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Unemployment in the U.S - Essay Example

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There are three ingredients to the economic costs of unemployment, namely loss in production of goods and services, financial costs to the government, and loss of investment made on the human asset. The current state of unemployment is such that were we to rake into account part-time employees, who would like to work full-time, then one in six of the employee workforce in the U.S. is either unemployed or under employed, meaning that almost the production and goods or services is reduced by almost one sixth of the capacity (El-Erian, 2011).There are three ingredients to the economic costs of unemployment, namely loss in production of goods and services, financial costs to the government, and loss of investment made on the human asset. The current state of unemployment is such that were we to rake into account part-time employees, who would like to work full-time, then one in six of the employee workforce in the U.S. is either unemployed or under employed, meaning that almost the production and goods or services is reduced by almost one sixth of the capacity (El-Erian, 2011). In addition, with hardly any or no earnings government tax earnings from the unemployed workforce dwindles to almost nothing and welfare costs mount on the other side causing increase in government expenditure in support of the unemployed, which will have to come from borrowings (Homan, 2011).

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There are three ingredients to the economic costs of unemployment, namely loss in production of goods and services, financial costs to the government, and loss of investment made on the human asset…
Unemployment in the U.S
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