Re: Bottom line
yalanand
2/13/2012 2:19:22 AM
The longer someone stays on unemployment, the less self confidence and sense of self worth he has.
@Noreen, I totally agree with your observation. I think the best way to tackle this situation is to attend some training courses which can add value to the existing skill sets. Thus the person can keep himself busy and not loose his self confidence.
What we do effects who we are. If you have a passion for music or mountain climbing, that can provide drive that makes up for less natural talent.
But staying unemployed for long times only prepares you for more unemployment as it saps your confidence.
I agree completely. On one hand, I fully understand the desperation some people feel because they are unable to find a job. However, at some point, the safety net has to break, or unemployment just becomes another form of welfare. The longer someone stays on unemployment, the less self confidence and sense of self worth he has. And that's sad to see, don't you think?
If working pays less than not working, it is a sad and sorry situation. Money is not the only benefit of work, even entry-level jobs teach skills that can start people on a growth path. But welfare doesn't.
In all the conversation about the various economic classes, I've noticed that the upper class - the 1% - is quite fluid. People enter,Iike Steve Jobs, even with less privleged backgrounds. And they also drop out - due to business failures, bad investments, even bankruptcy.
The lowest class isn't as mobile - people tend to stay there. Maybe economic incentives to turn down work are part of the reason.
I saw this first hand when I was recruiting for some modest paying jobs ($14 to $18 an hr) a few years ago. Based on the benefits some people were receiving (medical, housing subsidies, public assistance/unemployment, lower rate nat gas and electric bills, SNAP [food stamps], etc). they would turn down the job because they "made" more doing nothing.
@DrivewayGirl
Maybe our own generosity has contributed to this problem by making it easier on under-achievers. Check out this article at ZeroHedge which compares the disposable income of two families - one solidly middle class with a $60,000 annual income, and the other supported by a single, minimum wage job.
Because of US tax policy and welfare programs, the minimum wage worker ends up with more money to spend. Not exactly a good way to encourage hard work.
http://www.zerohedge.com/article/entitlement-america-head-household-making-minimum-wage-has-more-disposable-income-family-mak
Re: RE : Headlines vs. the Reality of Jobs & Housing
Scott Raynovich
2/12/2012 1:22:29 PM
@yalaland
The chart says all the numbers are in 2010 dollars, so yes it's adjusted.
Concise and right on to the points
mInvestor
2/12/2012 11:12:24 AM
@Lenore,
Excellent analysis, can't think of anything else to add to this topic.
Just for more fun, could you provide the source on household median income and debt to income ratio? It will be interesting to see how those numbers were calculated (it probably tells more about ecomony trend in the last several years).
Again, excellent analysis.
RE : Headlines vs. the Reality of Jobs & Housing
yalanand
2/12/2012 8:25:28 AM
According to the Census Bureau, median household income peaked in 1999 at $53,252 (in 2010 dollars).
@Lenore, its pretty scary to see that the household median has fallen by 7.2%. I am curious to know if the new household median of $49445 is after adjusting for inflation ?
@Predictable, It makes me sad to recognize that we've become a nation of whiners. What happened to standing on your own two feet? What happened to work ethics?
I feel everything is clouded with greed and desire, and when those dreams are shattered, rather than pick themselves up and start over, a whole segment of the population just sits down and cries for help.
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