More than three million Americans have been out of work for at least a year, according to a new analysis of unemployment data.
That represents 23 percent of the roughly 14.8 million Americans out of work and looking for a job -- a post-World War II high. For those 3.4 million Americans, the consequences from such a long time out of work -- a cost of the Great Recession -- can be calamitous.
"[T]he likelihood of finding a job declines as the length of unemployment increases," notes the team led by Ingrid Schroeder, director of the Pew Fiscal Analysis Initiative, a program of the Pew Economic Policy Group and the Pew Charitable Trusts. "People who are unemployed for a long time can lose their job skills. A long unemployment spell can mark them as undesirable, making it more difficult to compete against other job candidates. [Federal] data suggests that workers who are jobless for the longest duration incur the largest reductions in weekly earnings upon returning to work."
To help them cope, Congress has extended unemployment benefits. In some states, the unemployed can claim benefits for up to 99 weeks.
But that comes with a cost.
According to Schroeder's team, the federal government could spend up to $168 billion this fiscal year on unemployment benefits, a five-fold increase from each of the years immediately preceding the recession, which officially began in December 2007.
That's equal to the combined proposed fiscal year 2010 budgets for the Departments of Agriculture, Commerce, Energy, Homeland Security, Interior, Justice, Labor, and the Environmental Protection Agency.
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newsflash...Big Bad Ben from the Fed says things are starting to get better.... but we are not out of the woods yet... you couldnt make this shit up. the Fed (main cause of all of this) now tell us its getting better. they will keep interest rates low for a while longer to make it easy for big banks to get cheap money... the idea was that this would help the economy as banks would lend money to small business and consumers to buy stuff.
ReplyDeleteBut no our bankster buddies decided that its too much paperwork and effort to use this cheap money to give to main st so instead they will use it to buy more toxic shit and do more derivative based transactions to make more money out of paper.
WTF has to happen before someone in power does something... how many more people need to lose their jobs, how many more states and sovereign countries need to go belly up before someone says enough of this shit.
And the jobs that are available aren't worth a hill of beans. Suck the bosses ass til your lips turn blue is the job description these days. Seriously, have you read some of the job descriptions? They basically tell you that they are going to pork you in every orifice of your body whenever the hell they feel like it, and you are going to like it.
ReplyDeleteLook at that chart. Notice how the line at the end goes straight up?
ReplyDeleteYou can offer any good reason to think that the rate of job losses might level off?
Other than we reach the point where nobody is employed anymore?
"According to Schroeder's team, the federal government could spend up to $168 billion this fiscal year on unemployment benefits..."
ReplyDeleteSo I should be all sad about this quote above? I lost my job in Sept. 2008. They did not offer me a pay cut or take away my benefits to cut costs, they just showed me the door. I have since herd that the company closed up shop.
I have plenty of marketable skills, including digital imaging, video production, photography, web design, welding, metal working, solar and wind energy experience, just to name a few. We have University graduates, holding prestigious degrees with no hope for employment anywhere in the near future. I can't begin to think what it must be like to have graduated from a killer university like (insert name here). To be young and smart as it gets and these people will drift through their prime working years, unemployed or under-employed.
Yes, our government caused this mess. It was intentional on their part. No need to blame Barry or Bush or Clinton, they're all just impotent puppets.
I lived through the LA Riots of 1992. You can expect this will happen again, on a nation-wide scale. It's only a matter of time. The LA Riot started "officially" when Damion Williams, crushed Reggie Denny's skull. Nearly 100 skull fractures, inflicted with a Cinder Block. Perhaps someday, somewhere, a repo man will try to take a car from a guy who is "mad as hell and won't take it any more"! Or some family will be pushed out of their home, into the street, and the father or mother will "lose it". Remember the words of Gerald Celente, "when a person loses everything, they Lose It".
The only people who were not directly effected by the riots (that were right outside their doors) were people who could stay inside and hunker down till the 5 days of rioting ended.
It's not gonna be pretty folks.
