Increased Unemployment Rate Jeopardizes Longevity of Disability Program
Beginning in December 2007, the United States suffered an economic downturn considered to be the worst financial crisis since the Great Depression. During this time period, layoffs increased at an alarming rate. In the fourth quarter of 2007 there were 5.7 million layoffs. By the first quarter of 2009, that number had quickly grown to 7.6 million—a 34% increase. The unemployment rate grew from 5.0% in December, 2007 to 9.5% by the end of the recession in June 2009.