Sunday, June 06, 2010

Unemployment isn't going away anytime soon.

Speaking of a prolonged, inescapable change in economic conditions...

This chart appears as the Chart of the Day at Business Insider.

...We've dubbed this chart the "Scariest Job Chart Ever," as it shows how the decline in employment is WAY uglier than in past recessions.

Calculated Risk has updated it with the latest numbers from this morning, and now it looks even scarier.


Check out the two red lines at the bottom. The solid one includes Census hiring, while the dotted line doesn't include it.

What's clear is that while we still have a rebound including Census hiring, we're already flattening out on the dotted line. This is a shape not seen on the other lines. suggesting that the fall is extremely deep, and the recovery is shallow.

It can hardly be otherwise, with no real prospect of living wage employment for nearly 40 million un- and under-employed people out there looking for non-existent full time jobs with benefits.

What are our ethical and moral responsibilities?

1. To take in our unemployed relatives and friends if necessary.
2. To help them find jobs or job skills (any jobs, but particularly living wage jobs).
3. If you own a business, to pay your employees living wages.
4. If you do not own a business, use your shopping dollars wisely - do not shop at businesses that exploit people and do not support the community.
5. To lend to your unemployed friends and relatives without charging interest (and to forgive the loan at the required time, whether it is paid or not).
6. To establish community cooperatives and service exchanges in order to reduce the amount of actual cash needed by people in the community to obtain vital services.
7. To give to targeted charities that help the truly unemployed or impoverished - not those that encourage or support the "willful poverty" of those who are unwilling to work, rather than unable or involuntarily unemployed.

Got it?

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