Monday, October 25, 2010

DEMCAD Report: 99ers becoming Desperate! Too Poor for College!

DEMCAD Report: 99ers becoming Desperate! Too Poor for College!

CBS' 60 Minutes sent one of it's reporters to Silicon Valley (among other places) to interview dozens of 99ers about

Mary Anne Rose was a financial analyst at a real estate firm, when she and 100 other people were laid off. She's been out of work for over two years. She's 54 years old, she lost her home and spent all of her savings. What's surprising to me is that a 52 old financial analyst could send all of her savings in just two years. Maybe it's just me, but you would expect a financial analyst to be better prepared at her age.

Anyway, the reporter stood in front of 100 or so 99ers (mostly middle age people who have been unemployed for at least 99 weeks) and asked him, "How many of you have college degrees?"

Virtually everyone in the room had a four year degree. At least 40% had a master's degree.

The meeting felt like a 12 steps program and the desperation was stunning. There were professionals hoping to work for 9 dollars a hour/ part time. I don't care what anyone says, this recession is much different from anything this country has experienced in the last half of century. This is getting scary.

One couple couldn't afford to send their son to college. So now he's planning on joining the military. Obviously, it was not his first choice. And it looks like he'll have to risk his life to have a chance at college. Frankly, given the current economic and political environment, going into the military could end up being a major risk.

So do you think the military is a good idea for young people right now?DEMCAD Report

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