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Unemployment in America - Research Paper Example

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While the American economic recession in totality has long been on the forefront of public consciousness, even more prominent is the daily impact of the country’s still staggeringly high levels of unemployment…
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Unemployment in America
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The analysis then is extended to examine a variety of macroeconomic concerns that have been argued to contribute to unemployment. In these regards, the research argues that Federal spending and the increasing National Debt are major areas of concern regarding investment that could contribute to improved unemployment. It then demonstrates that the very nature of the American political and economic sectors contain significant structural elements that are contributing to the country’s high and rising unemployment rate. Background After the Great Depression, the United States experienced unprecedented economic growth and progress almost until the end of the XX century. During the early years of the XXI century, this growth continued in sometimes staggering proportions with house prices steadily rising and Americans enjoying sizeable employment success. In 2008, this stopped. With the sub-prime mortgage crisis leading the charge, America and, eventually, the world economy experienced perhaps the greatest economic collapse since the Great Depression. American unemployment rose to staggering rates, leaving citizens and politicians equally perplexed about the future. Even as some progress has been made in staving off the tide of unemployment, including lackluster reform policies, in great part the American economy is still experiencing a large number of problems, most prominently in terms of employment.

One of the overarching considerations in regards to unemployment in America is the unemployment rate. The unemployment rate, as the name indicates, is a statistical measure established by the United States government; it indicates the amount of Americans that are currently unemployed. The American unemployment rate over the last decade demonstrates a number of trends, some of them highly problematic. Unemployment Rate 2002-2007 While the unemployment rate was at a slightly high but manageable 5% at the beginning of the ten-year period, it lowered significantly through 2007 (Hupp 12). While the exact causes of this lowered rate are complex and multi-varied, a reasonable assumption can be made that the infusion of capital into the American economy coupled with technological innovation that placed the United States at the forefront of development greatly contributed to these shifting trends. Still, perhaps more problematic is the recognition that this declining unemployment rate – nearly reaching 4% in 2007 – is greatly contrasted with the startling spike caused by the 2008 recession (Hupp 12). Unemployment 2007-2009 The spike in the unemployment rate during 2007-2009 demands specific consideration be given to the juxtaposition of these rates and the potential causes of the Great Recession. This research argues that the declining unemployment rate between 2003 and 2007 is at least partly attributable to a bubble economy that was brought on by inflated home prices. The eventual mortgage crisis that would lead to the recessionary period and spike in unemployment was at least partially caused by a correction in the true value and production of the American economy. The Economist points out that even when the economy begins to recover certain job sectors may never see pre-recession employment figures. It argues that: “The past decade’s jobs in retail and in entertainment were largely supported by household borrowing. Not only is a new wave of borrowing unlikely to develop after the ...Download file to see next pagesRead More
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