The Financial Crisis Of New Jersey Essay

The Financial Crisis Of New Jersey Essay

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The 2008 financial crisis gave birth to one of the most significant economic periods in the history of the United States, The Great Recession. People coast to coast found themselves buried so deeply by financial ruin that foreclosing on homes, ditching costly health insurance, and filing for bankruptcy became the societal norm. The country had become a house-less and jobless nation in the blink of an eye. In less than a year, the national unemployment rate had nearly doubled and left economists painting a grim future. However despite these pessimistic predictions, the national unemployment rate began to steadily drop, and even reached numbers matching those of pre-recession. The state of New Jersey has always mimicked the nation’s rate or stayed just under, and Newark seemed to follow the same trend, that is until recently. Newark’s employment rate had a resurgence this year. Recession can’t be the blame any longer though, and therefore we must look at social components as a fault. Lack of education, voluntary unemployment, and the emergence of ex-offenders are causes independent of money, which affect the unemployment rate in Newark.
The City of Newark’s unemployment rate has been moving in the opposite direction when compared to the national rate. The country as a whole continues to see a decline in unemployment, while Newark numbers have started to climb. Throughout the years, unemployment has decreased as more jobs became available. As of June 2016, the nation overall has shown a low rate of unemployment of 5.4%. However, Newark in particular has had an increase in unemployment with the rate of 8.0% as of June 2016 while New Jersey had an unemployment rate of 4.9% (homefacts). The statistics show that Newark has major proble...


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...uate as soon as possible. There are even non-profit organizations that help our veterans receive assistance when they get out of the army. To illustrate, there is one organization called “GI Go Fund” which helps veterans get jobs, homes, cars and so on.
In my opinion, these programs are helpful and we should be very grateful for them. But, I believe we should push the youth to get their education. There will always be bad influences around them pressuring them to do badly, but there won’t always be someone there to point them in the right direction. There will always be those who need a little discipline to get the big picture.However, there won’t always be someone to accept them after they have been incarcerated. We need to come together and help each other move up in the world. Taking advantage of these programs now will only benefit you in the long run.





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