According to an article in the Dallas Morning News, the Dallas-Fort Worth unemployment rate has increase to 8.3 percent from 8.2 percent in June and from 5.3 percent a year ago. And many of Dallas-Fort Worth's unemployed are not being counted because many have given up searching for work or have taken temporary or part-time jobs. And despite some job growth in the area, Dallas-Fort Worth has lost a total of 45,400 jobs in the past year. But that's still not as bad as the rest of the country.
The article said:
"The overall U.S. unemployment rate last month was 9.4 percent. "The national economic recession continued to have an adverse impact on the Texas economy," said Tom Pauken, chairman of the Texas Workforce Commission. "Nonetheless, the Texas unemployment rate remained well below the national rate, and there were signs of positive growth in certain industries."
Job losses and extended unemployed is a huge concern for many Texans. Most people cannot afford to support themselves financially from savings for even three months, not to mention 8 months to a year which is how long unemployment is lasting for many Texans. Even those who do find work, discover that their salaries have been reduced significantly and are facing the prospect of foreclosure or credit card default.
And as some industries "permanently" contract such as the auto industry, many workers are finding that their salary reductions are also permanent. When faced with this type of impossible situation it is important to face reality. No one can continue to pay their bills every month when their salary is reduced by 50 percent or more.
When workers face large salary reductions that compromise their ability to pay their bills, they need to seriously consider bankruptcy as way to unload debt they can no longer pay. Big businesses do it. Chrysler, GM, United Airlines and others have used bankruptcy to reduce or eliminate debts, so can you.