We’ve seen some improvement in the job market lately. But there’s something stubborn about unemployment. Never in the last 60 years has the length of joblessness been this long. Four million people, a full third of the unemployed, have been out of work more than a year. They’ve been severed from the workforce. Ben Bernanke, chairman of the Federal Reserve, calls it “a national crisis.” To understand what’s happening, we went to Stamford, Conn., to see an experiment that might just offer a way back for Americans trapped in unemployment.
Frank O’Neill: They started to go through round after round of layoffs. And I got caught in one of the layoffs there.
The Great Recession arrived early for Frank O’Neill.
Frank O’Neill: It was a cold day in February.
It was February 2008. O’Neill was a credit consultant for an IT company.
Scott Pelley: What happened?
O’Neill: They called me into the vice president’s office. And he basically told me that they were having some financial difficulty and told me that my last day was gonna be that day. I got a small little severance out of it and was off into the world of the unemployed.
Pelley: What have the last three years been like for you?
Source: cbsnews.com
Read More @ A new jobs program for people trapped in unemployment – CBS News.
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