Unit 2 and Unit 4 Macro: The Truth About Long-Term Unemployment

Here’s 10 examples of people in the US who once found their skills in great demand but for various reasons once the bubble burst they have found it impossible to find work again and so join the increasing ranks of the long term unemployed.

It’s useful for students to understand that it is not just factory workers who are losing their jobs in droves and the social problems that arise the longer people remain out of work afflict everyone regardless of qualifications and experience. One lady, who suffers from panic attacks, talks about how she used to have to turn down jobs, “When things were good, she worked at some well-known firms in New York’s Financial District, including Lehman Brothers, yet no one will hire her now because she isn’t as young as the new college graduates.”

I often use the Tees Street Isn’t Working series from the 80s recession (part one below) to illustrate the effects of long term unemployment and also Geoff’‘s more recent post on this topic with video resources found here.