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Updated: 2:01 PM Mar 19, 2010
Putting A Price Tag on Job Loss
With more and more of us losing our jobs each day.. the pink slips are adding up... And it's costing all of us.
Posted: 7:00 PM Mar 17, 2010Reporter: Kristin Burke |
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23 News Economic Reporter Kristin Burke put a price tag on these job losses and the ripple effect it creates throughout our economy.
When a job is lost in the stateline the amount of economic damage is devastating.
"It's hard to get a grasp on it but we all see it happening with our friends and neighbors we observe businesses that fail... we see units that are having a hard time it has created big changes throughout the Rockford area."
The high price of just a single lost job impacts all of us ...And the trickle down effect gouges the economy deeply.
"Its the multiplier effect the individual doesn't have disposable income they aren't able to buy things in the way they used to and then those places lose employment so the effect goes out all through the economy."
The average Rockford worker makes around 27 thousand dollars a year.. but take that pay check away and the cost of the loss is substantial.
" To put it in fast food terms for every job lost in our area .. our economy loses out on nearly 80 thousand dollars per person a year this means we need to add 3 jobs at higher salaries to overcome the loss."
"As we lost manufacturing jobs we've replaced them with service jobs and those service jobs may not support as much other activity throughout the community."
With 35 thousand people now out of work that adds up to nearly 300 million dollars.
"Rockford despite these ups and downs has been a pretty good place to live with the arts culture our sports teams but it becomes harder and harder to get those contributions to support those things that make it a good place to live."
In the state line... Kristin Burke 23 news right now
Latest Comments
All this damage and suffering and the people who caused it all are getting millions of dollars in bonuses. There is no justice for anyone anymore.
It do believe Ms. Burke has some wisdom and understanding about what it is to be an American.
As we lose manufacturing jobs service jobs dont keep up.who figured that one out!! Of coarse service jobs wont keep up with the manufacturing jobs salarys. Hey GOOGLE Cloward and Pivon, it will show you excactly whats going on.not just here but in America,A fundamental takeover!!
