Who are the long-term unemployed?
The long-term unemployed tend to be past age 50, and laid off from their last job….
“It seems the stigma of getting laid off puts people near the back of the jobs line. And then, once they’ve been stuck at the back of that line for six months, the stigma of long-term unemployment keeps them there forever. It’s a powerful, and depressing, reminder that we can’t afford to ignore the short run.
Sure, the economy will eventually bounce back on its own, but in the meantime, people who did nothing wrong other than working for companies that had to fire people during the worst crisis in 80 years might see their careers prematurely ended.
And even now, long-term unemployment might not be falling as much as falling out of sight. Shorter and shorter benefits mean the long-term unemployed have little incentive to keep looking for work — so they stop looking, and we stop counting them as “unemployed,” and declare mission accomplished.”
Most of us are just one layoff away from “involuntary retirement”…