Calculated Risk updates the "scariest jobs chart ever:"
The chart shows each of the post-World War II recessions in terms of job losses from the pre-recession peak. Notice that the 2001 recession line slides right into the 2007 line, as the Republican policies that led to the housing boom and bust tanked the banking sector.
We haven't fully recovered from the 2001 recession, in other words. We've had a generally-down cycle for almost 15 years now. That is why we should not elect a Republican legislature until they figure out how economics works.