In the Midst of Unemployment - Research Paper Example

President Barack Obama was proclaimed 2008’s Person of the Year by Time Magazine. This is clearly not without its proper and ubiquitous merit, for nobody else’s image floods the newsstands and the television these days more than his. The President stands for so much anticipatory shifts in today’s United States that everyone, detractors and supporters alike, cannot help but expect in awe what his next moves will be. Rising from slight obscurity to winning the Democratic nomination and finally to his election to the presidency of the country, Obama has gained the respect of millions (maybe even billions) for his integrity and contagious optimism.

‘High hopes’ may just be the most apt phrase to describe what everyone holds and expects for the newly-elected president of the land. He is faced to tackle a plethora of tribulations left behind by the previous administration and today’s grappling global economy. In the Midst of Unemployment The economic adversities being experienced in a widespread scale throughout marks a slump that gravely affects majority of the population. A report from the Labor Department stated that almost 600, 000 are left jobless last January which brings the unemployment rate to 7.6% from 7.2% within a month.

The banking problem which ties up a number of the housing market also poses another massive threat as they are projected to file losses between $1 trillion to $3 trillion (Andrews, 2009). Approximately 1.8 million jobs in the last three months were lost. But Karabell (2009) argues that this number, although alarming, cannot be regarded as a definite number and thus searching for a solution becomes even more difficult. This is a report based on surveys conducted through the telephone to 60,000 households and thru another means called “payroll surveys” of 400, 000 stated payrolls of businesses that were assessed.

Those without high school credentials in the age of 25 have a 12% chance of unemployment, 12.6% for African-Americans and 3.8% for those with a college diploma. It is reported that the highest increase of unemployment involves younger men with no bachelor’s degree. What this conveys, more than anything is the underlying factor that besides the staggering number of unemployment are the issues that affect it such as education, class and race (Karabell, 2009, p. 24). Stimulating Dialogue for the Stimulus Bill All these problems faced by the country compels for drastic actions to a swift overturn of the dreadful times American’s are now facing.

Obama in the throes of his campaign for the stimulus bill calls for the legislators to act swiftly in response to remedying the ailing U.S. economy. As expected, the Republicans convey their apprehension for the bill amounting to $789 billion. Bobby Jindal, a Republican Louisiana Governor for example, announced after Obama’s February 24 Presidential Address to Congress that he would decline the part of the stimulus package that would go to his state. Ironically, what he is refusing is a mere 2% of the entire budget (Klein, 2009).

The American Recovery and Reinvestment Act of 2009 aims to address the burning problem of unemployment. Focused mainly on a number of issues that requires necessary actions like finding alternative energy sources, education, infrastructures, tax cuts and attending to bad investments, the plan will be enacted in increments throughout the fiscal year with stipulations on a monthly basis (Newton-Small, 2009). Stimulus Plan = Jobs in Engineering “A bill to create jobs, restore economic growth, and strengthen Americas middle class through measures that modernize the nations infrastructure, enhance Americas energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need, and for other purposes (Ivanovich, 2009, from www.senate.gov).

” In his speech, Obama made mention of building infrastructures as part of the first phase of the stimulus plan to help create jobs. This is a means to patch up for joblessness. In essence, this translates to a positive outcome to those who are in the engineering industry. From engineers, to architects, to laborers and other workers concerned within this area. Those who are affiliated in engineering that concerns with the production of innovative materials are also in advantage. Products that are energy efficient, green buildings, alternative energy, etc.

will also benefit from this Act. A turn up of budget from the economic stimulus will transform into a revitalized fabrication in these areas of engineering. Projects funded by the bill will be slated to avail of products that are considerably green as cutting down energy cost is a major concern of the current administration (Ivanovich, 2009). Allotted are $30 billion worth of budget for research of smart grids and other measures for energy efficiency. This is to be administered by the Treasury Department.

Funding for energy conservation, storage and others may also be made available. While Clean Renewable Energy Bonds grabs $1.6 billion from the package for the development of renewable energy sources (Postelwait, 2009). All in all, what this indicates is a boost in job creation for the industry. It also provides for ample funding for the niche of research and production of alternative power that has been left for years in the shadows of combustible fuel. Scientists and engineers are sure to be ecstatic that they will be getting the financial support they need for furthering their research.

Buy American In an interesting article by Barrett Sheridan in Newsweek recounts a backlash that will surely happen as the stimulus plan is to be implemented. In his article, ‘Bailout Backfire’ (2009), he tells of how the ‘buy American’ policy adjacent in the bill will rebound to creating profit for European companies. The U.S. Congress would stipulate that commodities that are American made should be bought in favor of other international brands for constructions financed by the stimulus bill.

This matter particularly concerns steel, wherein, although produced and made in the United States, are owned by Europeans. Majority of steel mills in the U.S. are now foreign owned. About two-thirds of this industry is managed from abroad (Sheridan, 2009). Action Will Always Overrule Inaction Needless to say that there will be pessimism over an almost trillion dollar government spending. But this is what the time calls for. It may not be foolproof but it is definitely better than just sitting around waiting for things to blow over.

This will not happen and the crisis will just continue to burden the people to a point of destruction. We are yet to see the effectiveness of the American Recovery and Reinvestment Act but the hope that it promises may just be what the doctor ordered. Because ultimately, it is not over until the fat lady sings. And as he repeated time and again in his February 24 speech, ‘we are not quitters.’ Bibliography Ivanovich, M. (2009). Whats in the stimulus bill for engineers?. Retrieved January 26, 2009 from http://www.csemag.com/article/CA6637882.

html Karabell, Z. (2009, February 16). How bad is it, really?. Newsweek, 24. Klein, J. (2009). Obamas Speech: A Tonal Masterpiece. Retrieved January 22, 2009 from http://www.time.com/time/politics/article/0,8599,1881776,00.html?xid=rss-topstories. Newton-Small, J. (2009). The Latest on the Stimulus. Retrieved January 22, 2009 from http://swampland.blogs.time.com/2009/02/05/the-latest-on-the-stimulus-2/?iid=sphere-inline-bottom Postelwait, J. (2009). Stimulus bill includes billions for renewables .

Retrieved January 26, 2009 from http://pepei.pennnet.com/Articles/Article_Display.cfm?ARTICLE_ID=353525&p=6&dcmp=PENews Samuelson, R. J. (2009, February 16). The bailout isn’t a morality play. Newsweek, 19. Sheridan, B. (2009, February 16). Bailout backfire. Newsweek, 4.