Good jobs are far more likely to be eliminated than bad jobs.
Most workers are unable to find a new job that is as good as the last one. The new job often comes without health insurance or other benefits. The number of workers who receive health benefits and pensions from their employers have continued to decline throughout the 1990s. We can do better, but a lower unemployment rate is not enough. The only way to improve the standard of living on a long-term basis is to build a stronger labor movement.