Denver bankruptcy attorneys know that times have been exceedingly difficult across the country, with many people out of work or significantly under-employed.
In a lot of cases, a Denver bankruptcy can help to alleviate a lot of those burdens.
What we found interesting was a recent report by CNN Money, indicating that there are likely far more people unemployed in the U.S. than what the official numbers would suggest.
So while the official numbers show that the unemployment rate has been falling steadily, what that doesn’t show is that there are millions of working-age individuals who simply aren’t even looking for a job anymore. Plus, the rate of hiring is fast enough to keep pace with the ballooning population.
That means that the work force is now at the smallest size its been since the 1980s. So more people than ever are relying on social assistance (with fewer people paying into those programs), and more people are falling back on bankruptcy to help get back on their feet.
This is according to a researcher with the Mercatus Center who used to be a commissioner at the federal Bureau of Labor Statistics.
Essentially, a person is considered part of the national work force if they either have a job or have been looking for one in the last month. In April, only about 64 percent of Americans who were 16 or older were in that category.
This could explain why unemployment rates are falling: Not everyone is being counted.
One example highlighted by the news report was an Air Force veteran who was a plumber by trade, but out of work. He watches the children while his wife works. He takes a few courses at a local community college, but remains unconvinced it will do much to improve his situation.
The Labor Department says that there were nearly 90 million people in the country who weren’t employed – and weren’t looking to be. Elderly folks over the age of 65 were a third of those. Another fifth were people between the ages of 16 and 24. That leaves an estimated 36 million or so that are either staying at home with the children, going back to school or have suffered a medical disability or just simply haven’t been able to find work.