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Double Dipping Economy leads to BrokenBack Street

Why does it come as such a surprise to "economic forecaster" and "talking money heads", that the economy is not on a recovering path, but still on the recessionary road dare I whisper depression road. No one need have a Ph.D in economics or be a "market guru" to feel what is going on in this country. As a matter of fact, we, the folks living on Main Street, and Broken Back Street, are all too aware of the state of living here. I venture to say that every one of us, has or has someone close to us, that has been affected by this horrific downturn.Thank youCountrywide Credit,(sued by FTC for using unlawful practices in servicing homeowners' mortagages) and every greedy Wall Street investment firm for getting us into this. Of course, the bankers and top level mortgage brokers are still riding around in their Lexus SUV's, and taking their summer trips to their homes on "Nantucket", whilst we, the (broke) backbone of this country, sweat in hot weather, wait for food stamps, and attempt to get a job to feed our families and keep above water to pay our mortgages or rent.
Read the headlines:
An article on CNBC.com , reads "millons forced to wait for food stamp benefits." CnnMoney.com "New Home Sales Plummet to Record Low". "Unemployment at 9.7%", according to the Bureau of Labor Statistics but the real unemployment numbers, not the one reported from the Bureau of Labor Statistics, is somewhere around 16.6 %. Why? Because the BLS, does not account for those who have stopped looking for work(well if you are unemployed, don't apply), those who are underemployed, and the self employed (1099)who no longer have any income. According to the article by MSN money, real unemployment is 16.6%." That broader unemployment rate, or U-6, is up from 16.4% a year ago and from 9.7% in May 2008. It was 7.1% in May 2000." A report by theBrookings Institution reports that long term joblessness has reached a new high.

 

image/Newsweek

 

What I find abhorrent is that U.S. companies, advertising for jobs, have  added a little wrinkle to their requirements "unemployed need not apply." In an article, Looking for Work, Unemployed need not apply",  CNNMoney quotes Lisa Chenoffsky Singer, a human resources consultant from Millburn, NJ, specializing in media and publishing jobs as saying "Most executive recruiters won't look at a candidate unless they have a job, even if they don't like to admit it."

This is a sad state of affairs for a country and companies that donate billions of dollars each year to charities,which I applaud, so why don't these same companies want to hire someone who doesn't have a job?  Ah, shouldn't companies hire folks that are Un-employed? Perhaps if companies hired folks that are unemployed, there would be less unemployment, more spending, a growth in the economy, less foreclosures and less people waiting for food stamps. Is this really a difficult concept?



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