Interesting study by Rutgers University on unemployment shows very few people who have been laid off during the recession have recovered economically. The study interviewed the unemployed over three years, keeping track of respondents even when they found new work. Only 7 percent of respondents described themselves as in equal or better shape since losing their job. Nearly 37 percent describe themselves as either "devestated" or "totally wrecked." That's an estimated nearly 4 million people.
Workers who have MADE IT BACK consider themselves in excellent, good, or fair
financial shape and have experienced no change in their standard of living due to
People ON THEIR WAY BACK have largely experienced a minor change to their
standard of living, but say the change is temporary. They also consider themselves in
excellent, good, or fair financial shape.
Workers who have been DOWNSIZED meet one of three conditions; they have
experienced: a minor change that is permanent; a minor change that is temporary, but
they are in poor financial shape; or a major change in their standard of living that is
temporary and they are in at least fair financial shape.
Workers classified as DEVASTATED have experienced a major change to their
lifestyle due to the recession. They can be either in poor financial shape and think the
change is temporary, or in fair financial shape but think this change is permanent.
Workers that have been TOTALLY WRECKED by this recession have experienced a
major change to their lifestyle that is permanent and are in poor financial shape.
Interesting statistics to keep in mind despite the fact of record corporate profits and supposedly "improving" economy.