The economy has seen an “unprecedented” number of long-term unemployed under the Obama administration, according to a liberal think tank, and economists say plans pursued by Democrats in Washington are unlikely to curb the problem.
Nearly 5 million workers are classified as long-term unemployed, while 900,000 more have stopped looking for work altogether, according to a new series of reports issued by the Urban Institute.
Three percent of the labor force has been out of work for more than six months, an improvement of only one percentage point since unemployment spiked in October 2009, according to the study.
“That long-term unemployment would rise during a recession is not at all surprising, but the extent of the increase and its persistently high level since the start of the recovery are both troubling and unprecedented,” the report states. “The U.S. economy is now well into its fourth year of recovery, the unemployment rate is below 8 percent, yet the long-term share of unemployment is still near 40 percent.”
The center-left think tank said that those startling figures are unlikely to change unless the United States can achieve dramatic job growth, rather than the middling 2 percent overall economic growth figures the Obama administration has averaged.Read the rest HERE.
If you like what you see, please "Like" us on Facebook either here or here.
Please follow us on Twitter here.
Please follow us on Twitter here.
2 comments:
Well, Obama broke a record....UNFORTUNATELY, the record isn't good one.
5,000,000 LONG-TERM unemployed. victims of Obamanomics. Most of which will probably eventually give up. See preceding post on the attractiveness of welfare.
The reality is, employers 99.9% of the time look at HOW LONG someones been out of work. Unfortunately,It becomes a Stigma against hiring someone...WHAT'S WRONG WITH THEM.
No one's going to deny that it take time to rebuild after the W years.
Post a Comment