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What is going to happen due to all the long term unemployment

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Juche Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-25-09 10:48 PM
Original message
What is going to happen due to all the long term unemployment
Edited on Sun Oct-25-09 10:54 PM by Juche
According to economists like Roubini unemployment will hit around 11% in 2010, and won't go down in any meaningful amount for a while.

Also hours have been cut in this economy, I believe people are working an average of 33 hours. The amount of hours cut for people who still have their jobs is something like the equivalent of 3 million full time jobs.

So once the economy picks back up it is likely that hours will just be extended rather than hiring new people in many fields.

So what is the consequence of having 6-10 million people who may be unemployed long term?

Will people turn towards co-ops and cohousing? I am considering joining a co-op. I have a science degree, but do not know if my chances in the job market are that great. So I'm looking at a co-op in the bay area.

Will more people start living in dorms and buying everything in bulk? If you get a 3 bedroom house with 12 people living in it (2 sets of bunk beds in each bedroom), you can cover rent, utilities and food (if you buy ingredients in bulk and cook large meals yourself) for $400/month. Throw in public transportation and car sharing and hopefully people can get by on a small amount of money. Of course that still leaves health care, which is still a mess. And co-ops are probably best for young single people.

I know tent cities were springing up, but they tended to get shut down.

Are people going to start living in RVs more and more? What is going to happen to people?

I just don't think our standard of living is sustainable for many people in this economy. Which isn't such a bad thing, there is tons of waste in our economy IMO.

I think the % of working age adults who are in the labor market dropped from about 63% before the recession to 59% today. It sounds like a tiny drop, but it seems to have a huge ripple effect.
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grasswire Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-25-09 10:53 PM
Response to Original message
1. boarding houses?
shock and awe, baby. Disaster capitalism. They took us down just like they took down NOLA.
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Juche Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-25-09 10:55 PM
Response to Reply #1
3. I'm not sure how disaster capitalism works in this situation
My understanding was you waited for (or possibly created) a crisis to push through right wing economic policy on a public too scared and confused to fight back.
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grasswire Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-25-09 11:00 PM
Response to Reply #3
4. what do you think TARP is? (eom)
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postulater Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-25-09 10:54 PM
Response to Original message
2. If insurance is not tied to employment
it will be a lot easier for people to start small businesses.

That is probably going to be a big part in the recovery. Anyone with any marketable skill or trade will then find it easier to start a business and employ people.
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