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Even after an extension of unemployment benefits to 99 weeks, many of those about to go off the program are in a quandary. Scott Pelley talks to some of them in Silicon Valley. (CBSNewsOnline)
In some respects, this depression is worse than the Great Depression. There is no holiday on making mortgage payments, there are no public works jobs to keep people working, and there is little hope. In fact, if you watch the 60 minutes video above you will see a large crowd of permanently unemployed in Silicon Valley, California. Nearly every one of them has a college degree. Also there are many with Ph.Ds and masters degrees. These people thought they were doing everything right. They got their educations, they worked hard, and they saved for retirement. They are people in their 40s, 50s, and 60s that now have little chance of getting a decent job. They are happy with getting any job, even part time jobs. Their unemployment benefits are gone and they are losing their homes. They are part of a so called 'recovery' but that recovery is moving them right on to the streets.
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