Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Losses jobs during the recession - Essay Example

Comments (0) Cite this document
The great recession of 2008 and onwards has had far much worse effects mostly to the Latino population. Some years back, the number of employed Latinos was more than those of…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.4% of users find it useful
Losses jobs during the recession
Read TextPreview

Extract of sample "Losses jobs during the recession"

Losses of jobs during the recession Recession is more great, broad and deep than it is usually imagined on the surface of our imaginations. The great recession of 2008 and onwards has had far much worse effects mostly to the Latino population. Some years back, the number of employed Latinos was more than those of the whites. The surprising thing is that today tables have turned there are more whites employees than Latinos (Leonhardt, 2009).
According to LEONHARDT (2009), 2008 recession is worse than the one witnessed in the 1990s and 1930s. It began from the Dakotas and it moving down to Texas. Daily there is rapid shedding of jobs. There is a very sharp fall of oil and crop prices. The most affected are the people who do not have a college degree. There is a fall in construction work, retail market in addition to hotel work. Home investors and home owners have suffered great losses that cannot be compared to the social security checks that renters and retirees depend on (Leonhardt, 2009).
El Centro city in California State has been adversely affected by the great depression as referred by others. About 22.5 % of its population has suffered from the cruel hand of unemployment. El Centro has not only suffered from the brutality of recession but also from drought. Housing problem has also joined the two troubles the state has.
House helps have not escaped the axe of unemployment. Many employers have opted to take their children who are very young to avoid having baby sitters. Those mothers that are no longer employed would rather do the house work than employ house maids.
All these developing trends due to the recession are resulting to inequality. The great depression crashed the stock market. This affected the wealthy and the middle class families greatly. Additionally, more people lost jobs and more are on the verge of losing top and well-paying jobs. For example, the study by Leonhardt (2009) reveals that the recession affected the Wall Street employees and so a large percentage of them lost their jobs.
In a bid reduce inequality, the Obama administration has taken a stem that franklin Roosevelt took during the 90s depression of increasing the taxes of the wealthy. Critics point out that increasing tax on the rich will only benefit one side, the poor. This step had enormous effects. The third key thing is very important because unlike during the great depression, students do not to leave school to work as labourers in different places. They will pursue education that will in turn help in curbing the loss of jobs during recess. As mentioned earlier in this paper, non-graduates were at a higher risk of losing jobs compared to those that had a four year college degree (Leonhardt, 2009).
Nothing will rescue the economy more than education. In the 1940s, the US economy was rescued by the workers who had remained in school. That is the same thing that needs to happen even now to cut on job losses during recess.

Work Cited
Leonhardt David. “Job Losses Show Breadth of Recession: Business Day.” New York Times. March 3, 2009: B1. Print. Read More
Cite this document
  • APA
  • MLA
(“Losses jobs during the recession Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved de
(Losses Jobs During the Recession Essay Example | Topics and Well Written Essays - 500 Words)
“Losses Jobs During the Recession Essay Example | Topics and Well Written Essays - 500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Losses jobs during the recession

Injuries and losses during the 2012 Olympics

... Cowbell, Cole and Walsh 9 January, Re: Olympic Games/London Opinion The case brief reveals that a number of arrivals as the training facilities and the site of the Olympics in anticipation of the 2012 Olympics have culminated in numerous injuries and losses. The case brief also reveals that there are a number of possible claims under the ambit of occupiers’ liability together with damages under the egg shell skull rule and for nervous shock. Possible defences of, remoteness of damanges, contributory negligence and non volenti fit injuria may also apply to the possible claims.1 Each of the possible claims and corresponding defences are discussed in greater detail below. Occupiers’ Liability Since the Olympic site has been opened...
10 Pages(2500 words)Essay

UK economy during 2008 recession

... Explain what UK government has done during 2008 recession using monetary and fiscal policy. The UK came into recession after hike in international oil prices that adversely affected UK’s trade bill and resulted in subsequent increase in energy prices within UK. The rapid increase in production costs due to higher costs of doing business resulted in inflation; thereby reducing consumer purchasing power and real incomes. For instance, the consumers sharply cut down their spending amid low real incomes, which led to negative GDP growth, aggregate consumption, production and saving (BBC Article, 2008). It is worth mentioning that decline in consumption has direct adverse impacts upon production, which then leads to closure of businesses...
4 Pages(1000 words)Essay

Strategic Management for FMCG Market During Recession

...? FMCGs is a market that is very competitive. The consumers driven by trust stick to a particular product until their trust is broken by anyadverse news. During recession, this loyalty will sustain the sale and movement of FMCG products up to a certain degree when the FMCG cost cannot be afforded by the consumers anymore. This phenomenon has been proven by statistics and where it has been proven that consumers tend to migrate towards lower priced products in order to get by. However, this is a foot in the door situation and should be avoided by FMCG manufacturers since consumer may eventually gravitate towards the lower cost product or even stay with them after the recession. FMCG manufacturers cannot simply lower its prices...
60 Pages(15000 words)Dissertation

