Unlike most members of the underclass, these individuals are perfectly employable, but there just will not be enough jobs for them. Thus we are moving to a two-nation situation, in which some will work and some not. Many people will have nothing to look forward to but a life on the dole. Morally and psychologically, the prospects are ominous.
Now come Robert Skidelsky, a brilliant historian of economics, and his son Edward who have written a book with various proposals for dealing with the problem. Basically, it seems to come down to this: those who have jobs should work fewer hours so as to make way for others. In theory this solution sounds good, but how is it to be implemented? At all events, here is a review: http://www.nytimes.com/2012/08/19/books/review/how-much-is-enough-by-robert-skidelsky-and-edward-skidelsky.html?pagewanted=all