Even if the long-term unemployed don’t forget their skills, there’s a good chance their skills will no longer be relevant when the “recovery” comes.
As highlighted by The Economist, only 400,000 more Americans were employed in 2009 vs. 1999 despite the fact that the population had grown by 30 million. Yet it gets worse — Not only has unemployment skyrocketed, but long-term unemployment has skyrocketed even higher. (Shown in the chart.)
The Economist: “Long-term unemployment is what will make this economic downturn inordinately tough for many Americans to bear. Regardless of what headline U.S. GDP data may do, many of the people represented by the spike below will experience a multi-year personal economic downturn regardless.”
Of course, it’s worth asking whether the skills they forget will even be valuable by the time things turn around.
Read more at Businessinsider.com.