I think since your husband will become a stay at home dad that negates the stigma of long term unemployment. I also think if the two of you want your husband to stay home with your baby, then that is the choice you should make for your family, especially since the only glowing value to the job is the employment history it provides. I believe if he takes the job and the hours are not what you both want and the money only covers childcare and little to nothing else, then you will find yourselves looking at each other like 'what did we do this for? oh, job history…*huge pause*…sigh…both thinking that was not a good enough reason.' My husband was a stay at home dad with our first for most of the reasons you state. Having him stay home was a terrific decision for our family and when he was ready to return to the workforce, the right job came along at the right time and things fell into place. Good luck whatever you decide and congratulations on the soon to arrive baby.
Edit - I read your updates. Regarding your first ETA in a roundabout way my husband used a job recruiter to help him get placed back in the workforce when he stopped being SAHD. The recruiter used his contacts to get my husband his job (the whole point of using a recruiter, right?). It cut down on a lot of the drama or possible drama about my husband’s employment gap and tenure as SAHD. The recruiter was able to vouch for my husband before the interview took place. Another one of the perks of using a recruiter. Finally we live in Houston and overall our economy has not been as negatively impacted as other places which may very well have helped my husband when it was time to rejoin the workforce.
Regarding your ETA2 if both of you like having your husband stay home, then I am not real sure why either of you wants him to return to work. If you are living the lifestyle you both enjoy and you are doing what you need to (health insurance, savings, retirement, etc.), then there is no reason for your husband to work. Furthermore, you have been living with your husband at home for a while now so you both know it works for your family unit – it works very well according to your post. I don’t see it being any worse when the new baby arrives. Your family routine will change with the baby because there is a baby around. Big deal, though. As a couple you will become parents and as a SAHD your husband will develop those skills. It’s not like your husband is quitting his job to become SAHD. He is expanding his daily routine to become SAHD. I wouldn’t expect you guys to have the growing pains we had when my husband became SAHD. He transitioned from the rat race to SAHD. There were rocky patches.
Regarding your last paragraph, only you two can create the pro/con list of why your husband should or should not work. I would say based on everything you have given us, though, this is a no brainer – your husband should stay home. I agree with the other poster who said if this was a woman, then there would be no question of her being SAHM. In fact there might be a lot of questions of why this is even being discussed. I firmly believe gender plays no role in deciding to stay home. If one spouse/partner can and wants to stay at home with the kids, it is a great thing for the entire family. There are so many pros to having a stay at home parent that I don’t even know where to start. Your husband can do all baby doctor visits and sick days without taking off work and worrying about irritating an employer. You don’t have to pay for childcare (a big expense). You don’t have to worry about the level of care your child receives at a provider’s. You don’t have to worry about taking off when the childcare falls through. On and on and on. I loved having my husband home with our eldest son. As first time parents it was a situation which relieved our collective minds and it was fun for my husband. Babies are pretty easy (eat, sleep, play, diapers, repeat with much less business than toddlers) and I say that after having a tough baby in the form of our oldest son. When I went back to work, it was nice to not have to wake up the baby for daycare. I do it now and it's one more thing you are organizing (diaper bags, bottles, clothes, drop off, pick up, illnesses which preclude going to care, illnesses which mean early pick ups, etc.). With a stay at home parent it is more relaxed. My oldest son was not a great sleeper so he got to sleep in in the mornings and so did my husband. I also loved getting the calls at work about whatever firsts I was missing and the texted/e-mailed photos. I was missing those things but somehow hearing them from my husband made it easier. My husband feels a very strong bond to our children because he was in the trenches from day one with our oldest. I believe not only is it my husband’s temperament to be an equal partner (he wants to be and works hard at being one) but by being a SAHD he lived being a full partner every day. There were times I felt like my husband knew more about our son than I did and that stung and took getting used to. We did eventually do a nanny situation and part time stay at home dad which had its own set of pros and cons. Now we are full time daycare with both of ours since logistically we couldn’t make it work with two being split between nanny/daycare. There is absolutely nothing wrong with daycare; it too has its pros and cons. I love our daycare and can’t say enough good things about it. We were very choosy about the daycare we picked, though, and pay accordingly. The care minder to child ratios are super low and the ladies genuinely love kids. Not just mine but all kids which makes a huge difference in how the children are treated and behave. At the end of it all I do prefer a stay at home parent for at least the first year (preferably up to age 2), though. I am sorry my youngest won’t have my husband stay home with him. We all are the worse for how it works out but we will be okay. It will be different that’s all. Different but not less. With older children (around age 2), though, I see the benefit of the daycare situation, especially a daycare which is more like a school. We selected one with a structured learning environment (steady activities all day, no TV, etc.) and already we see the difference in my oldest's vocabulary, knowledge and social skills.