Word: jobbing
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...your studies sifted through 30 years of Social Security records following the 1982 recession and determined that earnings losses for folks laid off amid a downturn are not only high but very long lasting. Upon getting new jobs, they took, on average, annual pay cuts of 25% to 30% and even 15 to 20 years later were earning around 20% less. Why? What can happen is that workers often cannot find another job in their same industry. If a worker had accumulated skills that were specific to that industry, then can't find a job in that industry, those skills...
...rest? We were looking at workers who had a stable job at a good firm, and it usually takes a long time to find such a good job match. These types of jobs pay more, but they don't come along that easily. Once you lose such a good job, you may not find another like it. There was a component of luck in having found that matching job, and it's hard to get lucky twice...
...recession initially suffered significant earnings losses, around 10%, and it took eight to 10 years for that effect to fade. Why do they take such a big hit and for so long? In a recession, well-paying firms and industries hire fewer workers, so college graduates have to take jobs with less attractive firms. Graduates can recover by finding a new job at a better-paying firm, but that process can take a long time. Some workers never actually recover. Those who graduated from smaller, less prestigious schools or majored in the humanities may never find a job...
...Petrizzo spent much of the first six years of his Air Force career tending to intercontinental ballistic missiles. But he left his Montana base last weekend for his new permanent Predator posting at Creech. He disputes the popular perception of his new job. "When people say it's a video game - just like playing Xbox - I really take offense at that," he says. "You have to have an air sense and all that aeronautical decision-making down pat." While he has never had to fire a missile in anger, he knows that is likely to change once he begins...
...leaders, Reid has the harder job. In part, that is because of the way the Senate is set up as an institution. The majority leader's powers are far weaker than those of the Speaker, and he has fewer parliamentary tools for controlling what happens to a bill once it hits the floor of his chamber. He must also contend with the fact that it takes 60 votes on almost anything to overcome a filibuster. Reid must also grapple with the two bills passed by his committees - the Finance Committee and the Health, Education, Labor and Pensions (HELP) Committee - which...