As if getting laid off isn’t bad enough, getting your old salary back can take years. As The New York Times reports:
“…it can take years for a worker’s earnings to bounce back after a layoff, and that it can take even longer for a layoff during a recession. Economists, in fact, say income losses for workers who are let go in a recession can persist for as long as two decades, a depressing prognosis for the several-million people who have lost their jobs in the current recession.”
How depressing a prognosis? 15 to 20 years later, most have not returned to their old wage levels.
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