Social impact of Great Recession

Read a great, very interesting piece in the Atlantic today. It discussed the social impacts of this recession on America. Not directly related to Detroit, but as we are at the epicenter of the Great Recession, the analysis is especially relevant. Here is the link: http://www.theatlantic.com/doc/201003/jobless-america-future

Some highlights to learn from:

• As a nation, we have not yet recovered from 2001 recession - incomes at 1997 levels in real terms
• National underemployment over 17%, higher for minorities, young adults, men
• Unemployment may stabilize at permanently higher rates than in the past (up to 7.5% could be "normal")
• No clear model for continued US economic growth - lost decade likely for nation
• Job deficit of 10 million; need 125 k per month just to employ new entrants
• 2000s fueled by easy growth - innovation has lagged
• "national experiment on stress"
• 20s in youth changing - post-college funemployment, less responsibilities (delayed marriage, kids)
• Those who enter workforce in a recession will permanently and arbitrarily be at salary/pay disadvantage to those who entered in a boom-time - luck, psychological effects (e.g., negative perceptions from lower initial job; tendency to hold onto jobs longer for security; most wage growth happens before 30)
• Young people too coddled - expect to put in less, get everything - everyone is "special" - entitlement rather than individualism and decision-making
• College grads crowded out by experiened professionals and newer grads without gaps on resume
• Deep psychological and physical impacts of layoffs and unemployment - laid off people will have shorter life expectancies, higher mortality rates
• Profound stresses on marriage for male unemployment - 19.4% of all men from 25-54 are unemployed - women dominated fields have been stable vs. male dominated fields
• Both men and women are happier and more satisfied when men are working
• Particular social issues for working-class communities
• Marriages among impoverished have fallen, but child-birth rates have not
• Urban blight is spreading to previously flourishing working class neighborhoods
• Racisim, intolerance likely to rise
• Many other interesting insights...