Market Overview

The Collateral Damage Of Unemployment

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A man's career is more than just a job. It is a way in which he is measured. He is a provider, a good man, a husband and father without it he has nothing. The recorded unemployment rate has remained constant over the past 2 plus years near the 10% level.

The real unemployment rate is realistically more like 20% to 30%, as more and more Americans exhaust their benefits and no longer factor into the “recorded” unemployment number, some aren't collecting because the don't qualify and some just don't bother to apply for benefits because they can earn more money working unstable temp jobs or various part-time positions (if they are lucky enough to find them).

The American Dream that many baby boomers have grown up believing has turned into a nightmare. Unemployment remains near all–time highs, home equity continue to evaporate, 10% of homes are currently in foreclosure with addition 25% at risk, cost of living is skyrocketing as wholesale and retail prices continue to rise because energy prices are at all time highs. Retirement and savings accounts shrink as many Americans continue to dip into their nest eggs and use credit to pay their monthly household bills.

When you look into the eyes of your teenaged daughter, who just a few short years ago thought you were invincible, as she asks you the question, “Dad when you find a job will you be happy again” You think about it as you fight back the tears and try to hold onto the only thing hasn't been taken from you, your pride and dignity and try to manage a smile.

You respond, “Of course sweetheart, but she can tell by the expression that has been slowly etched on your face over the past 2 years that you are unsure. You realize then that she posts a question that you haven't given much thought. The real answer is I don't know. Has the collateral damage been too great? Will I ever be happy again?

Posted-In: career Foreclosure UnemploymentNews Economics General Best of Benzinga

 

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