The median amount of time on unemployment is higher today than any other time in the past 5 decades. Actually, it’s more than twice as high today than any time in the past 50 years.
Ok so you’re wondering, what does this mean? Does it mean we must extend unemployment? Does it mean we need to stop giving out incentives to not find work? Does it mean we need to create more educational programs or does it mean our current retraining programs aren’t working? Does it mean we need another stimulus, more state aid, larger infrastructure projects, more public works or does we need to stand back & let the market correct itself?
What I’m trying to get at is, not only is it a difficult pill to swallow to be on unemployment but it’s harder when you see graphs like this…being on unemployment for only 15 weeks you might take this news and realize you’re still 12 weeks away from being average. Or you can look at it as 27 weeks is the barrier to give up searching anymore…
What do you think? What does this graph mean to you?
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