The statistics here also fail to factor in underemployment.
Exactly! My husbands company is the slowest they have been in their existence. This is the first time in their 40+ years that they have not shown a profit, and the first time ever that they have instituted a pay freeze.
They are the largest gray iron foundry in the country, and a huge part of their business is auto parts (brake drums, etc.) from the big 3. The bailout would benefit them, yet I have yet to meet one fellow employee of his that favors more bailouts.
The only silver lining (to the detriment of other foundries out there) is that since they are the largest in the country, they are starting to pick up orders from other, smaller foundries that are closing up shop.
He has gone from working 55-60 hours a week, down to 32 hours a week within the past year. So although he is still working, and not collecting unemployment, he is, as you said, "underemployed".
Thankfully, so far, my job is extremely stable, and we are not suffering to badly.