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Losses jobs during the recession - Essay Example

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Summary
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…
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Losses jobs during the recession

Download file to see previous pages... 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 ...Download file to see next pagesRead More
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