The Crisis of Long-Term Unemployment
This week, Jesse Rothstein, the chief economist at the Labor Department, spoke at the Economic Policy Institute, and the organization just posted the slides. Congress is losing its stomach for funding extended benefits. But, as the slides show, long-term unemployment remains a major problem.
The chart underscores this point: For the economy to really start improving, hiring needs to be much stronger and the unemployment rate needs to start dropping much more quickly.