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Economics: Unemployment - Essay Example

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This is despite their vigorous search for a job. It is worth noting that unemployment figures do not capture the numbers of the people who display…
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Economics: Unemployment
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Download file to see previous pages The recent numbers of the unemployment in February reveal that the unemployment rate is at 8.3%. This means that there are many people in United States seeking for jobs. However, the opportunities are very limited in the labor market. This is an indication that the nation is still grappling with the effects of economic recession. Despite the efforts of Federal government to intervene through purchase of treasury bonds the U.S economy has not fully recovered (Glanville and Glanville 223).
There are dire consequences of lack of employment to the citizens of United States. To start with, it is a source of stress and ill-health to many. With no income, the citizens are cannot afford the basic health care. This means that their health is compromised and small diseases infection can result to serious complications. Second, unemployment destabilizes the living standards of families and entire society. The impacts of this may lead to extreme consequences within the families. For instance, unemployment leads to homelessness, misunderstanding, divorce, and indebtedness. When the negative outcomes persist they spill over to the society. This increases crime, widens the gap of inequality, and destruction of properties in the affected regions. Third, unemployment exerts a negative pressure on the economy of United States. This is because with limited or no individual income there is reduction in personal spending. This in turn implies that the person will not contribute handsomely to the tax kit (Glanville and Glanville 235). The overall result is a fall in government revenue collections. The government will therefore strain to offset the deficit to cater for her health programs and other services priority.
There are three examples that economists believe are the main causes of unemployment. These include frictional, structural, and cyclical unemployment. Frictional unemployment is associated with the amount of time that the employers spend to get ...Download file to see next pagesRead More
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