Effects of Economic Recession on American Jobs

This was the most severe form of economic recession that US had experienced in decades. A vast majority of industries in US were affected by this economic recession. US could not find any way to escape the economic recession when the whole world had actually completely soaked in it. The circumstances took a fortunate turn in the last three months of 2009, and the economy began to grow and become strong, though the graph soon took a downward turn specifically in the later half of 2010 when the growth of GDP in US fell to 2 per cent. “The federal stimulus money that has added at least 1% but likely 2% or more to the GDP growth will be winding down and that could put at least as much of a drag on the economy as the boost it gave” (H...
6 Pages(1500 words)Research Paper

Leadership in organisations during post-recession period

...? Leadership in organisations during post-recession period Introduction Two years after the global economic crisis, after showing intermittent signs of irregular and weak recovery, the world economy is facing the possibility of another major economic downturn (UN, 2011). Observations revealed that in 2011 output growth had significantly decreased, especially in developed nations, while experts have predicted a continued weak and irregular growth, during 2012- 2013. The three major impacts of the 2008-09 economic crises are: The creation of a severe credit crunch: various financial organisations, like banks are facing severe liquidity issues, hence turning averse to taking risks (Lowth, Prowle, and Zhang, 2010); Owing to economic...
6 Pages(1500 words)Essay

Tax Revenue During Recession

...Questions 1. What happens to tax revenue and transfer payments during a recession under existing law? Ans) During a recession, tax collections are reduced and unemployment benefits are increased, which automatically stabilize the economy and this practice is being exercised for the last sixty years and this is the reason that no severe recession has been observed. 2. Is the author correct in arguing that the requirement of an annually balanced budget would tend to destabilize the economy? Explain. Ans) Yes, the author is correct in arguing that the requirement of an annually balanced budget would tend to destabilize the economy because according to the new amendment tax revenue will be increased in time of recession to restore...
2 Pages(500 words)Assignment

Training during global recession

... jobs. It thus identified in its 2009 research two underlying causes of the skills gap: (1) “jobs are changing to require more knowledge work, more teamwork, and more use of technology (2) “educational attainment has fallen behind the nation’s need for skills” (Galagan, 2009). Competitive opportunities created Nic Read, president of international consulting firm SalesLabs, is a strong believer in skills training particularly during a recession. He argues that any recession will eventually lead to a recovery, and there will be industries that are likely to emerge from the recession ahead of the others. Growth opportunities are created during a recession, and several companies will be identifying new directions and adopting new processes...
10 Pages(2500 words)Essay

Unemployment during the Great Recession

... Unemployment during the Great Recession The recession that has been recently experienced by the US has a negative impact on the financial, social and psychological side of every US citizen. The main area where the recession has caused very heavy damage is the area of employment. Although, during this period, organizations have gained heavy profits but they have to provide good quality jobs to the citizens of the US. The job market scenario since the start of the recession is such that there is little to zero job security, the pay rates and the conditions for working are its worse. According to the Iowa Policy Project, out of the total US workforce of 2005, 26% of these workers are on jobs that are low in standard than a normal job...
2 Pages(500 words)Assignment

Undertake Investments During Recession

.... Millions of workers lose jobs while the media spread inaccurate information regarding economic recovery issues. It is paramount for an investor to consider financial education so as to understand the performance of financial markets. Developing and marketing personal brands is another critical area that needs consideration. Taking advantage of a recession to invest does not imply that success can be achieved. The investor must make the right decisions while considering the product, price, place, and promotion. For instance, the investor should undertake intensive product promotion during the recession. Creating awareness enhances increased sales as the economy recovers (Bivens 1). Developing a financial plan helps the investor to make...
2 Pages(500 words)Essay

Effects of Economic Recession on American Jobs

... years in the future, unemployment will sustain in US. Further training and education is the only viable solution for a lot of Americans that are suffering from the effects of economic recession, and are currently unemployed. The harsh reality is that every year that an individual loses job, it is essentially a loss of productivity of a man-year or a woman-year to the economy of US. Waiting to regain the lost job is not a wise option to go for. More jobs can be freed up by causing the baby boomers to withdraw. By the year 2020, the world will experience great shortages of labor as a result of the demographics of baby boomers. “The Great 2007–2009 Recession was the worst economic downturn since the Great Depression.” (Hughes and Seneca 1...
6 Pages(1500 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Losses jobs during the recession for FREE!

Contact Us