In a speech to the National Association of Business Economics Annual Conference in Washington D.C., by Chairman Ben Bernanke, Bernanke expresses concern about several negative effects of the lingering and significant long term unemployment numbers.
The chairman indicates that long term unemployment a concern to Fed via research that has shown that workers who lose previously stable jobs experience sharp declines in earnings that last several years, even after the time they find new work.
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referenced in the speech have shown that more than 1/2 of households that experienced long term unemployment since the beginning of this most recent recession withdrew money from savings and retirement accounts to cover expenses. 1/2 borrowed money from family and friends. 1/3 struggled to meet housing expenses.
It was also stated that long term unemployment also has effects on people’s health via stress related health problems, including depression, stroke and heart disease. Also troubling, it was stated that the children of the unemployed and long term unemployed achieve less at school and appear to have lower long term earnings prospects.
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