The Ultimate High of Unemployment

By Joe Walsh

Image courtesy wordpress.com

Image courtesy of wordpress.com

Joblessness has hit an all time high since October of 1982. With over 5 million former employees collecting unemployment, more job cuts seem imminent before President Obama’s 787 billion dollar stimulus plan.

“It’s depressing as [fudge],” Marist College junior Chris LaFleche said. “I can not believe these numbers correlate with the state of our economy. I’m just glad my parents still have their jobs.”

Like LaFleche, many other students at Marist College have not felt the pinch of the failing economy.

“It’s definitely something that hasn’t hit ‘Main Street’ in terms of the main street I know,” Marist junior Christopher Cholko said. “If students at Marist have parents experiencing job woes, they certainly are not making mention of it.”

The vicious cycle of job loss and lack of consumer buying has been felt in other areas in the country. The 5 million who do not have jobs are not putting money back into the economy, something that usually makes up for 70% of the economy. Many economists fear that the cycle will prolong what is being called the worst recession since the Great Depression.

Unfortunately not everyone is like banker Leonard Abess Jr. of the City National Bank of Florida. Abess gave out 60 million dollars from his own pocket to current and former employees in an effort to aid them during their tough times; each person receiving around $127,000.

Image courtesy expertbusinesssource.com

Image courtesy expertbusinesssource.com

“Hearing about that banker gave me a small sense of hope,” Marist junior Alison Novak said. “I know this is beyond rare, but to see at least one banker looking out for his employees on any level is admirable.”

As Novak said, the action of Abess is an extremely rare occurrence given that unemployment is rising to over 667,000 people by the week. The number of unemployed are presumed to grow by the week, even after the initial introduction of President Obama’s stimulus.

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