@12:55pm
ReplyDeleteYou are absolutly 100% correct.
Strange....Fox News said the economy was fine. I wonder who to believe.
ReplyDelete1:34, yea, believe faux news for sure. They are an excellent source of disinformation.
ReplyDeleteFunny how this report shows a 23% unemployment rate yet the propaganda MSN tells the sheeple it's under 10% and going down?
The sheeple will believe anything their tv's tell them.
Just follow Bob Chapman or any number of economist on the internet, they have been reporting an over 20% unemployment rate for some time.
Or watch one of the faux fincial babes, or financial actresses, they will make you happy with the under 10% unemployment rate and improving economic news.
Is Tiger on now?
1:34 what else are they going to say? They want you to stay in debt, spend, do not save so they banks can own you for life. Best and easiest way is to state the economy is "fine". Keeps you upbeat, spending, in debt and broke..just like they want you to be.
ReplyDeleteThe economy is just fine, if:
ReplyDelete- You own a gun shop
- You are a firearms mfg, like Smith & Wesson, Ruger, Colt.
- You own an ammo company, like Remington or Federal
- You own a shooting range
or
- You sell or install security systems
- Mfg, or sell body armor
I'll keep buying ammo as long as I have the cash to do it. Ammo is a better investment than gold or silver.
NEVER FORGET, when the riots start, the cops won't really care. They will all be calling in sick and staying home to protect their families. No cop in his right mind will leave his wife and kids, so he can protect the out of control public from the out of control public. No, he'll be at home, ready to kill anyone that gets too close to his house or family. Perhaps that's when Barry will call on the military of Canada and Mexico to come on in help out.
This is what happens when otherwise "normal" law abiding, citizens lose it. Remember Haiti? No less than 3 days after the quake, there were men in the streets armed with whatever they could find. What were they after? Revenge? Blood? no... just water. They were willing to kill or be killed for a bottle of water.
Yea, the economy is just fine. All the gun shops in my area will agree.
Celente said "when a person has lost everything and has nothing to lose, they lose it"
ReplyDeleteWhy do you all fuck that one up all the time?
I have a good job, a boat, SUV, etc and am not concerned about this in my area, we are pretty much immune from the poor economy around here so it's hard for me to relate
Hey 3:06
ReplyDeleteYou better keep that SUV and boat hidden away. You will absolutely have to defend it. If I thought I could take your boat and use it to move my family to a better place, I would.
Is there a problem with people who paraphrase Celente?
Please tell us about your good job and prosperity? I'm not asking for your home address.
I visit this blog every day, not because I have a good job and SUV and boat and a fat bank account. I visit this blog every day because I don't have a job, and have been out of work for nearly two years, and have but a few hundred dollars left. I visit this blog so I can hopefully get a good idea of just how much time we have left before the collapse, the collapse that can not be avoided. If Obama cared, he would have made getting America back to work, his top priority, as he promised he would once he became POTUS. We all herd him tell us about all the roads and bridges and power grids that desperately need upgrades and repairs and all the billions of pages of medical records that need to be scanned and converted to digital. Instead he wasted the last 15 months with health care reform and expanding our military in Afganistan, even though he promised he would end the wars before his first year was finished.
Guns, Ammo and reloading supplies ( as well as most "survival gear" ) are VERY expensive.
ReplyDeletemakes you wonder - where in the hell all these people ( who by all your accounts are just short
of death)
Are coming up ----
With all this -----
CASH ?????????????????
I visit this blog about once a week just because
ReplyDelete95% of the people who post here are weirdo death wishers and just cannot wait to see our country go down the drain ( which, much to their chagrin - will not happen ) and It ammuses me to rile them up ( especially that photocopy money idiot and the G.W. hatemonger )
It's great ! No shit it is !
I don't have much cash, but...
ReplyDelete* I live in what most folks would call a "trailer park"
* I believe myself to be well educated. I still have all my teeth and my sister is not my mother.
* My car is 16 years old.
