While many economists and financial experts are now saying that this decade’s Great Recession ended in the middle of 2009, millions of struggling Americans who have been working diligently for a year or more to find meaningful employment would definitely disagree.
In fact, a new report has found that just one in five people who were out of work at this time last year have found meaningful employment since then. According to The Huffington Post, “of more than a thousand unemployed people surveyed by Rutgers University researchers last August, just 21 percent had landed a job by March, a follow-up survey reveals. Two-thirds remained ‘unemployed’ according to the government's definition -- the rest gave up looking for work altogether, either going to school or retiring early.
And, of the fortunate folks who did find meaningful work, a paltry 13 percent found full-time jobs; whereas 61 percent said their current work was merely "something to get you by while you look for something better.” A small consolation indeed.
“It's a pretty grim study,” Cliff Zukin, one of the authors of the report at the John J. Heldrich Center for Workforce Development at Rutgers told HuffPost. The survey also found that an additional 70 percent searched for work longer than six months, up from 48 percent in the summer. To deal with the deficits of not having a steady income, “70 percent dipped into retirement funds, 56 percent borrowed money from family or friends and 45 percent turned to credit cards. Forty-two percent skimped on medical care, 20 percent moved in with family or friends and 18 percent visited a soup kitchen.”
Not surprisingly, the pain of extended unemployment appears to be wreaking the most havoc with more mature Americans. The survey showed that only 12 percent of those over 50 years old had found jobs since August 2009, with many believing age discrimination was to blame. "Although there is nowhere on a CV/resume that you state your age, employers can tell how many years you have worked," wrote one older American surveyed. "I have been interviewed for positions requiring experience by managers more than half my age, and they can barely contain their disdain—despite the fact that my work experience is far greater than theirs." According to AARP, in total, unemployment for older Americans—those over 55—rose by 331 percent over the last ten years. At the same time, age-discrimination complaints filed with the Equal Employment Opportunity Commission office have been higher since the current recession began than in any two-year period prior.
In short, times are tough, with everyone from the nation’s oldest citizens to recent college grads looking for a way to make ends meet. Instead of supplementing income by turning to your retirement funds or savings, borrowing cash from friends and family, running up credit cards, or even missing medical visits, the lesson may be that it’s finally time to clean your fiscal slate with the financial freedom of bankruptcy.
In fact, knowing a qualified bankruptcy attorney can help any unemployment person to 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. The bankruptcy experts 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.