Wharton Professor Peter Cappelli: Has High Unemployment Become Acceptable?
Episode Description
When did 9% -10% unemployment rates become acceptable in the U.S.? Wharton management professor Peter Cappelli takes on the issue. 📂 Finance & Accounting
Brief Summary
Unemployment rates and their normalization, demographic impacts, and policy solutions are discussed in relation to economic recessions.
Key points
- The New Normal of Unemployment. Unemployment rates have become normalized over time, with varying impacts on different demographics.
- Long-Term Unemployment Crisis. The percentage of long-term unemployed has drastically increased, affecting skills and job prospects.
- Job Loss Consequences. Many workers who lost jobs may never return to their previous employment levels.
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Episode highlights
- The New Normal of UnemploymentUnemployment rates have become normalized over time, with varying impacts on different demographics.“It's remarkable how we get used to these things.”0:30Jul 21, 2010
- Long-Term Unemployment CrisisThe percentage of long-term unemployed has drastically increased, affecting skills and job prospects.“The longer people are out of work, the rustier their skills become.”4:00Jul 21, 2010
- Job Loss ConsequencesMany workers who lost jobs may never return to their previous employment levels.“Some of these folks who lost their jobs will never get their jobs back.”6:20Jul 21, 2010
Tension
50/ 100Some tension
