Monday, May 10, 2010

CBO Report: Losing a Job in the Recession

The Congressional Budget Office issue brief, Losing a Job During a Recession, assesses the future employment and earning potential of those who involuntarily lose their job for reasons other than poor performance or misconduct. The issue brief includes facts and figures on the impact of job loss during an economic down-turn. For example, the report states that on average people that lose their jobs for reasons other than poor performance or misconduct see a loss in earnings when they regain employment in both the short and long term.

The CBO projects that unemployment will remain high for quite awhile. In light of that assumption, the report outlines the expanded eligibility and increased benefits of federal programs available to assist people experiencing financial hardship. This issue brief is a good tool to evaluate the short and long term impact of losing a job in a bad economic climate. For policymakers it offers a great resource for considering the ways in which federal dollars can be used to assist people whose employment has been impacted by the recession.

For Policies Supporting Family Economic Success.