Wednesday, October 27, 2010

the ones who dont count

the 1.4 million American workers who have exhausted their maximum weeks of federal and state benefits; 60 minutes covers the deadbeats:

under normal conditions, unemployment benefits are paid by the states for 26 weeks…but historically, they have been routinely extended by congress during times of recession, as they were this time…however, congress allowed the extension to expire march 30th, and went on easter recess; when they got back two weeks later, they were extended until june 30th at which time they lapsed for another week; then during the summer recess these small stipend checks, typically under $300 a week in most states, lapsed another 50 days, and 2.5 million people missed their checks

almost half, or 42% of unemployed americans have been out of work for six months or more…right now unemployed in the hardest hit states are eligible for an additional 73 weeks of unemployment stipends, but we are approaching another deadline for extending those rations...unless congress acts during their short lame duck session between Nov 15th and the thanksgiving recess, they will expire again, adding another 1.2 million who wont have even that small allowance to take them through the holidays and given the expected republican majority, its unlikely they'll even be extended then....

here’s a chart of those unemployed over 26 Weeks from calculated risk:
Unemployed Over 26 Weeks (click on chart for enlargement)

The blue line is the number of workers unemployed for 27 weeks or more. The red line is the same data as a percent of the civilian workforce.
According to the BLS, there are 6.,572 million workers who have been unemployed for more than 26 weeks and still want a job. This is 4.3% of the civilian workforce, just below the record set last month. (note: records started in 1948). The number of long term unemployed might have peaked ... perhaps because people are giving up.

2 comments:

  1. De ja vu-- I remember watching, at 13 and 14, most of my friend's parents losing their jobs, and my mom as well. At 14 I was given special dispensation by the state to legally work in order to provide a little money for food on the table. I was "lucky" to qualify for the program.

    Here we go again, only the numbers are vastly larger. And like before, it is the middle class- the folks in their 40's, 50's and 60's that are left without work. Those jobs aren't coming back since there's no incentive to replace them, profit-wise.

    Welcome to the Greater Depression. Thanks RZ- I know I am "lucky", once again, to continue to have full employment. But my mom is 74, living on a pittance of Social Security, and she has been unemployed for over 2 years. Hence the De Ja Vu...

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  2. Great video. Thanks for pointing us to it.

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