StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Unemployment in The United States - Research Paper Example

Cite this document
Summary
Unemployment is one of the major social problems affecting many countries in the world, US being no exception. Unemployment, also referred to as joblessness, is a situation where people lack jobs yet are actively searching for work…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.8% of users find it useful
Unemployment in The United States
Read Text Preview

Extract of sample "Unemployment in The United States"

? Unemployment in the United s Unemployment in the United s Introduction Unemployment is one of the major social problems affecting many countries in the world, US being no exception. Unemployment, also referred to as joblessness, is a situation where people lack jobs yet are actively searching for work. The most affected, according to research, are the youths who find themselves idle for lack of jobs after completion of their studies. The rate of unemployment is a measure of the unemployment prevalence, which is calculated as a percentage by dividing the number of unemployed people by the total number of those in employment. Research shows that many countries experience high unemployment rates during recession periods. This kind of scenario was experienced in 2011, according to Yates (1994), who reveals that more than 200 million individuals across the globe found themselves out of employment because of dwindling economies. In spite of the fact that the US is one of the most developed countries in the world with a relatively stable economy, it has a considerable rate of unemployment among its citizens (Yates, 1994). This issue has not always gone well with the US citizens and politicians who use it as a tool to fight their opponents during political campaigns. The objective of this paper is to explore the problem of unemployment in the United States. Despite being the world’s superpower, there are so many people in the US who are unemployed. Wassel (2011) reveals that there are about 13.9 million American who are jobless. He notes that this figure only accounts for those looking for jobs. Wassel goes on to justify the magnitude by arguing that there are more people who are unemployed in the US than the total population of people in the state of Illinois, the fifth largest state in the country. In fact, he translates this unemployment rate to mean that if they were to be a country, then the unemployed in the US would be regarded as the 68th largest country in the world, which would be bigger than population of Portugal and Greece, which stands at 10.8 million. This high unemployment rates experienced in the US has mainly been blamed on the declining economic growth that has been experienced in the US following global financial crisis. Nevertheless, the US government have been struggling to come up with polices to help boost the economy so that many job opportunities can be created for the unemployed in the US. Indeed this has seen a decline in the unemployment rate since President Barack Obama introduced an economic stimulus package. It is also noted that historically since 1948 till 2012 the rate of unemployment in the US averaged 5.79% and at one time reached the unprecedented high of 10.80% in 1982, with a record low of 2.50% in May 1953. However, the most recent economic survey shows that the rate of unemployment in the US has been on the decline and stood at 8.10% in August 2012 down from 8.30% in July and 9.10% in the year 2011 according to the US economic survey 2012 (Yates, 1994). Data from the Bureau of Labor Statistics on August 2012 also shows varying rates of unemployment by states and districts in the US. The statistic shows that the state of Nevada leads the pack with an unemployment rate of 12.0% followed closely by the Rhode Island at 10.8, California 10.7, South Carolina 9.6., New Jersey 9.8 and North Carolina 9.6. The states with the lowest rates of unemployment are North Dakota 3.0%, Nebraska 4.0%, South Dakota 4.4% and Oklahoma 4.9 % (The Washington Post, 2012). Leading causes of unemployment in the US Several reasons have been singled out as the leading causes of unemployment in the US according to economists. One such is the fact that there are fewer job openings taking place in the US. Jacob (2011) notes that, after the recent financial crisis, a number of new job openings declined to below 3 million jobs compared to over 4.5 million new job openings which was the case before the financial crisis hit the US and the entire world. This meant that new graduates being produced on an annual basis in the US could not get jobs thereby leading to unemployment. Economists also argue that the unemployment rate being experienced in the US is attributed to lack of real growth. The economy of the US has gripped over the years, the worst being experienced during President George Bush’s reign. President Obama has been struggling to turn it around, but nothing much has been achieved. For instance, Jacob (2011) reveals that only 36,000 jobs were created in January 2012, a figure which was far below the economists’ projection of at least 150,000 new jobs to keep up with the ever increasing population. In fact, this has formed the main debate among politicians, especially from the republican candidate who is using this scenario to try and woo voters to his side. He argues that Obama administration has failed to revamp the economy so as to create new jobs for the many youths in the country who are languishing in poverty for lack of employment. Economists argue that China has a great impact on the unemployment witnessed in the US arguing that China is grabbing US jobs in masses. They argue that the policies adopted in the Chinese market, resulting in very low labor costs, have moved several businesses to China from the US, where labor costs is relatively high. This has seen very few businesses and companies being set up to create more jobs for the youths in the country. In addition, economists argue that the expending trade deficit is also eating up the economy of the country as so much money is channeled to the other parts of the world (Jacob, 2011). It is also pointed out that a majority of US companies are facing a lot of competition from international companies from such countries as Japan, China, India and Germany among others. As a result, it has become quite impossible for these companies to cope with the fierce competition resulting in financial problems. It is reported that these have forced many companies in the US to close down. The impact of company closure is that many people who had been previously employed are rendered jobless. Economists also argue that advancement in technology has played a major role in unemployment experienced in the US. They note that many companies in the US are automating their production facilities. This has seen many workers being replaced by machines thereby rendering many people jobless. It is projected that, as the technology advances, many people will be replaced by machines, a factor which will see the unemployment rate increase in the US unless action is taken (Jacob, 2011). It is also reported that some people in the US opt to remain jobless because they consider the minimum wage rate of $6.55 per hour far below what they can earn in case they were employed in other countries like in the Asian market. This has contributed a lot to the unemployment being witnessed in the US today (The Washington Post, 2012). In conclusion, it is evident that unemployment in the US is a major social problem. As such, stringent measures and better policies should be instituted by the government to help reduce the rates of unemployment, which can be done by ensuring that the economy is stabilized, reducing taxes on businesses and creating a conducive environment that promotes business in the country. This is because when people remain jobless, this will see majority of these people engaging in illegal acts such as crimes, which will only worsen the current state of economy of the country. References Jacob, J. (2011). Top five reasons for high unemployment in US: International Business Times. February 9. Retrieved from: http://www.ibtimes.com/articles/110575/20110209/us-jobs-unemployment-top-five-reasons.htm The Washington Post (2012). A brief history of U.S. unemployment. Retrieved from: http://www.washingtonpost.com/business Wassel, D. (2011). The United States of unemployment: The Wall Street Journal. August 19. Retrieved from: http://blogs.wsj.com/economics/2011/08/19/the-united-states-of-unemployment/ Yates, M. (1994). Longer hours, fewer jobs: Employment and unemployment in the United States. New York, NY: Monthly Review Press. Appendix1: Chart Showing US Unemployment Rate Courtesy of http://ycharts.com Appendix 2: Table showing States with unemployment rates significantly different from that of the United States, August 2012, seasonally adjusted Courtesy of http://www.bls.gov/ Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Unemployment in The United States Research Paper”, n.d.)
Retrieved de https://studentshare.org/sociology/1457317-unemployment-in-the-united-states
(Unemployment in The United States Research Paper)
https://studentshare.org/sociology/1457317-unemployment-in-the-united-states.
“Unemployment in The United States Research Paper”, n.d. https://studentshare.org/sociology/1457317-unemployment-in-the-united-states.
  • Cited: 0 times

