Unemployment is sky-high and it affects three out of four Americans.
Through a poll conducted by Rutgers professors Carl Van Horn and Cliff Zukin, 73% of Americans have either been unemployed themselves (14%) or saw an immediate family member (12%), another member of their family (30%) or a close friend (17%) lose a job.
The survey also finds profound pessimism about where the economy is headed. More than half of Americans say they believe the downturn reflects a "lasting economic change" (56%) rather than a "temporary economic downturn" (43%). Large majorities believe that the economy will remain in recession or worse a year from now.
"After suffering through the worst economic disaster most have ever experienced," Van Horn said in a statement, "American workers have diminished expectations about America's economic future and do not have much faith that the nation's political leaders can move the country forward."
CEO's Be Cakin'
As disappointing as that may sound, it gets worse. Forbes reported that 50 Fortune 500 companies with the most layoffs had CEOs who at least doubled their earnings in 2009.
The study revealed that 36 of the 50 "announced their mass layoffs at a time of positive earnings reports," suggesting a trend of "squeezing workers to boost profits and maintain high CEO pay."
Dirt bags! Want to know who the top 10 offenders are?
10: Ivan Seidenberg -- Verizon
Total Compensation 2009: $17,485,796
Announced Annual Layoffs (11/1/08-4/1/10): 21,308
9. Louis Chenevert -- United Technologies
Total Compensation 2009: $17,897,666
Announced Annual Layoffs (11/1/08-4/1/10): 13,290
8. Alan Mulally -- Ford
Total Compensation 2009: $17,916,654
Announced Annual Layoffs (11/1/08-4/1/10): 4,700
7. Michael Duke -- Walmart
Total Compensation 2009: $19,234,269
Announced Annual Layoffs (11/1/08-4/1/10): 13,350
6. Randall Stephenson -- AT&T
Total Compensation 2009: $20,244,312
Announced Annual Layoffs (11/1/08-4/1/10): 12,300
5. Samuel Palmisano -- IBM
Total Compensation 2009: $21,159,289
Announced Annual Layoffs (11/1/08-4/1/10): 7,800
4. Robert Iger -- Walt Disney
Total Compensation 2009: $$21,578,471
Announced Annual Layoffs (11/1/08-4/1/10): 3,400
3. Mark Hurd -- Hewlett Packard
Total Compensation 2009: $24,201,448
Announced Annual Layoffs (11/1/08-4/1/10): 6,400
2. William Weldon -- Johnson & Johnson
Total Compensation 2009: $25,569,844
Announced Annual Layoffs (11/1/08-4/1/10): 8,900
1. Fred Hassan -- Schering-Plough
Total Compensation 2009: $49,653,063
Announced Annual Layoffs (11/1/08-4/1/10): 16,000*
*Includes all layoffs announced by the firm resulting from merger between Schering-Plough and Merck
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