The status of the working and middle class American worker for fall 2010 – 42 percent of unemployed persons had been jobless for 27 weeks or more. Young workers have the highest unemployment rate on record at 19.1 percent.
There can be no sustained recovery without putting Americans back to work. We live in an odd time where GDP can be going up while middle class America is slowly dismantled. Let us be clear that the employment situation hasn’t improved. The recent job gains are largely part of the Census hiring that is now coming to an end. The housing market is still seeing record amount of foreclosures, bankruptcies are on the rise, yet banks are somehow turning profits. If we look at the length of unemployment for displaced workers we realize that our economy is undergoing a fundamental shift. Working and middle class Americans will have a harder time achieving and staying in the middle class than only one generation ago.
Link:
http://www.mybudget360.com/the-status-of-the-working-and-middle-class-american-worker-for-fall-2010/
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