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The New Depression Essay

1334 words - 5 pages

Hard working Americans everywhere are losing their jobs and I say it’s high time that the land of opportunity should regain its credit. Job loss in America has affected the economy in an extreme way due to the percentage of jobs lost, bills and laws passed to fix the dilemma, conflict with hourly cutbacks to many Americans, and the difficulties of finding a new career. Americans work to the bone every day and then after years of loyal work they are given a piece of paper and shown the door. Where is the decency in this? This economic downfall is making a turn for the worst and if it keeps up America is going to find itself in another great depression.
Percentages of job loss are reaching large amounts and large numbers. According to the Bureau of Labor, in the past month the unemployment rate was at 9.7 percent. That number is rising mostly in the construction line of work because so many Americans work for the construction companies and when plans go wrong and projects don’t get built and or finished they start to lose jobs (“Employment”). They also say that the amount of unemployed people had reached around 14.9 million last month and those who were without a job who remained jobless for 27 weeks or higher was at 6.1 million. Also the number of people who work part time had increased from 8.3-8.8 million because so many workers have had their work hours cut and they still needed to make a decent sum of money (“Employment”).
The government is hard at work trying to create new laws and bills that will help get the American working man back on track. The Obama Administration had recently created a job bill or stimulus package that would end up helping 1.6 million Americans regain or keep their present jobs. One critic, however, felt that even though the stimulus bill helped many Americans get their old jobs back it would not be enough to put a good effect on the large amount of people in the country who would still be affected by job loss (Heires). This bill cost 787 million dollars so in reality it may have helped save a good amount of jobs, but it also created a possible bigger hole in the deficit of the American economy (Heires).
Americans are not only losing their jobs, but those who are lucky to even keep theirs are experiencing cuts on their hourly wages and even get reduced benefits. According to one source, twelve percent of American workers have had their wages cut already in the past six months and it will only decrease even further (Newport). Also, nine percent of American workers are experiencing benefit reduction which is a serious issue because then their companies are no longer providing a decent health care system which should be almost guaranteed (Newport). The loss of jobs is affecting more and more people in America to the extent that almost everyone knows someone else who was getting laid off from their job. They also say that, sixty-three percent of Americans know someone who has lost a job which is an extremely high...

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