Under the leadership of President Obama the number of long term unemployed Americans has grown to unprecedented levels. This news is courtesy of the Washington Free Beacon, who got their data from a liberal think tank.
The economy has seen an “unprecedented” number of long-term unemployed under the Obama administration, according to a liberal think tank, and economists say plans pursued by Democrats in Washington are unlikely to curb the problem.
Nearly 5 million workers are classified as long-term unemployed, while 900,000 more have stopped looking for work altogether, according to a new series of reports issued by the Urban Institute.
Three percent of the labor force has been out of work for more than six months, an improvement of only one percentage point since unemployment spiked in October 2009, according to the study.
“That long-term unemployment would rise during a recession is not at all surprising, but the extent of the increase and its persistently high level since the start of the recovery are both troubling and unprecedented,” the report states. “The U.S. economy is now well into its fourth year of recovery, the unemployment rate is below 8 percent, yet the long-term share of unemployment is still near 40 percent.” (Read More)
This is the new normal. Kids graduate from college with massive student loan debt, only to have to move back home with their parents because they can’t find jobs. We have more and more people receiving welfare and collecting federal disability benefits. Many of those lucky enough to find jobs can only find part time work. The cost of gas, food, health insurance and other necessities keeps going up. And all Obama does is travel around the country on our dime giving speeches. The worst part is we have at least three more years of this nightmare, not to mention how long it will take to dig out of the mess.