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Long after President Barack Obama's first term ends in 2013, millions of U.S. families will still be paying the price for the recession. From auto workers in Detroit too old for retraining, to Hispanic migrants in Arizona with no homes to build, to new college graduates competing with experienced workers for scarce jobs, more and more people are facing long-lasting unemployment.
Since the recession began in December 2007, the jobless rate has climbed 4.6 percentage points to 9.5 percent, the biggest jump since the Great Depression. Worse, the mean duration of unemployment is now almost 6 months, the highest on record.
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In the current recession, economists say high unemployment is likely to persist at least another four years. In Michigan, home to the battered U.S. auto industry, nearly 13 percent of jobs may be wiped out, according to research firm IHS Global Insight, and the state's labor market probably won't return to its pre-recession strength until after 2015.
The price of U.S. recession is paid in jobs | Comcast.net (http://www.comcast.net/articles/news-general/20090803/NEWS-US-USA-UNEMPLOYMENT/ - broken link)
What is different today is the mass offshoring of jobs. The jobs left the shore so many of these people will not be hired back..someone in another country is doing it now.
That happened to my office mate (IT). He's gone but his job goes on - taken over by someone in India.
yeah...where are the soup kitchen, i didn't feel like cooking tonight..
foodstamps ..but get your app in early, they are backlogged and very behind so much so they are missing Federal deadlines to approve and get them to the people.
yeah...where are the soup kitchen, i didn't feel like cooking tonight..
There are already tent cities popping up....funny you seem to not care about those who have fallen through the cracks.
Why do you hate those less fortunate than yourself?
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