Monday, April 14, 2014
Why long-time unemployed can’t get back on track
This article talks about true problem of long term unemployment and the risk that people face when looking for a job after being out of the market for more than 6 months. The article focuses on this who had higher income in their careers and lost their jobs. After losing their jobs, it has become very hard to go back to making the exact same money the longer they are not in the job market. Eventually, some end up having to find a job somewhere and end up getting part time jobs for fear of not having any money to live. Much of the problems that deal with this long term unemployment has to do with the fact that Congress failed to extend unemployment benefits last year.
http://www.marketwatch.com/story/for-long-time-unemployed-full-time-work-is-elusive-2014-04-04
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It is troubling to see long-term unemployed workers settling for lower wages compared their previous jobs. It concerns me as a college student. These workers most likely have more experience and a more impressive resume than I do. However, they still cannot find a job with quality pay in their fields.
ReplyDeleteAlthough unemployed workers are supposed to be actively looking for new jobs, I think they become slightly discouraged after the first few months. I believe their attitude towards looking changes and they do not try as hard. When their unemployment insurance ends they blame government for not giving them enough time. Unemployment insurance can only help people until a certain point, but it is ultimately in their hands.
I think this is a good article. I always wonder when the unemployment rate is rising, are people really in a better situation in our economy. Obviously, there are discouraged workers, but what about people who had to take a job that is clearly not as good as the one they had before the recession. I don't think anyone would argue that our economy is as healthy to provide jobs that it did in the 90's, but sometimes I wonder how healthy is our economy in reality.
ReplyDeleteI can see how this can be very frustrating for the unemployed. It seems to be once people get into this cycle of unemployment, they can't get out of it. It is difficult to continue to be persistent when there aren't any results. We need to find ways to alleviate this frustration and grow with our economy.
ReplyDeleteIn a piece for the Wall Street Journal, an editorial writer made the point that targeting the long-term unemployment rate makes the least sense specifically because they have an increasingly tenuous attachment to the labor market. They are basically looking for work that no longer exists and is becoming scarcer by the day. They need to leave the labor force and retrain themselves. After they learn a new skill, they can re-enter the labor market smoother. This reality reveals the shortsightedness of expanding long-term unemployment benefits, which keep workers with non-marketable skills in a labor force that is leaving them behind.
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