A reader sends me this e-mail confirming that all the talk about how the rich are protected from hardship and unemployment in times of recession ignores all those who aren’t even counted in the unemployement numbers (see my post here):
Correct me if I’m wrong, but the unemployment numbers don’t include high income people who are unable to collect unemployment. I started a consulting business in August, 2008. Incredibly bad timing that led to bankruptcy, will lead to foreclosure and forced me to ask for assistance from kids and church. I made $132,000 in 2007.
I had to take a job as an instructor at an online university at $55,000 per year after six months after being essentially out of business since January, 2009. It wasn’t hard to run through my savings and my SBA loan. I was unable to collect unemployment since I led my company of one. I was unable to get assistance of any kind through the government.
Of course, my situation is anecdotal and I have no idea how many folks among small business and the self-employed were and are out of work who made high incomes, but they don’t show up on the chart you displayed on your Corner post.






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