{"id":18450,"date":"2014-03-10T08:39:51","date_gmt":"2014-03-10T15:39:51","guid":{"rendered":"http:\/\/amptoons.com\/blog\/?p=18450"},"modified":"2014-03-10T08:42:01","modified_gmt":"2014-03-10T15:42:01","slug":"short-term-unemployment-is-at-normal-levels-but-long-term-unemployment-is-killing-us","status":"publish","type":"post","link":"https:\/\/amptoons.com\/blog\/?p=18450","title":{"rendered":"Short-Term Unemployment Is At Normal Levels, But Long-Term Unemployment Is Killing Us"},"content":{"rendered":"

This graph from today’s 2014 Economic Report of the President<\/a> is worth considering.<\/p>\n

\"unemployment-by-duration\"<\/a><\/p>\n

The current elevation of the unemployment rate is entirely due to long-term unemployment. In December 2013, the unemployment rate for workers unemployed 26 weeks or less fell to lower than its average in the 2001-07 period, while the unemployment rate for workers unemployed 27 weeks or more remained higher than at any time prior to the Great Recession. But the long-term unemployment rate has declined by 1.1 percentage points in the last two years, a steeper decline than the 0.5 percentage point drop in the short-term unemployment rate over that period (Figure 2-24).<\/p><\/blockquote>\n

The effects of long-term unemployment on our economy are dire<\/a> – and made worse by each continuing year of government inaction. From the Economix blog<\/a>:<\/p>\n

People who lose jobs, even if they eventually find new ones, suffer lasting damage to their earnings potential, their health and the prospects of their children. And the longer it takes to find a new job, the deeper the damage appears to be. […] A 2010 Pew survey on the experience of long-term unemployment was aptly entitled, \u201cLost Income, Lost Friends \u2013 and Loss of Self-Respect.\u201d<\/p><\/blockquote>\n

Appallingly, the GOP has chosen to make “cut unemployment! Cut food stamps!” its major policy response to the unemployment crisis, and Democrats seem unable<\/a> to overcome Republican intransigence. <\/p>\n

Hat tip: Wonkblog<\/a>.<\/p>\n

More reading:
\nLong-term unemployment: Doom.<\/a>
\nEven as U.S. economy revives, long-term unemployed face uphill battle – CBS News<\/a>
\n10 Reasons That Long-Term Unemployment Is a National Catastrophe | Mother Jones<\/a>
\nThe American Way of Hiring Is Making Long-Term Unemployment Worse – Gretchen Gavett – Harvard Business Review<\/a>
\nCaught in a Revolving Door of Unemployment – NYTimes.com<\/a>
\nStudy: Longterm Unemployment Has Disastrous Effects On Health And Longevity<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This graph from today’s 2014 Economic Report of the President is worth considering. The current elevation of the unemployment rate is entirely due to long-term unemployment. In December 2013, the unemployment rate for workers unemployed 26 weeks or less fell … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-18450","post","type-post","status-publish","format-standard","hentry","category-economics-and-the-like"],"_links":{"self":[{"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/18450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18450"}],"version-history":[{"count":2,"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/18450\/revisions"}],"predecessor-version":[{"id":18453,"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/18450\/revisions\/18453"}],"wp:attachment":[{"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amptoons.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}