Unemployment problems are worse than meet the eye

There are a lot of people out of work, which is the norm during a recession. There are almost no jobs available, which is a bit unusual during a recovery.

According to the The New York Times, a look at Labor Department statistics for the month of July revealed that "only 2.4 million full-time permanent jobs were open, with 14.5 million people officially unemployed." That's a six to one ratio -- the largest since they've tracked this stat. The immediate effect of the situation is obvious, but the longer term effects may not be. People will clearly be looking for work for a longer period than in previous recessions and the unemployment rate is almost certain to go over 10 percent, and may stay there for several quarters.