Massive 40.6% long term unemployment
- Liberal-Socialist economic policies in action.
- Remember to lower your expectations in life and to share (re-distribute) your income to those with needs.
Long-term unemployment is unemployment lasting for 27 consecutive weeks or longer, according to BLS.
The government reported that just over 5 million people were unemployed for more than six months – 27 weeks – rising from September’s level of 4.8 million reports CNS News.
Long-term unemployment has remained elevated since the end of the recession in 2009. In January 2009, when President Obama took office, there were 2.7 million long-term unemployed Americans. By August of that year – after the recession had ended in June – that number had crossed the 5 million mark.
The long-term unemployment rate – the percentage of the unemployed that have been unemployed for 27 weeks or longer – has not been below 40 percent since December 2009. That suggests that while the overall unemployment rate has declined steadily, the economy is not creating enough jobs to bring back workers lost during the recession. Instead, the weak jobs growth is merely enough to keep up with the growth in population.