Posted on 05/18/2014 6:48:38 PM PDT by SeekAndFind
Long-term unemployment is a terrifying trap that, even in the best of times, is difficult to escape. And it's a trap that you can get stuck in for no reason other than bad luck.
Today, there are still almost 3.5 million people who have been out of work for six months or longer and are looking for work. There isn't a more urgent crisis, and there are three things you should keep in mind about it.
1. As former CEA Chair Alan Krueger found, the long-term unemployed aren't much different from the short-term unemployed. They're a little older and more of them are African-Americans, but they're just about as educated and work in the same industries as everyone else who's trying to find a job.
(Excerpt) Read more at washingtonpost.com ...
Actually, that happened to me also at the age of 55. It does seem that then the companies thought that although experience was a good thing, youth and growing into the job was more important. Actually, I can understand that to some extent but they did take it overboard a bit and lost a lot of experience along the way.
Today, they do seem more interested in low cost employers than they use to - are costs that much higher? Don’t really know the problem but it does exist.
yes, I’d like to personally thank Barry and friends.
I hear ya.
True, I will not pay the excessive cost of quick food these days as it is no longer worth the price. Can’t imagine that raising the minimum wage to 10 dollars will change that!
I fear that the cost of early employment for the young will be beyond the capability of employers or the cost of their output will be unacceptable to those that want their products. Government can continue to destroy the job sector or they can get the hell out of it... I think that I see the direction they intend to go.
Your statement is just another affirmation of the theory I’ve been holding. Youth and cheap labor trumps what us old guys can bring to the table. Why pay me $50K or $60K a year for my experience and knowledge when some 24 year old kid is willing to do it for $30K?
“Today, there are still almost 3.5 million people who have been out of work for six months or longer and are looking for work.”
Yeah right. Triple that.
Yep, that was their excuse and whether it was correct or not is not up to me. Now whether it actually improved their profit margins or caused them problems is also not known.
But...you are right on, it does happen often (more often than many think) and is probably for financial reason.
Yes, call it old age discrimination if you will. I call it money savings at the risk of their future profits... but what do I know. I always thought that the training and delay in productivity was a negative compared to the immediate results by those experienced programmers.
Have some doubts though that it is actually a savings in the long run - would love to see some statistics on that.
“Neither party is doing one spit, about American jobs.”
We now have government by special interests.
Yep, welcome to the real world!
Sorry to say that age discrimination happened long before this administration. Companies have now decided that anyone over the age of 50 regardless of experience is a detriment to their bottom line. It is a major problem but it seems that companies have decided in mass that it is better to hire cheaper labor than experience. Doubt that they are right but they do have the ultimate decision and it does seem to be universal.
Hope you can retire soon as it may be necessary regardless if feasible.
I an American of Mexican ancestry have been out of a job for now 1 year and 7 months. Even unemployed no way in hell would I vote for a communist especially a black communist.
3.5 million out of 325 million people. Aren’t we being a tad bit dramatic. A little over 1 percent......Oh knowssssssss....we are drowning. Good Lord what a liberal article. Poor bleeding heart liberals are hurting....Oh brother.
Wow! You have no idea what you are talking about do you?
One, of the population of the United States - you say 325 million, only about 170 million actually work for a living.
Of those folks, about 15% are out of work and most are long term.
Those that are out of work also account for the prosperity of another 30-40 million people. To you, it seems a small problem.
You are an asshole without a heart or common sense!
Soon going to be happening to me, too. Mid 50’s.
Served 24 years.
At my age, no other employer will get 24.
Loyalty means nothing. I’ll probably have a bunch of short term/part time jobs until able to tap retirement accounts.
What will it matter on a resume?
Really sorry to say that you are right. Loyalty nor capability and experience seems to be an asset if over the age of 50. The good side is the Government decided not to penalize 401K’s (20% tax) after the age of 55 if you decide to cash them out due to non employment.
Guess that they understood the problem years ago but failed to act - as Government does...
Your resume (or background on this site) is so much better than your comments. If I overstated, I apologize but if you overstated, I expect an apology from you. Your background seems much better than your comments.
Sorry, this was directed to napscoordinator. Sorry for the misdirection.
I thought you had to be 59 1/2 yrs old to avoid the penalty.
As a PFC-for-life, I salute your career of dedication to your country, sir. And you’re correct - loyalty means nothing. There’s no right vs. wrong ethic with employers anymore. You’ll probably be hired by a recruiter, and farmed out to a business who will cut you loose the second you finish helping them achieve their goals. We’re being used as throwaway parts by a bunch of androids out there, and the bottom line is the almighty accounting ledger. Our experience means nothing if they can buy someone half our age at 60% of the price. I was sidelined (again) five weeks ago with a massive bacterial infection. It took me four months to find that job after getting laid off from my previous position. Now, I’ll have to start all over again after I get medically cleared. I have no idea what my prospects are after that. Almost 20 years of IT experience that will probably not be given a second glance once some wet-behind-the-ears kid makes himself known.
No, if you are laid off or out of a job at the age of 55 and you have a 401K with that company, you can cash out. It was with that company.
Can’t swear that is the case for other 401K’s but actually I think you can do that with any 401K after the age of 55.
Worked for me and enjoyed a 10 year golf vacation after giving up on finding a job at that age. Good luck.
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