There are increasing worries that the 6.3 million Americans who have been unemployed for six months or longer—a record number that is more than double what it was in the early 1980s—will continue to be out of work, possibly for years to come. The New York Times dubs them the "new poor," people who once enjoyed a middle-class life but since the recession have been forced to rely on public assistance for the first time. Millions could soon face having to do without an unemployment check over the next few months, unless Congress approves an extension. And that's for those lucky enough to be getting any assistance in the first place, as many have no real social safety net to speak of and "are landing in this netherworld," as one expert puts it. Economists think that the highly educated and those with specific skills are likely to bounce back, but the ability to eke out a middle-class existence with only a high school education and no specialized skills might largely be relegated to history books. Even if the economy begins to recover, it's going to take a long time to get the more than 15 million people who are officially jobless back into the work force, particularly since the speed with which jobs come back after downturns has been on a downward cycle over the past 50 years.To make matters worse, it's difficult to be optimistic about the three sectors that have traditionally helped the country get out of a recession: the auto industry, home building, and banking.
The New York Times | Sunday, Feb. 21, 2010
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