Chronic Unemployment up to 44% All Time High!!!

Discussion in 'Economy' started by Neubarth, Apr 10, 2010.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Even though the numbers reported by the Department of Labor are not accurate, the general trend is real. This is a very serious calamity.

    LA Times - Despite the optimism generated by recent job gains, one grim statistic casts a long shadow over the recovering economy – and over the future for more than six million American workers. In an astounding departure from past patterns, fully 44% of the nation's 15 million unemployed have been out of work for more than six months.

    And the evidence suggests many of them may never completely rebuild the working lives they lost.

    Never since the Great Depression has the U.S. labor market seen anything like it. The previous high in long-term unemployment was 26% in June 1983, just after the deep downturn of the early '80s. The 44% rate this year translates into more than 6.5 million people.

    In fact, nearly two-thirds of these workers actually have been jobless for a year or longer, new Labor Department reports show.

    "I'm particularly concerned about that statistic, because long spells of unemployment erode skills and lower the longer-term income and employment prospects of these workers," said Federal Reserve Chairman Ben S. Bernanke in a speech this week.[APRIL 7

    The hardships of workers are straining the nation's finances too. In normal times, jobless workers can qualify for up to 26 weeks of state unemployment benefits. But the severe economic crisis in the last two years has prompted Washington to help fund jobless benefits for up to 99 weeks in high-unemployment states, including California and Florida.

    Federal spending on unemployment benefits could reach $168 billion this year, five times the level in the years just before the recession, according to a report from Pew Charitable Trusts. In addition, tens of billions more are being spent for food assistance to unemployed workers and their families.

    Huge Surge in Long-term Unemployment Casts Long Shadow - latimes.com
     
  2. Mr Clean
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    Mr Clean Gold Member

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    Just one more result of a decade of unbridled capitalism and extreme right-wing politics.
     
  3. Neubarth
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    Neubarth At the Ballpark July 30th

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    Gosh, and all this time I thought it was a tremendous wave of moral and ethical corruption sweeping this country that has beaten us down to our knees.
     
  4. Mr Clean
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    Mr Clean Gold Member

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    That too.
     
  5. driveby
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    driveby Gold Member

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    puff puff give ........
     

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