It seems like only yesterday that being termed “one in a million” was a good thing.
But that was apparently before the economic crisis.
Today, there are over one million Americans (1.4 million to be exact) who have been out of work for 99 weeks or longer. Deemed as the "very long-term unemployed," this overflowing group of unfortunate unemployed workers tends to skew more mature, with little discrimination between those with (or without) a college education.
In fact, according to an article by The Huffington Post, “The CRS report shows that very long-term unemployment is more likely to afflict older workers than younger ones. Of jobless workers older than 45, 10.7 percent have been unemployed for 99 weeks, compared to 6 percent of workers younger than 35. And 44.4 percent of the very long-term unemployed are older than 45. Once long-term unemployment sets in, even a college degree is often of little help. Even though the national jobless rate for college graduates is just 4.8 percent, CRS says ‘unemployed workers at all educational levels were equally likely to have been looking for work for more than 99 weeks.’”
The findings of this report confirm what many job seekers have already alleged: age discrimination appears rampant in the hiring process, leaving many older Americans—regardless of their education level—in lengthy unemployment lines for months, and now even years.
And, according to the CRS report, these unemployment numbers won’t relent anytime soon.
"Many workers who were laid off during the recession and are still unemployed have not, as of October 2010, been unemployed for more than 99 weeks," the report says. "If a large number of these workers remain unemployed, the number of very long-term unemployed could increase. Finally, during an economic recovery workers who have been unemployed the longest are often the last to be hired."
These currently “long-term unemployed”—otherwise unceremoniously known now as the “potential very long-term unemployed”—are people who've been out of work for six months. As of last month (December 2010), 6.4 million people, or 44.3 percent of the 14.5 million total jobless, have been out of work for six months or longer.
With so much dire news for “long-“ and “very long-” term unemployed, many out-of-work men and women are being forced to take things into their own hands in order to address their financial woes and take back their fiscal freedoms. And according to last year’s record bankruptcy figures, it appears many millions of these same men and women are choosing to make a fresh start through bankruptcy. And with the expiration of “very long term” employment benefits, even more Americans will have no choice but to join these millions of others who have found themselves bankruptcy bound in the midst of our lingering economic malaise.
So, now more than ever, knowing an experienced bankruptcy attorney is the first best step to help any unemployed person conquer their creditors and face their financial fears, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure future as “one in a million”—but this time, in a positive way. The bankruptcy attorneys at at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to +1-919-646-2654, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.