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Only
1-in-10 Finds Work, Middle-Aged Workers Hit Hardest
by Bob
Beauprez
At the
White House on June 8, 2012 Barack Obama uttered six words that will
forever
haunt and define him; “the private sector is doing fine.” His absurd
statement came on the heels of a
horrific May jobs report, an
increase in
the unemployment rate to 8.2%, retail sales declined for the second
straight
month, consumer confidence dropped for the third consecutive month, the
number
of job openings available dropped by 8%, etc., etc., etc.
Fine? How
bad would it have to be for him to admit
things were at least a little tough for the folks who live outside the
DC
Beltway?
The
evidence that Obama is out of touch is overwhelming, and in the middle
of a
re-election campaign that is almost totally about the economy, it is
hard for
him to make a convincing argument that “I feel your pain” if he doesn’t
even
believe any pain exists.
Here’s some
more economic evidence to ponder.
There
are 12.7 million Americans currently unemployed, and another 10 million
are
under employed or have left the workforce in frustration. Of the unemployed still
looking for work, 5.4
million, or 42.8%, have been out of work for six months or longer; the
definition of long-term unemployed.
“While the share of long-term unemployment is
down a bit from its peak
last year, it’s still at record-high levels,” reported CNN Money. The average length of time
it takes to get a
job is also at record levels hovering “around 40 weeks for the past
year.”
The data
also reveals more of the agony of Obama’s non-recovering recovery. “In the first few weeks
after losing their
jobs, about 3 in 10 people are able to find work.
But after about a year of being out of work,
the chances of landing a job fall to just 1 in 10 per month,” according
to the
CNN Money report.
Further,
middle-aged workers, typically in the “prime years for earning and
building
wealth,” are experiencing “a rate of long-term unemployment that is
unprecedented in modern U.S. history,” according to newly published
analysis by
the Wall Street Journal:
“Much of
the attention during the prolonged U.S. employment crisis has been on
high
rates of joblessness among young people. Less noticed, but no less
significant
to many economists, has been the plight of the middle-aged. More than
3.5
million Americans between the ages of 45 and 64 were unemployed as of
May, 39%
of them for a year or more—a rate of long-term unemployment that is
unprecedented in modern U.S. history, and far higher than among younger
workers…”
“As of May,
the unemployment rate for people ages 45 to 64 was 6%, some 10 points
lower
than for people under 25. But the lower rate disguises the fact that
when
middle-aged people lose their jobs, it’s much harder for them to find a
new
one. Those between 45 and 64 take almost a year on average to find a
job, more
than two months longer than workers between 25 and 44.”
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