One of our creditinfocenter forum members recently shared an article which is not only thought-provoking, but more than a little nerve-wracking as well. Published in the March issue of the Atlantic Monthly and entitled, “How a New Jobless Era Will Transform America”, the article offers insight to how our country has managed to reach the current unpleasant employment scenario, along with some dire predictions of times yet to come.

A particularly poignant quotation from the piece:  

If it persists much longer, this era of high joblessness will likely change the life course and character of a generation of young adults—and quite possibly those of the children behind them as well. It will leave an indelible imprint on many blue-collar white men—and on white culture. It could change the nature of modern marriage, and also cripple marriage as an institution in many communities. It may already be plunging many inner cities into a kind of despair and dysfunction not seen for decades. Ultimately, it is likely to warp our politics, our culture, and the character of our society for years.

Americans have lived a decadent lifestyle for years. We’ve spent more than our budgets warrant, run up our credit card debt, purchased homes we couldn’t afford. Is what we’re feeling right now the culmination of decades of self-destructive behavior?

According to the article, a recent survey showed that 44 percent of families have experienced a job loss, a reduction in hours, or a pay cut in the past year. It reminds us that more than 140 banks failed in 2009, despite a monumentous bailout effort by the government that has just led to other financial and economic problems. As of the end of last year, one in seven mortgages was delinquent, up from one in ten the previous year. As many as one in four houses may now be underwater, and the ratio of household debt to GDP, about 65 percent in the mid-1990s, is close to 100 percent today

The article is a lengthy dissertation predicting that  job culture will be forever changed as a result of the economic events of the past several years, showing the effects on our society of less work for people in their most productive years. Of particular concern is the evidence suggesting that people who don’t find solid roots in the job market within a year or two have a more difficult time ”righting” themselves. According to at least one sociologist cited in the piece, long bouts of unemployment in younger adults can do damage which may provoke long-lasting changes in behavior and mental health.

It used to be that a change in job situation(s) could be looked at as a catalyst for positive change, a way to find a better or more suitable opportunity. But it seems that times have changed, and in many cases there are few positive alternatives or outcomes available for individuals who lose their jobs.

Are you one of the nearly half of all Americans that has been affected by unemployment or under-employment this past year? Have you been able to make the experience a postitive one? If so, we’d love to hear your story via a comment!

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