The current recession in the United States began in December 2007 after the housing market crash which started in 2006, though the housing bust is certainly not the only reason for the recession. The National Bureau of Economic Research reports that the recession ended in June 2009 at which time economic activity reached a low point and the GDP began to grow, albeit very weakly.
However, the official unemployment rate has remained near or above nine percent continuously since then. Officially about 14 million people are unemployed. Since this number only counts people who have actively sought employment in the last four weeks, millions of people who have given up on finding a job or who are under-employed are not even counted. Many people estimate that the real number of unemployed is over 20 million people. Even though the mega-wealthy and big corporations may have regained profitability though government bailouts and/or trimming their payrolls, for the average American the recession is far from over.
For a number of reasons, the unemployment rate is not likely to go down any time in the near future and it may never go down significantly. In all likelihood, nine percent (or higher) unemployment is now a permanent fixture in American society. For the nation as a whole this is tremendously bad news, but for the individual who is willing to take control of his own future, it need not be.
This blog lays out a step-by-step plan which will help you take responsibility for your own financial security and make yourself immune to unemployment. The current state of the economy and the reasons for our permanently high rate of unemployment are discussed in detail. This is very unsettling news for most people. Other discussions, however, will show you how to use this step-by-step plan to put yourself in a position where the bad unemployment news can’t hurt you and your family.