Wednesday, September 10, 2014

The Obama Depression: Long-Term Job Losses Still at Record Levels

Well, things won't really being to turn around until the Depressor-in-Chief is retired for good.

At the Los Angeles Times, "Despite 'recovery,' long-term jobless still at record levels":
It has come down to this for Brian Perry: an apple or banana for lunch, Red Sox ballgames on an old Zenith TV and long walks to shake off the blues.

At 57, Perry has been unemployed and looking for work for nearly seven years, ever since that winter when the Great Recession hit and he was laid off from his job as a law firm clerk.

By his count, Perry has applied for more than 1,300 openings and has had some 30 interviews, the last one a good two years ago. With his savings running dry, this summer he put up for sale his one asset — a three-bedroom house his parents used to own in this suburb of Providence.

"I'm not looking for pity, just one last opportunity," said Perry, a boyish-looking man with bright blue eyes and a nasal New England brogue.

The national economy, now in its sixth year of recovery, is gaining momentum and the unemployment rate has fallen sharply over the last year to 6.1%. But the number and share of people out of work for more than six months, the so-called long-term unemployed, remain at historically high levels.

Of the 3 million long-term jobless today, about one-third have been unemployed for more than two years, Labor Department data show. A small minority — roughly 100,000 Americans like Perry — have been actively looking for at least five years.

They might be called the super long-term unemployed. While others have quit looking, taken early retirement or entered disability rolls, these workers have pressed on year after year despite the increasingly long odds of finding a new job.

Extreme as their cases are, they reflect the devastating effects of the worst economic downturn in 75 years and how much the risks of being unemployed for extended periods have increased compared with the past.

The longer people remain jobless, the more likely they are to suffer the scarring effects of unemployment that can hurt their earnings permanently and create a cycle of instability.

Frankly, I'd be angry. And that "cycle of instability" could easily devolved into extremist political violence.

Gee, thanks Obama and the "equality"-obsessed Democrat Party.

PREVIOUSLY: "The Obama Depression: In Poll, 7-in-10 Say Economy Has Permanently Changed for the Worse Since '09."