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No More Jobs Essay

943 words - 4 pages

In December 2007, the United States of America experienced a very scarce yet appealing setback. In fact, because of this specific dilemma between 200,000 and 500,000 Americans were left unemployed and without a stable home. The National Bureau of Economic Research defined this nationwide downfall as “The Great Recession”. More recently, according to the US Bureau of Labor Statistics the unemployment rate has not made a drastic improvement since the start of the Great Recession. Unemployment has become an issue that is still arising today with a slow rate of change. By most measures, the economy has not improved: Unemployment is up, consumer spending is down, and financial markets have not regained the ground they lost in the 2008-09 financial crisis. Due to the occurrence of the Great Recession in 2007, the employment rate has drastically dropped disabling thousands of Americans to live up to the cost of living. It is obvious that the Great Recession can merely be the cause of the high rate of unemployment.
This particular financial crisis has hit the American labor market forcefully, creating a large despair of inequality, which further affects different portions of society. Unemployment rates have not only attained levels near post World War points but also reached it’s momentous highs. The crisis more severely affected groups, such as men, youth, and low-skilled individuals. Also hitting some sectors hard, including manufacturing, construction and parts of the financial industry, this crisis has become an economic nightmare. In particular, some economic activities were dramatically depressed, while others have just faced a cyclical slowdown, and some states were much more affected by the crisis than others (Estevão 3). As a result of unemployment, crime rates are more likely to rise, as people are incapable of meeting their needs through work. Divorce rates are also geared to ascend because people cannot solve their financial problems. Equally important, the rate of homelessness will also increase because of the inability and lack of funds to pay bills in its entirety as well as on time. Lastly, in most cases due to unemployment homes are foreclosed or abandoned, and neighborhoods deteriorate as a result. With this being said, the government is forced to turn most neighborhoods into section 8 highlights, which house low class people.
On a social level, unemployment also can cause vast dependence on government assistance and financial aid. On a larger scale, this increases the economic stress load on social programs let alone on taxpayers. Furthermore, unemployment can possibly cause an exceedingly amount of social stress in terms of inquiring job status on a widespread, which can activate a drop in consumer spending resulting less economic growth. Unemployment also means that people will have...

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