This is one of the sadder definitions in our recession glossary. According to a story in the New York Times several days ago, the Bureau of Labor Statistics estimates that by June, 1.4 million people had been out of work for at least 99 weeks–the maximum time you can collect unemployment, even with all the extensions that Congress has tacked on to give people more of a safety net in tough times.
Let’s put that a different way: A population almost the size of Philadelphia has been out of work for nearly two years. Discuss.
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