Word: jobbed
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...Denial was a problem too. Shortly before Bobb took over, Detroit's school board okayed a budget that it claimed had an $8 million surplus. Bobb's assessment showed a budget deficit of $303.5 million. He's since reduced the deficit partly by trimming the system's job rolls from about 14,000 to about 13,000. He's closed 29 of the district's 194 schools and hired outside firms to restructure 17 others. And in what may be his most inspired move, Bobb has asked some 2,600 volunteers to donate 360,000 hours to helping kids read...
...warping incentives to look for work. "The consensus estimates show that unemployment benefits do prolong unemployment spells by quite a bit," says University of Chicago economist Bruce Meyer, who has produced academic studies on the issue dating back to the recession of the early 1980s. (See 10 ways your job will change...
Unemployment benefits keep money in the pockets of workers who are out of a job through no fault of their own. It's a safety net - with broad support in both parties - that also boosts the broader economy by keeping consumer dollars in circulation. In normal economic times, workers typically receive, depending on the state, up to 26 weeks of benefits, with the possibility of a 13-week extension. Following extensions passed under Presidents George W. Bush and Barack Obama, jobless benefits can now run as long as 99 weeks - nearly two years. During the 1982-83 recession, the longest...
...that's because there are no jobs to be found. With an estimated six people applying for every job available, there's plenty of merit to that argument. "Still, the unemployment rate rose from 8.6% in March 2009 to 10% now even as the job-vacancy rate held steady," says Steven Davis, a leading labor economist at the University of Chicago's School of Business...
...they pay half of a moderate-income person's salary and less than half the salary of higher earners. And a troubled housing market makes it hard to sell your house - or qualify for a loan to buy a new one - so that you can relocate for a new job. (See which businesses are bucking the recession...