Study: unemployed feel 'traumatized' by recession

Discussion in 'Economics' started by S2007S, Sep 3, 2009.

  1. S2007S


    Found this the most interesting:

    " More than a quarter of those unemployed for the first time earned $75,000 or more a year."

    Study: unemployed feel 'traumatized' by recession

    By BRUCE SHIPKOWSKI (AP) – 20 hours ago

    TRENTON, N.J. — A new study finds that the recession has left many jobless workers struggling to cope with the psychological stress caused by becoming unemployed in a weak economy.

    Researchers at the John J. Heldrich Center for Workforce Development at Rutgers University said the financial strain that comes with being out of work combined with the sometimes daunting task of seeking new employment in a difficult job market has left many Americans "traumatized."

    "Psychologically, it's a world of hurt out there for the jobless," Cliff Zukin, a Rutgers professor and co-author of the study, said during a conference call with reporters.

    Zukin said "significant numbers" of respondents have had trouble sleeping since losing their jobs, have strained relations with family members and increased alcohol and drug dependency. Many also say they now avoid social situations.

    The report released Thursday is based on a survey of 1,200 Americans who have been unemployed and looking for a job for the past 12 months. Two-thirds of respondents reported being depressed. More than half said they have borrowed money from friends or relatives. One quarter said they have skipped mortgage or rent payments.

    Meanwhile, just 40 percent received unemployment insurance, and 83 percent of those who got aid said they're concerned the benefits will run out before they find a job. Half said they didn't have health insurance.

    The survey found 60 percent of the recently unemployed lost their jobs without warning, while just 15 percent got some type of severance and almost none were offered retraining. More than half lost their jobs for the first time, while 40 percent had held the same job for three or more years.

    "The jobless have had to face the fact that their old jobs, incomes, and work identity are gone," Zukin said.

    Job loss also has hit more affluent workers and educated professionals hard, the survey found. More than a quarter of those unemployed for the first time earned $75,000 or more a year.

    "This is not your ordinary dip in the business cycle," said report co-author and Rutgers professor Carl Van Horn.

    "Americans believe that this is the (Hurricane) Katrina of recessions. Folks are on their rooftops without a boat. The water is rising, and many see no way out."
  2. TGregg


    It'll be OK. With The One in the Whitehouse, soon we'll have free boats for everybody! Yay! Won't that be great?
  3. Folks are on their rooftops without a boat.

    Nice theme. The authors name is ship - kow-ski. I wonder if he writes winter economic articles.

    Hmnnn I got one.

    Obama is spending and arm and a leg to break an arm and a leg. (Skiing, get it?)

    Ahahahahaha:D :D :D
  4. nkhoi

    nkhoi Moderator

  5. the sad truth is that there are very few jobs worth $75000 by world standards. americans must adjust to a new reality.
  6. Bush's much vaunted growth in the "service sector" was spurious. Just like everything else.

    Many of these were making 75K to review and collate mortgage backed paper in an ibank.
  7. ashatet


    Do you really think Bush knew what he was doing. There was no plan, we all lived in the so called greatness feeling.

  8. ashatet


    Unemployment benefits mean nothing. That is barely enough to pay the real estate taxes and buy food and gas. What about kids and mortgage?

  9. pitz


    There are still lots of engineers who never recovered after the tech sector collapsed back in 2001.

    Almost the entire entire graduating classes of 2001, 2002, 2003, 2004, etc., in CS or EE, are unemployed or underemployed. They weren't able to get jobs during the downturn then, and by the time the market started picking back up, they were considered to be, "too old", or "obsolete".

    No sympathies whatsoever for people in the financial industry who have been living high on the hog for the past decade or two, doing no work of value, when layoffs and a bad job market have been facts of life for the entire engineering and manufacturing workforce in the USA.