Unemployment Essay

1437 words - 6 pages

Reflection Paper: Unemployment
The article written by Nelson D. Schwartz titled Hiring Rises, but Number of Jobless stays High was very informative and interesting. After reading this article multiple times, it is clear that the unemployment rate in the United States in a major concern. Unemployment results to other issues including, overall spending, competitive work field, psychological issues, and forced overtime. In this article many issues and solutions are discussed, which help determine the future and conclusion of unemployment. By analyzing the graphs and statistics found in this article, I believe that unemployment will always exist, but it can and will improve.
The main issue ...view middle of the document...

If one who unemployed has to support a family, it could cause panic and desperate measures. One might use their retirement savings just to help them get through their monthly payments. Depression could even develop when one gives up on searching. “Moreover, even as people join the work force, millions of other Americans dropped out of it entirely in the last five years, having given up the search for work, and the question of just how many of them will ever return to full- or even part-time jobs is now being hotly debated in economic circles.”(Schwartz 1) Schwarts is explaining the negative effect unemployment has on people. Lastly, forced overtime is a factor cause by unemployment. Companies will try to hire the minimal amount of workers, resulting in extra work for the employed. Some workers will work overtime and majority will have extra work they are forced to complete. Schwarts states “For nonsupervisory manufacturing workers, the length of the typical workweek rose to 42 hours, tying a postwar high and setting the pace for a slight gain in the workweek for workers in every sector.” (Schwartz 3) In some ways increased hours are helpful due to increased paychecks. But, increased hours can also result in less productive work and unhappy employees. Overall unemployment affects everyone in ways you don’t even realize.
When reading this article I also focused on the economic analysis unemployment brings. From prior knowledge learned throughout this course, this article was easier to understand. In this article I focused on the unemployment rate and the three different ways you can measure it. The frictional, structural, and cyclical rates are all factors in the unemployment rate today. In the article I noticed people are struggling in all three. When observing GDP I noticed that unemployment is a major factor. Consumer spending is the largest factor in GDP. With unemployment comes less spending which results in a huge decrease in GDP. This article says that unemployment is getting better. Advanced researches say that if unemployment continually increases, we could have a stable economy by 2019. In order to have a stable economy we need to focus on technology, labor, and machinery. Unemployment affects everything in our society. If we can maintain a healthy unemployment rate while balancing the right amount of money, our economy could conclude in low inflation. Schwartz says if we keep the work force on track it will only encourage our economy in a positive way.
Unemployment is significant within our society, economy, and individual rights. Some of the main causes of unemployment are economic conditions, new technology, and an increase in population. In the United States economic conditions effect every employed worker. If a low amount of money is flowing in, then the company most likely can't afford to pay all of their employees. This results in unemployment as well as over working employees and even an decrease in income. When new...

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