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Showing blog posts tagged with jobless

Tell Us What You Think: What’s Wrong With the U.S. Economy? The Long Answer.

This is the second of a four-part series describing what went wrong with America’s economy and how to fix it. See Part 3 tomorrow and read Part 1: "Tell Us What You Think: What’s Wrong With the U.S. Economy? The Real Scoop"—and please leave a comment to tell us what you think. (Click the chart to enlarge.)

If the short answer is “we’re still recovering from the Crash of 2008,” the long answer is “there was obviously something wrong with the economy long before the Crash of 2008.” 

There were obvious warning signs during the Bush years that should have set off alarm bells.  Most importantly, wages and middle-class family incomes were dead in the water.  The median income for working-age families started falling in 2000 and never recovered during the 2001-2007 recovery.

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Tell Us What You Think: What’s Wrong With the U.S. Economy? The Real Scoop

This is the first of a four-part series describing what went wrong with America’s economy and how to fix it. See Part 2 tomorrow—and please leave a comment to tell us what you think. (Click the chart to enlarge.)

The Great Recession officially ended more than three years ago, but working families know there’s still something wrong with the U.S. economy.  If we want to fix our economy, we first have to understand what’s wrong with it. (Click chart on the left to enlarge). 

Starting today, in a series of four posts and infographics, we’ll spell out what we see as the short-term and long-term causes of our economic problems and we’ll point to specific solutions.

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Mitt, Meet the 47%

Mitt, Meet the 47%

Just who was Mitt Romney referring to in his secretly recorded comments at a Boca Raton, Fla., fundraiser as people who don’t “take personal responsibility and care for themselves”?

  • 61 percent of them work but don’t earn enough to owe income tax.
  • 17 percent are students (who will pay plenty of taxes once they’re out of school), military families, people with disabilities and people who have lost their jobs—including victims of outsourcers like, well, Mitt Romney.
  • 22 percent are elderly. 

(Data source: www.cbpp.org/cms/index.cfm?fa=view&id=3505#_ftn9.)

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Jobless Rate Declines from 8.3% to 8.1%, 96,000 Jobs Added in August

The unemployment rate declined from 8.3 percent in July to 8.1 percent in August, with 96,000 jobs added last month, according to data out this morning from the U.S. Bureau of Labor Statistics.

The improvement in the unemployment rate was due to workers dropping out of the labor force, not to an increase in employed workers, according to the Economic Policy Institute (EPI). 

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Jobs Crisis Spreads to Young Workers Worldwide

Young workers in the euro zone have been among the hardest hit by the global economic crisis, and now even those in regions like East Asia, where economies have remained strong through the recession, are struggling to get jobs, a new International Labor Organization (ILOreport shows (click chart to enlarge).

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40% of America’s Workers Live Paycheck to Paycheck

2012_paycheck-3

America’s workers are existing on the edge of financial disaster: 40 percent say they live paycheck to paycheck, according to a recent CareerBuilder survey. Worse, 37 percent say they sometimes need to rely on the next payday to make ends meet. Although the percentage of those literally living for payday has decreased from 42 percent in 2011 and from 46 percent in 2008, the height of the recession, this is not good news.

In addition, the survey found:

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A Growing Problem for All Families: Student Loan Debt

Today college graduates face crippling amounts of student loan debt.

Jessica Camacho is a policy intern at the AFL-CIO headquarters in Washington, D.C.

As a low-income and first-generation college student in my family, the subject of student loans has been a matter of acute concern to me. High school counselors constantly told me that student loans are “good debt.” This type of information made it justifiable for peers in similar socioeconomic situations to borrow federal and private loans. But lenders take advantage of first-time borrowers by failing to explain in full detail future payment plans, which may cause individuals to be fiscally unprepared for post-graduate life. Current student debt trends must be fixed in order to stop setting up graduates for a lifetime of financial struggles.

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U.S. Dept. of Labor Tells Georgia: 'You Violated the Law by Cutting Off UI Benefits'

After reviewing unilateral changes Georgia made to its unemployment insurance (UI) rules, the U.S. Department of Labor has declared that the state has no “adequate statutory basis” for denying UI benefits to seasonal employees who work for private contractors providing services to schools. The strongly-worded guidance to Georgia Labor Commissioner Mark Butler came in an Aug. 2 letter obtained by the Atlanta Constitution Journal and publicized in their front page story: State ordered to reverse itself on some unemployment claims.

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1 Job for Every 3.4 Jobless Workers—Skills Shortage Isn't the Problem

Republicans in Congress and the Beltway pundits who parrot them like to say the nation's unemployment crisis is in large part due to workers' lack of skills.

Once again, a new report shows they are wrong.

Data out yesterday show that although the number of jobs is increasing, there still are far fewer jobs per worker available.

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End of Extended Jobless Benefits Hits More Than 500,000

Photo by Robert Bruce Murray III // Sort Of Natural/Flickr

This month marks the end of the federal extended unemployment insurance benefits program for 35 states with the nation’s highest jobless rates. More than half a million long-term jobless workers have lost their unemployment lifeline. Chad Stone of the Center on Budget and Policy Priorities (CBPP) says:

As we’ve explained previously, EB [extended benefits] will no longer be available in any state, not because most states’ economies have improved to anywhere near pre-recession conditions, but because they have not significantly deteriorated in the past three years.

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