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Impact of Unemployment on USA Economy - Essay Example

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Impact of Unemployment on USA Economy Introduction: Nowadays, emerging and emerged countries encounter sturdy economical crisis. These crises are persistently surging up debt, inflation rise up, rising foreign exchange, persistently rising up oil price and as a result industries’ profit graph is going in downward…
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Impact of Unemployment on USA Economy
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Download file to see previous pages Unemployment is root to cause the birth of other economical flaws. In this recession period, emerging and emerged countries plague with contemporary political, Economical, social and security concerned issues. A high potential unemployment rate affects symptoms of development of economy. Summary of Researched Articles According to an article in the economist (2012), USA hardly confronts unemployment challenges. The American President Barack Obama works day and night on generating jobs for jobless people of America. To some extent President of USA has succeeded in providing jobs to jobless in several sectors such as private organization, Public Sector, and local Government, and other manufacturing and services sectors. On the other side, Public Sector, and Local Government cut thousands of people of jobs. This cutting of Job impacts on budget of America, and ends up rising unnecessary load in expenditure of budget. The policy makers stride gradually to overcome this recession problem. America seems confident about recovering economical recession and move ahead with steady pace. Associated Press, The Wall Street Journal, (2012) states that in USA, the problems are not evicted, however, it is growing indeed. The unemployment applications are filling large population and hiring is too slow. This is putting load on unemployment benefit for jobless people. Unfortunately, large numbers of people are laid off from different areas of USA (New York, Washington, Texas, New Jersy, California and Pennsylvania) from several sectors like construction, manufacturing, Entertainment, Transport, Agriculture, Ware house and food service Industry. The dilemma is that for the large number of people laid off instantly, it is hard to provide all facilities from unemployment benefit. As a matter of fact that unemployment is reducing consumer demand, desire and needs. The fact to remember is that slowly and gradually, jobless people leave to demand of daily consumption goods because it has not enough money to pay these commodities. When such situation is occurred sales shows decline and production and manufacturing service industries may be unable to generate profit, enough to run the firm. So they put pressure on employees to increase efficiency and cut costs. If employees could not generate profit, they are laid off without any reason. If same situation is constant, the industries will not be able to sell and survive in a economically disabled state. People cannot invest and individual savings ratio declines. In short, whatever they save is being utilized in daily basic commodities. In the end diseconomy situation begins. Ben Casselman and Josh Mitchill (2012) state that the Sharp decline of unemployment rate of USA direct towards a positive flow in economic trends. But in adverse, Europe countries insulated USA economy, so they may create obstacles in growth of USA. At the end of 2011, USA generated 120000 jobs for people of USA, which indicates decline of unemployment of 0.4 per cent from 9.0 percent. These jobs generation reduced load of unemployed benefit. When this news spread, market spontaneously surged up and sales of Automobiles increased. The economy of USA is slowly improving but the Europe’s diseconomy impacts to other countries too. USA economy relies on other Countries like India, Japan, Europe and China. When any countries’ investment decreases, USA economy declines due to swap factor. The Europe ...Download file to see next pagesRead More
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