The downside of a down economy

Looks like there’s no sugarcoating the pitfalls of this horrible economy.

Just hear out Columbia University economist Till von Wachter who says: “If you lose your job, you’re going to have pretty big losses. It’s permanent and substantial. It’s longer lasting than previously thought.”

Von Wachter’s study of victims of the deep recession of the early 1980s is the centerpiece of Greg Burns’ feature in the Chicago Tribune, “Laid off? You’ll likely never make as much”.

Results of the study show that less than 10% of those who lose their jobs in a layoff will eventually come out ahead.

laid off

History does not always repeat, but the article proposes that this recession’s jobless will actually have a harder time than their predecessors over the next 20 years due to strong competition in the globalized labor market.

Not much cheerful about that news on this holiday weekend and I apologize for that. 

On the plus side, in an entirely unrelated study, researchers have found the key to leading a longer, healthier life – and it’s found in red wine.  So at least the resveratrol might guarantee more years to make up those lost earnings.

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to Ma.gnoliaAdd to TechnoratiAdd to FurlAdd to Newsvine

Advertisements

~ by acm213 on May 24, 2009.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: