New jobs are disproportionately low-pay or part-time
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Diane Swonk, chief economist at Mesirow Financial, recalls that the robust economic growth of the late ‘90s generated millions of middle-class jobs. And it pushed unemployment so low that short-staffed companies were forced to convert part-time jobs into full-time ones.
"Faster growth would fix things," Swonk says. "That’s the magic fairy dust."
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