The "low" unemployment rate has an ugly side that we do not see. Many job seekers who quit looking for employment are grouped in a category called "long-term unemployment." Because many are unemployed over 6 months, people who are on long-term unemployment benefits are noticing their benefits decreased. Many are forced to work at a lower pay job. Also, it becomes difficult to create a nice nest egg. These are the effects of poor policies by our Kenyan president Barack Obama.
(CNSNews.com) – In the last four years, there was a 6-fold increase in the number of Americans over 55 who had been unemployed for 6 months or longer, a federal auditor told CNSNews.com.
With this increasing number of older workers experiencing long-term unemployment, concerns are growing about their retirement income.
"For 2007, the number of all older workers age 55 and older who were out of work for 27 weeks or more was 188,552; and then in 2011, it went to 1,126,948," Charles Jeszeck, the director of education, workforce, and income security at the Government Accountability Office (GAO), told CNSNews.com.
Long-term unemployment may also force older workers to file at an earlier age for Social Security benefits.
The GAO describes long-term unemployment as not having a job for more than 6 months (27 weeks or more).
"Older workers tend to be out of work longer than younger workers, threatening their retirement savings during a period of their lives when they have may have less opportunity to rebuild them," concluded Jeszeck. "Even when they are able to obtain reemployment, they often do so at lower wages, making it even more difficult to replenish the lost earnings and reduced retirement savings that they suffered."