It is depressing to be Poor.

Boeing CEO Jim McNerney succinctly summarized a recent study by Northwestern University's Center for Labor Market Studies regarding unemployment rates for different income brackets:

The Center analyzed the labor conditions faced by income-grouped U.S. households during the fourth quarter of 2009.

In the face of one of the worst economic environments in memory, those in the highest income groups had nearly full employment levels, with just a 3.2 percent unemployment rate for households with over $150,000 in income and a 4 percent rate in the next-highest income group of $100,000-plus.

The two lowest-income groups -- under $12,500 and under $20,000 annually -- faced unemployment rates of 30.8 percent and 19.1 percent, respectively.

The study - published in February - notes that the poor are suffering Depression levels of unemployment:

Workers in the lowest income decile faced a Great Depression type unemployment rate of nearly 31% while those in the second lowest income decile had an unemployment rate slightly below 20% .... Unemployment rates fell steadily and steeply across the ten income deciles. Workers in the top two deciles of the income distribution faced unemployment rates of only 4.0 and 3.2 percent respectively, the equivalent of full employment. The relative size of the gap in unemployment rates between workers in the bottom and top income deciles was close to ten to one. Clearly, these two groups of workers occupy radically different types of labor markets in the U.S.

The study is subtitled "A Truly Great Depression Among the Nation’s Low Income Workers Amidst Full Employment Among the Most Affluent".

Its not just those lacking education, the level of unempoyment among recent College grads is the highest in history.

Let them eat cake!