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No More Jobs

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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...

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... jobs. Ronald Reagan once said that the best "social program is a job." That type of "social program" provides revenue to the government in the form of taxation, rather than consumes money when people are on the dole. The government should get out of the way and let the job creating economic engine roar.

Works Cited

Abraham, K.G. and R. Shimmer, 2001, ―Changes in Unemployment Duration and Labor Force Attachment,‖ NBER Working Paper No. 8513, National Bureau of Economic Research.

Estevão, M. and N. Barrera, 2008, ―House Prices and Regional Cycles in the United States,‖ United States: Selected Issues, IMF Country Report No. 08/256, Washington, DC: International Monetary Fund.

Sullivan, D. and T. Von Wachter, 2009, ‖Job Displacement and Mortality: An Analysis Using Administrative Data,‖ Quarterly Journal of Economics, Vol. 124, pp. 1265– 1306.