Unemployment Rate Increases among Veterans

09 Jan 2012

This is news that should concern veterans’ groups, and California veterans benefits lawyers who know the difficult financial circumstances of veterans who find it hard to obtain their rightful benefits. According to statistics by the Bureau Of Labor Statistics, there was an increase in the unemployment rate among veterans in December 2011.

This increase was seen even as there was an overall drop in the national unemployment rate. The national unemployment rate dropped to its lowest level in 3 years, but among veterans, the number increased slightly. In November, the unemployment rate was 11.1% among veterans, and that increased to 13.1% in December. Unemployment seems to affect female veterans even worse than male veterans. In December, approximately 21.6% of female veterans were unemployed.

According to the Bureau of Labor Statistics, currently about 240,000 vets are unemployed. Unemployment payments made to veterans of the Iraq and Afghanistan wars have spiked from $452 million dollars in 2008 to a staggering $940 million in 2011. What's more, California veterans benefits lawyers believe that the unemployment problem among veterans will actually increase over the next couple of years, as veterans begin to return home from Iraq and Afghanistan. Many of these veterans are coming home to a job market that is severely depressed, and are lacking in skills that can help them compete in a highly competitive job market.

The federal administration is aware of this dire employment situation, and has begun to implement certain programs that are meant to encourage employment opportunities for veterans. For example, the Hire a Veteran bill which was signed by the President in November would offer tax credits and other incentives to businesses that hire veterans. However, it will be a while before California veterans benefits lawyers actually see any results from those programs.