The Most Important Economic Issue Facing the United States Today - Essay Example

 It has been estimated that there have been about 6.9 million job cuts since the beginning of 2008 and the unemployment rate has been soaring ever since. According to surveys, the unemployment rate for the month of August was about 9.7%, which is 0.3% higher than that of July. While economists explain that the increased figure correlates to the difficulty teenagers had faced in procuring jobs this summer, a widespread job loss is still being anticipated even in sectors that are showing promising growth such as manufacturing and construction.

This has resulted in many people saving more of what they earn and spending less thus resulting in lesser growth rate. A good stimulus package from the government would help the people to get over the recession period. In addition, employment either on a part-time basis or temporary basis would also help the economy. Surveys have noted that people are opting for a lesser pay-package to boost their family’s income and to reduce debt rather than remaining unemployed. During the recovery phase, a better salary package could be provided.

Thus it is vital for people to remain employed to help them during this time of recession. Meanwhile, it is up to the government to spend wisely and release the stimulus packages to slow down the recession and boost the economy.