Contrary To Corporate Media Spin--Hardest Hit By High Long-Term UE Rates--"Older" Workers
June jobless rate for people 25+ with bachelor's degree or more: 3.9%. Some college: 6.4%. High school grads: 7.6%. No h.s. diploma: 10.7%.
— Sudeep Reddy (@Reddy) July 5, 2013
Olivera Perkins, The Plain Dealer
on March 23, 2013 at 4:00 PM, updated March 23, 2013 at 9:23 PM
[In some parts of the US] While unemployment rates for workers 55 and older are lower than the overall rate, those in this age group who lose jobs have the most difficulty finding new ones, especially during this tepid recovery.
This segment of the labor force has consistently had the highest long-term unemployment rates -- those jobless roughly six months or more. When they do find jobs, they often suffer the greatest salary loss, because most were at peak salary before being laid off.
Such factors combine to create what experts say is potentially a looming public policy crisis as this group becomes dependent on various forms of public assistance because of either permanent joblessness or prolonged unemployment that has caused a hit on retirement income.
"There is really no demographic age group that has as much difficulty getting back in the job market if they lose a job," said Carl Van Horn, director of the John J. Heldrich Center for Workforce Development at Rutgers University in New Jersey. "We tracked unemployed workers -- who lost their jobs during the recession -- for two years, and interviewed them repeatedly. Only about 15 percent got a full-time job. That is horrible. It is a real tragedy because they have a short timeframe to prepare for retirement."
[Note to Lambert: Fiddled a bit with this. Tried all three HTML Settings. The dilemma: The "Tweet" above looks like a "Tweet" when I use "Full HTML." Problem with that--there's no "punctuation tool bar" (or whatever it is called). So, I've used the "Old School" HTML. I'm hoping that you might have some "magic trick"--without going through a lot of gyrations--that will enable me to post the Tweet correctly, and be able to use the punctuation tool bar. I'll take this down when this "exercise is over." Thanks.]