99 Weeks Later, Jobless Have Only Desperation.
'In June, with long-term unemployment at record levels, about 1.4 million people were out of work for 99 weeks or more, according to the Bureau of Labor Statistics.' While the Senate ponders a debate on tax cuts for the rich
, jobless claims hit highest level since April
. With such unemployment, frustration and despair grow as job searches drag on
. 'In her well-thumbed, leather-bound Bible, Terri Sadler recently highlighted in bright pink a passage in the Gospel of Matthew. In it, Jesus urges his followers not to “worry about tomorrow, for tomorrow will worry about itself.” But Ms. Sadler’s tightening throat and halting breath when she tries to read the words aloud make it clear that she is having trouble mustering enough faith to follow them.' [more inside]
Aughts were a lost decade for U.S. economy and workers.
For most of the past 70 years, the U.S. economy has grown at a steady clip, generating perpetually higher incomes and wealth for American households. But since 2000, the story is starkly different. The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation's growth. Meanwhile, some of the administration's remedies might be making things worse: U.S. Loan Effort Is Seen as Adding to Housing Woes
. [more inside]