Skip to comments.For many unemployed workers, jobs aren't coming back ( grim prospect long term unemployed)
Posted on 09/05/2010 7:59:14 PM PDT by SeekAndFind
The U.S. economy will eventually rebound from the Great Recession. Millions of American workers will not.
What some economists now project and policymakers are loath to admit is that the U.S. unemployment rate, which stood at 9.6% in August, could remain elevated for years to come.
The nation's job deficit is so deep that even a powerful recovery would leave large numbers of Americans out of work for years, experts say. And with growth now weakening, analysts are doubtful that companies will boost payrolls significantly any time soon. Unemployment, long considered a temporary, transitional condition in the United States, appears to be settling in for a lengthy run.
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"This is the new reality," said Mark Zandi, chief economist at Moody's Analytics. "In the past decade we've gone from the best labor market in our economic history to arguably one of the worst. It's going to take years, if not decades, to completely recover from the fallout."
Major employers including automakers and building contractors were at the core of the meltdown this time around. Even when the economy picks up, these sectors won't quickly rehire all the workers they shed during the downturn.
Many small businesses, squeezed by tight credit and slow sales, similarly aren't in a hurry to add employees. Some big corporations are enjoying record profits precisely because they've kept a tight lid on hiring. And state and local governments are looking to ax more teachers, police officers and social workers to balance their budgets. Meanwhile, U.S. legislators have shown little appetite for a new round of stimulus spending.
It all points to a long slog for the nation's unemployed.
(Excerpt) Read more at latimes.com ...
No $hit. Under President Bush, my wife and I had a six-figure income. Under Dumboears Obama, we’re on food stamps.
That must have been you I saw in line.......I was denied.
Stimulus spending does no good.
Thanks to OBAMA!
Before the Bush Bashers get in here....I lost at least 1/2 of my retirement thanks to Obozo not getting this ship back and of course the Dems’ Fannie/Freddie etc crash.
with the way kids are “edumacated” now unemployment will still be high.
I got your back. No bush bashing here.
1. Outlaw public unions
2. Reduce government and regulations
3. Reduce government taxes especially corporate taxes
4. Massive tort reform
5. School choice
Or in a nutshell - everything that democrats support and gain their power from destroys jobs...
After the big government default and layoffs, maybe we’ll see lower levels of pride and more ironing of shirts. What’s for supper, anyway? ;-)
They don’t want them coming back but a whole dependent underclass to keep voting them in ad infinitum (Panem et Circines)
The moment buisnesses knew Obama was going to be president they started elimanating jobs.Now OBama can say whatever he wants but that is the truth and this chart does not lie.
I know several people who are around age 60 and out of work. No one will hire them. They are taking early social security as their only real option. S/S didn’t see this coming - hence they will start running deficits much earlier than planned.
My daughter is a coupon cutter. She has an average grocery bill of $110/week. With the coupons, she rarely spends more than $18. A couple of times she has had a balance and walks away with cash and the food. And even then, we store a lot of goodies. E.g. we had 18 lbs of bacon that she paid about $0.50/lb for. Since they offer many toiletries also, she gets the bargains (a lot more than she needs) and sells the balance at carport sales. An 8-pack of TP sells for 2 bucks and she gets 5 packs. Sells them for $4/pack. What she makes on the sales essentially brings their food bill down to $0. Her sis in law does the same and has similar results. Not bad. She says it takes about 1 1/2 hours a week to arrange the coupons and go thru the Wednesday and Sunday papers. My wife helps. Anyway, try that and help yourself out a bit.
Recovery Summer has made the transition to Epic Fail Fall.
See my tagline for my response:
My daughter is a coupon cutter. She has an average grocery bill of $110/week. With the coupons, she rarely spends more than $18.”
What a great suggestion!
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