If ten people who earned 50,000 were laid off and could only find (''Mc'') jobs that pay 15,000...

[Commie Pinko Dirtbag]

...then each one lost 70% of their job.

It's as if 7 of the 10 went unemployed.

With some variations, of course. One of them is, in the case of 7 actual unemployed persons, they (some, if not all) will be able to collect unemployment benefits, so the total loss of income would probably be somewhat less than 70%.

For the economy as a whole, it's 350 grand that's not going to circulate anymore, either way.

So, be wary of "Yay! Jobs being created!" like stats.

[Harmony Blue]

1. Not only that but it has a cascading effect

What about young teenagers looking for their first job or college students? Throw in that these same individuals most likely are looking for a second job to make up for the lost income, and you have a situation where the number of people looking for jobs is sky high.

This is very strange given the rise of retirements the last few months, and unemployment hasn't budged all that much.

[99th_Monkey]

2. It's as if the Invisible Hand is strangling it's own host, like in Dr. Strangelove.

I swear sometimes it TOTALLY feels like some hidden forces with virtually unlimited powers
and resources are intent on killing everything worthwhile about the United States of America.

No wonder tinfoil headgear is so fashionable these daze :tinfoilhat:

[LoZoccolo]

3. I would also be wary about treating this hypothetical as a fact.

[Commie Pinko Dirtbag]

5. Because, of course, there aren't 10 people who found themselves in such a situation.

:eyes:

Thanks for the kick, by the way.

[LoZoccolo]

9. I could imagine that there are more than ten, but I haven't proven it.

[TheKentuckian]

7. What percentage of folks who lost their jobs do you believe came back to more or the same money as

they lost and what percentage of people who keep their jobs took pay cuts and increased cost sharing on benefits? What percentage has had their wages frozen?

Huge sums of money have been lost by the bottom 80%. Money that sits in hordes or is invested overseas for cheap labor and lack of accountability.

The facts are self evident.

[LoZoccolo]

8. I don't know.

Which fact are you saying is self-evident?

[Riftaxe]

4. It's those shovel ready McJobs

that are expanding America's waist line... :P

[originalpckelly]

6. You do realize you'll be lucky to make $15,000, right?

:shrug: