unemployment
With a decade of falling unemployment behind us, memories fade as to what actually happens during recessions. Those who have been working for a decade or less have never experienced a recession. It hurts.
Forty years later, I can still remember being fired at age 22 from a summer job in a copper smelter when the demand for copper turned down.
It was not a serious blow economically, but I can recall every detail. While there …
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…remember that what led to your being unemployed, and what makes re-employment difficult, is not your personal performance, but the characteristics of the system. The failures, to the extent that there are failures, lie in the system and not in you.
I know. I've been there.
Lester C. Thurow, a professor of economics and former dean of the Massachusetts Institute of Technology's Sloan School of Management, is a member of USA TODAY's board of contributor
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