The downside of a down economy
Looks like there’s no sugarcoating the pitfalls of this horrible economy.
Just hear out Columbia University economist Till von Wachter who says: “If you lose your job, you’re going to have pretty big losses. It’s permanent and substantial. It’s longer lasting than previously thought.”
Von Wachter’s study of victims of the deep recession of the early 1980s is the centerpiece of Greg Burns’ feature in the Chicago Tribune, “Laid off? You’ll likely never make as much”.
Results of the study show that less than 10% of those who lose their jobs in a layoff will eventually come out ahead.
History does not always repeat, but the article proposes that this recession’s jobless will actually have a harder time than their predecessors over the next 20 years due to strong competition in the globalized labor market.
Not much cheerful about that news on this holiday weekend and I apologize for that.
On the plus side, in an entirely unrelated study, researchers have found the key to leading a longer, healthier life – and it’s found in red wine. So at least the resveratrol might guarantee more years to make up those lost earnings.
