"No Place to Work, No Money to Move"
Another kick in the teeth for the permanently disemployed. Bloomberg has a handy chart:
It’s well known that the longer you have been without work, the harder it is to find it. But just how many separate factors conspire to create the cycle of unemployment is still under-appreciated. A lot of attention has been paid recently to how employers don’t want to take a chance on the jobless. On top of that you can add that folks without a job are more likely to live in places where the economy is weak, and have less money to look for work, or to move to where there is work.
You might expect that folks would be more likely to leave states with high unemployment. In fact, the opposite is the case. ...
But basically what seems to be happening is that people are staying put in places where there are few jobs because they don’t have the resources to move. Research from the St. Louis Fed had also found that those who lose their jobs become far less likely to relocate.
Unfortunately, there’s no obvious solution to this kind of vicious cycle. If the unemployed can’t move to where the jobs are, you need to bring the jobs to them. But so far, despite a whole lot of effort [BWA-HA-HA-HA-HA-HA-HA!!!!!!], no one has figured out how to make Michigan, Mississippi or Connecticut as attractive as Silicon Valley.
So, the elite is prepared to write off large sections of the country -- including Connecticut, where are the hedges and PE types live in their mansions and gated communities! That's going to work out well.