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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
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“Losses Jobs During the Recession Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/english/1661828-losses-jobs-during-the-recession.
The research brief 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 defenses of, remoteness of damages, contributory negligence and volenti no fit inujuria may also apply to the possible claims.
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).
Many indicators of macroeconomics vary in an almost similar perspective and this includes the measurements of production which are investment spending, incomes of the households, employment, investment spending and business profits. During an economic recession all these indicators are at low levels.
It was therefore important for the domestic companies and multinationals which were badly affected, to look out for ways and means to recoup. The boom in information technology coupled with expanding internet solutions specially in the fast advancing countries like China and India, opened up avenues for outsourcing at a much lower wages.
Cost centres in companies come under immediate scrutiny, and foremost among these cost centres is the human resources development programmes. Seen as not directly income generating, training and skills development programmes
This pay cut has led to psychological and financial pain to employees but it is not evidenced that it has caused them to engage in wrongful illegal acts in their work place such as sabotage, violence, or even theft. The frustration caused by the joblessness
Negative economic growth can act as an indicator for a recession within a period of two or more consecutive quarters. The U.S experienced a recession during the 2008-09 global economic crises that occurred as a result of risky investment strategies. The U.S suffered a major setback and had to develop numerous economic policies.
Most declines have been trivial in the regional and national levels, with the exception of a few serious cases like the East Asian crisis of 1997 (Radelet and Sachs, 1998). It triggered short and long standing effects in nations,
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