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Just a regular American
The hidden unemployment is 1.2 million now. These are people who have quit looking for work but want to work. They are not included in the unemployment rate issued by the government. So in reality the unemployment rate is close to 10.3%. And this does not include the 1.4 million people who were in school or had family responsibilities and did not look for work in the last 4 weeks. Some of these people will be reentering the workforce at some future time. So if you add these people in the percentage it would approach 11.2%.
According to the article once the economy begins to improve and more jobs become available these people will reenter the job force and keep the unemployment rate high because they will be counted then. There are differing opinions about how much impact as some economists believe the baby boomers that are retiring will compensate for this.
I think that with the decrease in individual wealth of the baby boomers that they will need to work longer thereby offsetting for a few years the decreasing younger workers entering the workforce. A lot of retired people are below the poverty level now and with the increase in health care costs more will follow. We also have to allow for the influx of foreign workers coming into the workforce, especially if an amnesty program is put in for illegals.
1.2 million people want a job but aren't looking | jconline.com | Journal and Courier
Employment Situation Summary
According to the article once the economy begins to improve and more jobs become available these people will reenter the job force and keep the unemployment rate high because they will be counted then. There are differing opinions about how much impact as some economists believe the baby boomers that are retiring will compensate for this.
I think that with the decrease in individual wealth of the baby boomers that they will need to work longer thereby offsetting for a few years the decreasing younger workers entering the workforce. A lot of retired people are below the poverty level now and with the increase in health care costs more will follow. We also have to allow for the influx of foreign workers coming into the workforce, especially if an amnesty program is put in for illegals.
1.2 million people want a job but aren't looking | jconline.com | Journal and Courier
Employment Situation Summary