But losing a job is not something that disappears as soon as the stock market starts to recover. Somebody who loses a job — especially somebody older — may not easily fit into another position. (And “retraining” usually ends of making money only for those doing the training.) Salaries reduced are not automatically raised back to their former levels when things get better. Savings and retirement accounts that were decimated by the market and then by necessity may never be restocked.
Once an economic recovery begins, the media will invariably start acting as if everything is back to normal. But people’s lives are being changed in ways that they will not quickly recover from.