U.S. Employers Added No New Jobs In August

"The world has changed since [former presidents] Ronald Reagan and Bill Clinton held office, but the Republicans and Democrats have not," said Morici. "The Republican policies are being written by a ghost and Democratic policies are written by a retired president."

"The Republicans are offering Reagan redux and President Barack Obama is playing the Clinton fiddle," he continued.

Given a decline in living standards and what he sees as a middle-class getting "strangled" by this administration's policies, 62-year-old Morici calls these "the worst economic conditions I have seen in my lifetime."

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For young workers entering the labor market now, the current conditions can have e long-term effects on wages, according to the Economic Policy Institute.

Earlier this week, a report from the Automatic Data Processing, a private payroll firm, reported an increase of 91,000 jobs in the private sector from July to August.

To indicate a recovery, the labor market would need to add at least 300,000 jobs per month for a sustained period given the size of the labor force and how much labor is underused said Stephen Bronars, a economist for Welch Consulting.

Is the job market brighter?

"Things are better than they were a year ago, certainly better than they were two years ago but, typically, at this point in a recovery, we'd be seeing a much stronger job markets report," said Bronars.