Quote:
Originally Posted by Porsche-O-Phile
Another factor that becomes very real to a lot of folks in an economic downturn, and is ignored COMPLETELY by the government is "underemployment".
For example, let's say a college-educated professional with 10 years of management experience gets laid off. To make ends meet, he/she takes a $8 an hour job flipping burgers because it's all that's available and the only place in town that's hiring at all, at any price. Technically, by the government's definition, he's not "unemployed" but is sure as hell underemployed, possibly able to only (barely) make a housing payment but certainly not to pay for outstanding loans, credit cards, car payments, insurance costs, gas costs (especially today), utilities, health care, etc. They're also probably not getting benefits anymore.
This is a very real problem in economic downturns and is COMPLETELY ignored by the statistics as reported.
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Just wondering....how would you factor in the people that are "over employed?" For example: There are a few ceo's in this country that make hundreds of millions annually (basically, you could say they earn the average salaries of dozens or hundreds of average people) yet they are only counted as one employed person. These same people probably have wives, kids, brothers, sisters, etc.. that don't work because they have a rich relative (would these people be counted as non-workers).
These statistics are really mis-leading in both directions. Yet, if I drive around in my home state of California (one state hit the hardest by the economic down turn), I see houses built 5,000+sqft, I see luxury cars all the time, I see poor black folk driving Escalades with spinning 22's? Just how poor are we?
Everyone I know is complaining about the economy, yet I don't see anyone really suffering. Sure, some of my friends that cashed out their equity a few years ago and bought everything they "needed" are now realizing that this has to be paid for eventually.....who's fault was that?? I'm just glad that in these tough times, I've only got 5 years to go on my mortgage, very little debt. But are all these problems "Dubya's" fault like the "Dummy" who started this thread suggests?
Just wondering...