This “new normal” is accepted because the consequences of unemployment have become so minimized. Lose your job? No problem.. 99 weeks of unemployment checks. Can’t afford medical care? No problem.. get the taxpayers to pay for it. Can’t afford a cell phone? No problem.. we have ObamaPhones. Can’t afford to buy groceries? No problem... join up with the ever-growing ranks of food stamp recipients.
And on and on it goes. With everything now subsidized by the federal government, why should a 7.9% unemployment figure be troubling?
“And on and on it goes. With everything now subsidized by the federal government, why should a 7.9% unemployment figure be troubling?”
You’re right.
But... 7.9% may only be “the new normal” for _now_.
Twenty years off, we may see the “unemployment norm” to be 12-15%, or even higher...