Survey shows 'happy days' long way off
The Kansas City Star
It’s not your imagination: The smack down that U.S. workers took during the Great Recession may be as far reaching in the 21st century as the Great Depression was in the 20th century.
A survey released by the John J. Heldrich Center for Workforce Development at Rutgers University found that nearly eight in 10 persons said they knew someone in their circle of family and friends who had lost a job during the Great Recession. From the widespread effect of the economic downturn and slow turn-around, the survey also projects a bleak view of the future, The New York Times reports.
Among the people laid off, nearly 25 percent said they had not found work. The picture is even worse for workers over age 55 — nearly 66 percent said they had sought jobs for more than a year before finding one or still had not found employment. Among black workers, the unemployment rate of 7.9 percent is double what it is for everyone else. And the persons who have given up looking for work is sky high.
Baby boomers who struggling in this difficult economy are too young to retire but too old for a lot of companies to view them as desirable workers. Many are stranded on islands of despair.
The survey showed that among the people who had found jobs, nearly half said their new position was a step down from the one they had and many said they were earning less.
That won’t help the economic recovery. People reported that their savings were hurt as well as their standard of living.
Pulling out of this will be difficult for individuals and the country.