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dickseacup (66.91)

Study: 2 out of 5 working-age Californians jobless

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September 07, 2009 – Comments (3)

Source from sfgate.com.

A report released Sunday says two of five working-age Californians do not have a job, underscoring the challenges in one of the toughest job markets in decades. A new study has found that the last time employment levels among this group were this low was February 1977.

Hey, 40% unemployment? Recovery is just around the corner and happy days are here again!

The study was done by the California Budget Project, a Sacramento-based nonprofit research group that advocates for lower- and middle-income families. The report said that California now has about the same number of jobs as it did nine years ago, when the state was home to 3.3 million fewer working-age people.

Talk about your lost decade. 

California Budget Project executive director Jean Ross recommended Congress adopt a second extension of unemployment insurance benefits. Those checks pay between $200 and $1,800 a month depending on a worker's previous earnings.

Uh, wot? Wait...40% of working age adults are unemployed, which means they aren't paying any income tax. So, the solution is to give them more money from a budget that is already tapped out?

3 Comments – Post Your Own

#1) On September 07, 2009 at 10:20 AM, alstry (35.36) wrote:

dick,

It is clear that you see the magnitude of the problem.

At this point there is really no place to hide.....the question now is what plan do our bankers and politicians have for us?

It is a bit uncomfortable to think that the nation built on the rule of law has become basically a lawless economy.

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#2) On September 07, 2009 at 11:12 AM, amassafortune (29.45) wrote:

Taxes are owed on unemployment benefits, but not withheld. The unemployed also continue to pay sales tax, property tax, and license fees - until they run out of money. At that point, the collar comes off the family dog. Taxes due April 15th 2010 on 2009 unemployment benefits will be another hurdle that some unemployed homeowners will not be able to clear. Those taxes are typically much lower due to the lower total income for the year, but probably much harder to pay than when employed.   

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#3) On September 07, 2009 at 12:28 PM, janis1023 (< 20) wrote:

I feel very sad for the unemployed everywhere.  So tragic.

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