No Job? Need Money Now? Recession Relief Expected to be Slow

No Job? Need Money Now? Recession Relief Expected to be Slow

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Just when We thought it was Over

While many people who have been hit hard by the recession are thrilled to hear that it is coming to a close and believe that they will finally be able to earn some much needed money now, this may not actually be the case. Most of us would not expect that the end of a recession would include more tough times, but the truth is that in this case it likely will for many people. A recent Associated Press article speculates that people who are out of work or hoping to make more money will be apt to run into more employment difficulties, possibly for as long as another decade. The best case scenario is thought to be a 5 year wait for the unemployment levels to return to where they normally are.

So where do We Currently Stand?

With 7 million jobs that have been completely eliminated, the unemployment rate currently stands at a dismal 10 percent. This means that there are approximately 15.4 million people who are out of work and in desperate need of some money now. This does not even factor in the additional hardship caused by people who have had to take on lower paying jobs or have taken a cut in pay to keep their job. Also with the cost of living on the rise, people have been hit even harder.

Why will it Take so Long?

Adding jobs back in will take time. The economy is picking up, but it is moving along slowly and employers will tend to be cautious about taking on more people or giving raises until things have really improved. Add to this slow progression the fact that there will be huge numbers of job seekers in the market, all competing for the limited positions, including some retirement-aged people who will choose to work longer to help ensure their security. Sadly, the recession came just after a period of time where relatively few new jobs were created, making the unemployment situation even more precarious.

What do the Experts Think?

According to the article, economist David Levy believes that the next decade will see unemployment at around 8 percent and that average wages will drop. These issues will result in people having more trouble paying off money that they owe. The experts tend to believe that the improvement will be very slow and painful. The optimists in the group tend to be of the opinion that many of the jobs will be back in place by the middle of the decade, but that so many more people will decide to get back into the job market, that the unemployment rate will stay high because there will be more people than jobs.

Where do We Go from Here?

The country, its citizens and its companies have been hit extremely hard by this recession. Healing will take a great deal of time. If you are one of the many who is seeking a way to earn some money now you will likely have to think out of the box. Taking freelancing or odd jobs can often help bring in some cash until a regular job comes along.

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