Sunday, November 14, 2010

[Video] ABC News - Neighbors Moving in With Neighbors ... as Economic "Recovery" Continues

We were asking in the past few weeks where all these formerly working were ending up, as the welfare rolls have not expanded.  One can only live 'rent free' in the U.S. for 18-26 months or so, so what then?  Based on this ABC News report it appears aside from adults moving back in with mom and dad,[Apr 8, 2008: Recession Causes Relatives to Move in Together & Sharp Drop Off in Divorces college grads not moving out, and divorcees remaining together under one roof, there are places where even neighbors are taking in neighbors.  How widespread is this?  Who knows - but in this one cul de sac in Arizona, 3 different houses have this arrangement!   This explains the lack of household formation in the country, despite population growth.  [Apr 9, 2010: 1.2 Million Households Lost in Great Recession - Through 2008]

Remarkable sidenote of this story - the wife works 4 part time jobs as the 'disposable worker' paradigm pervades more of the middle class.  Talk about underemployed.   [Apr 2, 2008: The Underemployment Rate is Rising] [Feb 16, 2010: USA Today - Use of Temps to Fill Jobs May No Longer Signal Permanent Hiring][Oct 20, 2010: Potential Secular Change in Happening in Labor Markets]

3 minute video

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