Economic despair has been spreading across America
The emergency unemployment compensation program was enacted in 2008 and extended unemployment up to 73 weeks after 26 weeks of regular State jobless benefits were exhausted for a total of 99 weeks --- hence the moniker, the 99ers.
UI - Regular State unemployment benefits up to 26 weeks (20 in some States)
EUC - Emergency federal benefits up to 53 weeks (when State benefits are exhausted)
EB - Extended State benefits up to 20 weeks (when federal benefits are exhausted)
"Among the official unemployed there are over four million who have been so 27 weeks or longer. If one counts the disenfranchised [the uncounted "discouraged workers"], the estimate is much higher. Worse than that, due to employer discrimination, only about 10% of the official long-term unemployed find a job per month."
* NOTE: Actually, according a new paper by Rand Ghayad from the research department of the Federal Reserve Bank of Boston, now only about 10.25% of those who still have jobs can get a job interview. So for the unemployed (especially for the long-term unemployed), we can imagine much worse odds for someone actually being hired for a job.
Now imagine this: One normally needs to be out of work for 6 months to exhaust their 26 weeks of regular State benefits before applying for federal extended unemployment benefits. According to the new White House paper (from January 2008 through September 2013) 23.9 million long-term unemployed Americans received emergency unemployment compensation. At one time, some up to 99 weeks in the highest unemployed States (but it's less now, as indicated in the map below.)
Remember: We had 23.9 million long-term unemployed Americans.
Now keep this in mind, over that same period of time:
The US had over 15 million high school graduates (classes 2008 to 2013)
We had less than another 7 million who retired or went on disability (from Jan. 2008 to Nov. 2013)
The US created a total of 8.1 million jobs in the private sector while losing over 800,000 jobs in the public sector (due to the largest downsizing of government since World War II)
The Center on Budget and Policy Priorities reported 8.7 million jobs were lost between the start of the recession in December of 2007 and when the recession "officially" ended June 2009.
After the recession "officially" ended in June, in October 2009 the Bureau of Labor Statistics reported 15.7 million were unemployed when the New York Times had reported an unemployment rate of 10.2%.
Now reconcile these numbers with 23.9 million long-term unemployed Americans who were out of work at least 6 months and received extended unemployment benefits (and only 1/3 qualified), when the Bureau of Labor Statistics currently reports that only 4.1 million are long-term unemployed.
Where did everyone else go? They couldn't have all retired, went on disability or found jobs (or died). Did they all leave the country? Or are they all sitting on their ass like Homer Simpson and refusing to find a job?
How many Americans (between the ages 18 to 62 and who would normally be in the labor force) are there REALLY unemployed, but who would also like a job? 20, 30, 40, or 50 million? It's a lot more than the 15 million jobless during the Great Depression --- so it's a hellava lot more that the 10.9 million that the government currently reports.
But after Christmas, there will no longer be any more unemployment benefits for the long-term unemployed. Starting next year in 2014, if you lose your job, after 26 weeks you are SOL. Or, as the Republicans like to say, "Ho, ho, ho! It's out into the street you go!"
According to a HuffPo poll, 56 percent of Republicans believe that people out of work could find a job if they wanted to. This tells me that, among Republicans, there is a 44% unemployment rate.
My Related Posts:
Discouraged Workers, not Disabled, Shrinking the Labor Force
Long-Term Unemployed Now Desperate
Millions are Middle-Aged and Unemployed -- and Screwed
For High School Grads, the Labor Market is Brutal
Falsely Blaming Baby Boomers for Smaller Labor Force
Finally! A GOP Jobs Plan will Soon be Launched!
Jobs Report: Lipstick on an Economic Pig
3.8 million Unemployed keep another 9.7 million Jobless
High School Drop-Out Debunks Economics Professor