Written By phoneboy 2010-10-08T07:11:00Z
As for the causes of long-term unemployment, there's the obvious answer: there simply aren't enough jobs. Before the Great Recession, there were 1.5 workers in the U.S. for every job slot; today, that ratio is 4.8 to one. Put another way, with normal growth instead of a recession, we'd have 10 million more jobs than we currently do. Closing that gap would require adding 300,000 jobs every month for the next five years. In August 2010, the economy shed 54,000 jobs. You do the math.
If you have a good paying job right now, be very thankful. 5 people for every open job does not sound like particularly good odds.