It took 15 quarters for the U.S. economy to return to its pre-recession level of real GDP, which was three times longer than the average for 10 previous recoveries since World War II, according to Bloomberg. The labor market has yet to recover, and uncertainty regarding future tax increases scheduled to begin next year has left businesses hesitant to hire. Although the unemployment rate has fallen to 8.2%, it has remained at or above 8% for the past 38 months. The decrease in the unemployment rate masks the real problem of the exceptionally low labor force participation rate. If and when the millions of discouraged workers who have left the labor force re-enter it, it could cause an increase in the unemployment rate, or at the very least, a prolonged period of high unemployment.

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