Hi everyone, this is Dr. Nitin Chhoda and welcome to this episode of Ignition
Time. Thank you so much for being a viewer. Thank you so much for being a subscriber.
Please check out my video. You'll learn more about who I am, what my journey has been like
and why you should listen to me. Let's just jump right in. So far today i've given you
important updates on the stimulus negotiations, have actually analyzed the latest unemployment
numbers and actually revealed the truth about the fact that you know just because the unemployment
numbers are going down and just because we have a very rosy picture from US labor secretary Eugene
Scalia, in fact there he is, hello Mr. Scalia. I think he's having a nice day. Just because
we have a very rosy picture from the US labor secretary Eugene Scalia that does not mean that
there is reason to celebrate. In fact, if you saw my previous video I highlighted the fact
that just because an individual goes off of state unemployment insurance and just because
state unemployment insurance numbers have gone down by a million individuals that does not mean
that those million individuals have found a job. That simply means that those million individuals
have moved on to potentially another program like the PEUC program or potentially even the extended
benefits program. Worse those individuals could have simply dropped out of the labor
force. They're no longer looking for work because they're no longer able to satisfy and keep up with
the work search requirements because of personal reasons or because of other responsibilities. Well
in this video i'm going to talk to you about some new data that's come out about the problem with
permanent unemployment. The actual impact that individuals are facing as a result of
long-term unemployment. In fact individuals are lowering their expectations about the future. I'm
not just talking about a financial impact. I'm talking about a mental, a psychological impact
about an expectation of a better future. This is just, this is shocking and on your screen you'll
see a brand new article from the New York Times. We'll provide you with a link to the article in
the description section below. And the title of the article reads Unemployment claims are down,
but many workers lower expectations. With temporary layoffs turning permanent and career
paths derailed, economists say a new wave could derail the economy. In fact let's take a look at
the psychological impacts of this uneven recovery, this uneven k-shaped recovery that we are seeing.
When individuals were asked are you better off or worse off financially than a year ago? Over 2,600
individuals were surveyed between October 5th and October 11th. You see the results
and you see here that for individuals who had never lost their job, 28% of them
said that they were better off than they were a year ago. For individuals who did indeed return
to their job, 23% said that they were better off a year ago. But here's the sad part, 37% of them
said that they were worse off than a year ago and for individuals who are still out of a job, 65%
said that they were worse off than a year ago. This is absolutely surprising. This tells us that
individuals who are still out of a job who are getting towards long-term unemployment because
there's a threshold if you're unemployed for a certain period of time you now become long-term
unemployed so individuals who are long-term unemployed and or individuals who have permanently
lost their job now have lowered expectations have have less hope for a better future in other words
when 67 65 of these individuals said they were worse off than they were a year ago this is
absolutely terrible now when the same question was asked with the future context in other words when
people asked do you think you will be better off or worse off financially a year from now
individuals who had never lost their job thought that they would be better off financially 38 of
them said they would be better financially than they would be a year ago now those who have
returned to their job 46 percent of them felt they would be better financially and those who
are still out of a job feel that 35 percent of them felt that they would be better financially
a year from my in other words the long-term impact may not be as severe but right now what
people are feeling right now is the absolute pain the absolute suffering there is there is
a lot of suffering out there the suffering is not represented in the data the suffering is
not represented in all the numbers coming out of the labor department i'm not implying that
the numbers from the labor department are wrong i just want to be clear if any of my viewers and
subscribers think the numbers are wrong that's not what i'm saying what i am saying is that the
data does not represent the full picture the data does not represent the humanity the extent of the
suffering so mr eugene scalia i'm sure the data coming out of the u.s labor department is correct
it is correct but there are many other aspects of the story that are hidden in the data there
is suffering in the data in fact the gap between the haves and the have-nots is pretty dramatic
people who have returned to work as you can see again from the chart on your screen say that their
finances have essentially held up relatively well and they are absolutely optimistic about their
current status and their future status finances have improved for one in four individuals and this
is a possible reflection of stimulus checks and extra unemployment benefits that have essentially
kept many many workers afloat most individuals who are still out of work say that their financial
situation is indeed getting worse a third say that the unemployment benefits have expired or
that they tried and failed to get benefits which is uh which is the sad part of this situation as
a group the unemployed are extremely pessimistic not just about their future but about the economy
as a whole the declines in the fortune have the potential to shape the presidential race which
is now less than two weeks away and there are widespread instances of fraud as well california
had an extensive fraud problem because of which they had to shut down part of the unemployment
benefit system and because of which they had to re-engineer the entire security system let me
know if you learned something new from this video i want you to understand that you are not alone i
want you to understand that if you're out of a job right now there is hope uh hopefully you can learn
ways to re-engineer your skills please check out other videos on our channel i really want to help
you i want to be here for you and i can promise you that our entire community the community below
in the comments section below is what is i think what is the real the real benefit for you as a
viewer and as a subscriber i recommend that you contribute to the community type out a message
in the comment section below you have no idea how much you can help someone else with your
words and your thoughts and actions let's try and pay it forward type out something in the comments
section below to try and help someone else share your experience do that also just pick
up the phone call someone try and help let's try and help each other because the humanity
and the suffering that is associated with the unemployment benefits is not reflected in the data
thank you so much for watching everybody my name is dr nitin choda with ignition time i appreciate
you please check out my video you'll learn more about who i am what my journey has been like and
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