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Unemployment during the Great Recession - Assignment Example

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The main area where the recession has caused very heavy damage is the area of employment. Although, during this period,…
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Unemployment during the Great Recession
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Unemployment during the Great Recession

Download file to see previous pages... 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 ...Download file to see next pagesRead More
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