* My "trailer" is paid in full. BTW, my "trailer" lacks tail lights, there are no hitches attached and it would be a big time bitch to move it.
* I have no cable TV, no Dish TV, no Spa membership, no car payments, my insurance is 50 bucks a month. I don't eat out at fancy places. I don't and can't travel all over the world on my vacations. In fact my last vacation was more than 25 years ago.
* I get my heath care from a university teaching hospital. Basically I'm a human Guinny Pig. It's affordable and it's all I can do.
* My son is not in any sports league. We love Hockey, but that is a sport for wealthy families. It sucks when a $200.00 stick breaks and they out grow those $500.00 carbon fiber skates.
I have a military surplus store not far away. My next purchase may be a kevlar lined helmet for $35.00. They have ponchos and tents and packs and jackets and MRE's. They also have knives and canteens and boots.
I can buy 100 rounds of .223 ammo for about 40 bucks. I get my shogun ammo at WalMart, 100 rounds for 20 bucks.
When I go to Sam's Club for my weekly grocery shopping, I always buy something extra for my "stash". 25 pounds of pinto beans one week and 25 pounds of rice the next. Three days ago I bought a pressure cooker for $22.00. Why? Because I can cook a pot of pinto beans in less than 2 hours, rather than 6-8 hours on my stove top. Once the country collapses, you'll want every ounce of fuel in your Colman stove to count.
By the way, I have NO idea what's on TV tonight. I don't care how many girls Tiger has bonked. I'm doing my best to master the art of Hydroponic gardening.
4:59 you sir, will survive, 90% of the other misfits will not..
ReplyDeleteOh Fu*k!!!
ReplyDeleteSo I go to Yahoo.com and the headline, TOP STORY is all about Demi Moore and her feelings about plastic surgery!!
My God! Please toss one of your deadly thunderbolts upon the MSM and STOP this! Do I care about Demi Moore and her old-ass naked body!
Please....please...pretty please!
4.45
ReplyDeleteI laugh too! As the real “Photocopy money idiots” weirdos reside in the Fed. And the hate mongers are elected by the American people to reside in the executive white house in order to protect the beneficiaries of the dollar counterfeiters /dollar hegemony system by expanding the empire and the dollar hegemony in the third World in endless wars. To continue the system ,paper $ must be exported in exchange for real commodity wealth and best of all the foreign commodity suppliers should provide vendor finance credit so the cheap labour commodities can be purchased on credit.
The politics of America are organised in a political party that has two wings a “left wing”Democrat wing and a Republican wing essentially both wings meet in the middle and have only slightly different varieties of empire politics .The ruling elite lobbies ensures this is the case usually by ensuring the managerial group put in control can be arranged by manipulating only a small percentage of voters in the middle to change their votes . Sex Scandals ,corruption scandals and the like are easily published if anybody fails to properly toe the line of the PTB for example Spitzer who began to talk too much .
The right wing of the American electors whine if the costs in casualties and deaths for Americans themselves get to high because of inefficiency and bad military strategies practiced in the White House Especially if housing and property values fall as the value of dollars fall because of an excess of usable counterfeit dollars unable to get a good interest rate return. And the left wing of the electors whine at the trillion dollar cost of the wars especially if the cost of paying for the dividends and interest bills for militarism and losing the wars starts to impede on the flow of benefits and wages bribes and worst of all to unemployment.
Inefficient militarism and Dollar Hegemony will not be tolerated by the left or right wing parties of the corporate state or the rich elite PTB.
Hey 4:45 -
ReplyDeleteTheir country already did go down the drain, fool.
Conflicting reports above,
ReplyDeleteone crowing report is derived from a bankster or government statistical confidence building report and the others are more anecdotal reports from observing the economy in practice in their own area.
Both may in fact be true .
No secret is made of the fact that some sectors of the population have done very well ,(thank you very much)in the economic crisis and may have more money to spend .
And in another more numerous poorer sector ,unemployment is increasing , these people may be living in different areas and in an entirely different economy and may have less to spend .
It’s a question of class analysis?