Not as bad as this  (which deceptively does not control for the change in the size of the workforce as a number of you pointed out, thank you very much), but I think it's worse than Alan Reynolds thinks it is . Here is a useful picture from Bob Hall and Susan Woodward :
A similar analysis from William Polley (HT: Ironman) is here .
But the more important question is whether we know anything about how to make it better. The fact that it's bad doesn't justify making it worse. I think Arnold has the right perspective  on that.