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This means that these individuals are working in low paying freelance, contractual and part time jobs and out of these individuals who constitute the 26%, 27% of the employees were only working with a retirement plan and 39% were working with a health insurance. According to Allan S. Blinder, an economist at the Princeton University stated that in the next two decades, the US employers are going to outsource and about 22% to 29% of the US jobs will be available to offshore employees. The statistics of the US Bureau of Labour Statistics show that during 1979 to 2000, the number of temporary workers working within the US rocketed up from around 0.4 million to 3.9 million which is an eye opening increase of 760 percent and during 2000, the total percentage of the workforce of the US working as temporary/part-time workers was 2%. The condition of the US work force is such that they are constantly working day and night since they are being paid in accordance to piece rate or an equal system. They do not have time to take part in social life and they even have to ignore their recreational side. This is because they know that the job market is in such a bad position that if they seem to produce less even as freelance or part-time workers, they will end up losing their jobs. During 20009 the government of the US increased the minimum wage of employees to $7.25 but this increase is on lower than the minimum wage paid 30 years down the road in context of real value. Another major concern is the pay accordance to education, those who were earning minimum wages during 1979 at least had a high school degree this constituted a total of 57.5% of the total workforce of 1979 (Economic Policy Institute 2012). During 2008, the number of people of the workforce who had a high school degree has increased to 71.9% but the minimum wage rate has
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The country has been facing hurdles to eradicate the issue of unemployment due to recession that has occurred very recently. The concept of recession came into being due to the Great Depression that took place in the USA in the year 1929. To overcome the problem of Great Depression, the country took a substantial amount of time to get out of it.
However the magnitude of its financial impact was nowhere as devastating as that of the ‘Great Depression’ during 1929-1933. This article evaluates both the economic downturns and assesses how the lessons learned during the former downturn helped the Federal policy makers to soothe the economic condition during the latter.
The world financial crisis and recession aftermath. The world financial crisis and recession have had such an enormous impact in the global financial system. The onset of the financial crisis was precipitated by the eruption of the subprime mortgage crisis.
The measure of trend of these periodic fluctuations is measured in terms of the levels of employment and production. When the measure indicates a down trend, then it is referred to as recession. This downward trend causes a decline in the spending of households.
In this regard the paper presents an overview of the unemployment situation in the country and discusses the causes and effects of unemployment on the economic development of the country. Furthermore, the paper also describes some possible ways that can help the country in reducing the unemployment rate.
The paper further defines global repositioning. It identifies and researches on relevant subject areas such as the impact f globalization. It critically addresses specific dilemmas or issues that face the international manager. It illustrates the analysis with reference to appropriate models and theories as well as country or company examples drawn from course materials or other forms.
However, people did not realize that anything economically devastating was about to happen. People had been spending a lot more in recent years and cash and credit began to dwindle. Soon employers had to begin laying off workers and a clear recession had
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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