Recession outlasts even extended jobless benefits

[NeoConsSuck]

Source: Yahoo

WASHINGTON (AP) -- In the coming weeks and months, hundreds of thousands of jobless Americans will exhaust their unemployment benefits, just when it's never been harder to find a job.

Congress extended unemployment aid twice last year, allowing people to draw a total of up to 59 weeks of benefits. Now, as the recession drags on, a rolling wave of people who were laid off early last year will lose them.

Precise figures are hard to determine, but Wayne Vroman, an economist at the Urban Institute, estimates that up to 700,000 people could exhaust their extended benefits by the second half of this year.

<snip>
Those who know that their unemployment aid is about to run out are counting the days, taking on odd jobs, moving in with relatives and fretting about the future.

"My biggest fear is we'll lose the house," said Hernan Alvarez, 54, an Orlando, Fla., construction worker who lost his job in July and whose benefits will end in four weeks. "The only thing I can do is keep looking for work and hope tomorrow will be better than today."


Read more: http://finance.yahoo.com/news/Recession-outlasts-even-apf-14852191.html

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Is this going to be another jobless recovery? The article says yes. After all, we need to make room for all those H-1B visas!

[Pale Blue Dot]

1. "Is this going to be another jobless recovery?" No.

There will be no recovery.

[4dsc]

2. Recovery?? What recovery??

The whole economy was built upon a Ponzi scheme and now that's its crashed, we are going to have to look elsewhere for recovery..But where?? Manufacturing? Housing?? Financial?? Please if you have a clue let us know where you believe its going to start..

We are in for a long, long depression IMHO..

[lostnotforgotten]

3. This Chart Tells The Tale

More Here:

http://www.calculatedriskblog.com/2009/04/employment-comparing-recessions-and.html

[hayu_lol]

5. This is already a depression...

full blown...were it not for the FDR social programs and those that followed over the years, we would now be where we were in 1930.

Social Security(retirement, disabled,and death benefits), food stamps, WIC, and all the rest are adding cash to all local areas. This was missing in the Great Depression and that was what put people on the road without any assets.

Unemployment was 16% in the depression and the real count of unemployed is way over 20% now. Every month for the psst 6 months, roughly 600,000 people have lost jobs. Those over 50 cannot find any kind of work. More and more people are living off their assets(as long as they last)and their credit cards hoping to find something when these aids run out.

This is no recession...we had the last major recession during Raygun's terms in office. This is Hooverville returned as a giant.

[pattmarty]

4. I struggled during the "Reagan recession" of the 80's...................

..........with unemployment and numerous shit jobs for 6 yrs before I got a decent job with some kind of long term prospects. This time is different. The manufacturing base is GONE. Most Americans (the poor, lower middle class and middle class) are going to have to get used to less, a lot less. The jobs that were lost during Bush are sorry to say gone for good. America will have extremely wealthy people and extremely poor people with a sprinkling of maybe 20-30 million in the "middle", and by middle I don't mean the OLD middle class. It'll be like Mexico, but a little cleaner and a little nicer. We'll have trailer parks instead of mud huts in the desert.

[acmavm]

6. Just think how much those bonus millions and the pay offs on those bad

debts (not bad mortgages, BAD BETS) could help these people.

Thank Goodness we're looking out for the right end of society, those poor little Predators. I mean, without the bailout, who knows where their next few million might come from?

[sarcasmo]

7. Shit meet fan. This is when the trouble starts. Watch the killings and murder suicides rise this

Summer. When the unemployment runs out, people will do drastic things to feed their families.

[ProgressIn2008]

8. I've started to see recovery blather as outright propaganda. This is not a recovery. nt