99ers Economics - The Plight of America's Long-Term Unemployed

The Wake of the Financial Meltdown - The effects of the financial carnage resulting from the mortgage meltdown have rippled into the mainstream American economy. Unemployment has soared and a new word has entered the American vocabulary -'99er'. The term 99er refers to a long-term unemployed worker who has collected unemployment benefits for the maximum allowable period of 99 weeks. Once 99 weeks of unemployment benefits have been paid out, the worker is no longer eligible to collect anymore support. How many workers fall into the category of 99ers? Estimates range from 1.3 to 4.0 million people in the U.S. who have been unemployed for 99 weeks or more.

Even low paying jobs are drying up - What's most troubling about this new trend is that many workers are struggling to find even a low-paying job just to bring in survival money. Many employers are resistant to hiring someone that is "over-qualified" fearing that they may leave as soon as a better paying job comes along. In this economic downturn, however, jobs are scarce, with as many as 5 or 6 workers available for each job.

All Classes of Workers Hit - Workers of all socio-economic backgrounds and job fields are being affected by this economic downturn. The recession is supposedly over, according to the official GDP numbers, but try telling that to someone who has been unemployed for 2 years or more! To them, this isn't a recession, it's an economic depression reminiscent of the Great Depression of the 1930s. The only reason you aren't seeing more people in soup and bread lines is because they are getting aid from the Food Stamps program whose recipients now total more than 40 MILLION. That's right, OVER 40 MILLION PEOPLE IN THE U.S. ARE NOW RECEIVING FOOD STAMPS!

The Social Impacts of Long-Term Unemployment - Suicides and domestic violence may also be rising due to the social pressures resulting from long term unemployment. This is an American tragedy unfolding. A recent news story on PBS News Hour (shown below) on the travails of the 99ers is as frightening as it is heart-breaking showing the personal impacts of the phenomenon on daily lives. Remember, this could be anybody, it could be you, me, and our relatives and friends that are affected by this economic downturn. Job security doesn't exist anymore. PEOPLE NEED TO START LISTENING TO THESE PEOPLE AND START PAYING ATTENTION! Job loss puts a tremendous emotional stress and loss of self-esteem on a person which may lead to increased rates of social unrest. Job loss affects society as a whole, either directly or indirectly and therefore we must call for action on this problem! As Gerald Celente says "When people lose everything and they have nothing left to lose, they lose it!". Let's hope this trend reverses!

99ers Protest on Wall St. - Increasing social unrest may result from the growing ranks of the long-term unemployed. A rally held by 99ers was held on Aug. 12, 2010 right across the from stock exchange. There were about 100 people in the first of what will most likely be many protests on Wall St. As the long-term unemployed become more desperate and numerous, these protests will almost certainly grow much larger.

See the videos below from PBS News Hour, Russia Times and ABC News for more information about the plight of the long-term unemployed.

Are you or someone you know part of the 99ers of America? What are the unemployment trends in your state? Please feel free to share your story in the 'Comments' section at the very end of this article.

Update: October 24, 2010: The subject of 99ers has made 60 Minutes. See the link below to watch the story.