Business Week did a fascinating story about the effect of the real estate market on unemployment and economic recovery.
Twenty-three percent of all mortgagees owe more than their house is worth. In Nevada, a whopping 65% of property owners are upside-down with their mortgage. According to the article, that together with a depressed housing market, the aging population, and other factors, has led to record low mobility.
So what does that have to do with unemployment? It turns out, according to Nobel Prize-winning economist Joseph Stiglitz, that mobility is fundamental to economic recovery. If people aren't willing or able to relocate in order to find work, high rates of unemployment will continue.
That's where workshifting comes in! Bringing the work to the worker, rather than the other way around would allow people to find gainful employment without taking a bath on the sale of their home. It would also save companies a bundle in relocation packages.
Has workshifting allowed you to avoid a costly move? How else might it help speed up our economic recovery?
Photo Credit: The Shifted Librarian
Twenty-three percent of all mortgagees owe more than their house is worth. In Nevada, a whopping 65% of property owners are upside-down with their mortgage. According to the article, that together with a depressed housing market, the aging population, and other factors, has led to record low mobility.So what does that have to do with unemployment? It turns out, according to Nobel Prize-winning economist Joseph Stiglitz, that mobility is fundamental to economic recovery. If people aren't willing or able to relocate in order to find work, high rates of unemployment will continue.
That's where workshifting comes in! Bringing the work to the worker, rather than the other way around would allow people to find gainful employment without taking a bath on the sale of their home. It would also save companies a bundle in relocation packages.
Has workshifting allowed you to avoid a costly move? How else might it help speed up our economic recovery?
Photo Credit: The Shifted Librarian
