The economy during the Great Recession rivals the collapse during the Great Depression. Never has the economy contracted this much and the recovery been this slow. Millions of Americans resorted to unemployment benefits to make ends meet, many for the first time in their lives.
The most shocking aspect of the Great Recession is the slow recovery and the length of time people are unemployed. In fact, Congress extended unemployment benefits to 99 weeks.
60 Minutes interviewed the “99ers” in San Jose, California, the high tech capital of Silicon Valley.
Many of the 99ers are people in their prime earning years of 40’s, 50’s, and 60’s. They should be stocking away excess earnings for their children’s college fund and their retirement. Instead, they are liquidating their 401 K’s and IRA’s to pay their mortgage and grocery bills.
The economic crisis in Silicon Valley is so severe that many people with PhD’s, Master’s and college degrees find themselves unemployed for the first time in their lives. Instead of saving for retirement and paying payroll taxes to fund the government, they are drawing benefits from the government, resulting in a trillion-dollar annual budget deficit.
One of the best quotes:
[The 99ers are] too young to retire, but too old to rehire.
After watching this video, ask yourself these questions and comment on your thoughts below:
- Who would you hire of the people profiled?
- Do you believe these people will ever again make $70,000, $100,000, or $200,000 per year?
- This the high unemployment college educated workers due to the global economy?
- Is $100 billion on 99 weeks of unemployment benefits money well spent by a government with over $10 trillion in national debt?