CHECK THESE SAMPLES OF Unemployment in The United States

Social cost of unemployment in the United States of America

Social Cost of Unemployment in The United States of America Name: Tutor: Course: Institution: Date: Table of Contents Introduction 3 Unemployment and Drug abuse 4 Unemployment and Welfare Abuse 5 Unemployment and Racism 6 Organization Working to Reduce Social Problem 6 Conclusion 7 References 8 Social Cost of Unemployment in The United States of America Introduction There are substantial social costs imposed by unemployment to the United States of America; in fact, these costs are incurred at local or state levels....
4 Pages (1000 words) Essay

Sports and Entertainment Management

This paper portrays the current situation of Unemployment in The United States and the best way to handle the problem using various economic models.... The most affected countries by unemployment problem are the developing countries but the developed countries like the united states also face a significant aspect of unemployment as an economic problem.... A recent household survey indicated that the unemployment condition in the united has risen by 0....
3 Pages (750 words) Essay

Unemployment Problem Among Graduates

Moreover, in the run up to the last Presidential elections in the united states, the candidates were put to task on the social policies/ programs that they will implement to solve this problem, which has far-reaching detrimental consequences if it remains unresolved.... The root of this problem can be traced back to the economic recession that hit the united states in the period of 2008 to 2010, resulting into many job losses (Rushe, 2013).... However, it is of essence to note that this rate is still quite high considering that the average rate of unemployment in the U....
3 Pages (750 words) Essay

U.S. Adds a Modest 80,000 Jobs

Adds a Modest 80,000 Jobs” the author evaluates the news article published in the online edition of the New York Times, which elucidates the condition of Unemployment in The United States.... 9% unemployment rate: The rate of Unemployment in The United States has been hovering around the 9% mark for the most part of this year now.... Therefore, a stagnant workweek does not bode well for job growth in the united states.... government at the peak of recession to the diminished chances of Barack Obama being reelected as the President of the united states....
6 Pages (1500 words) Assignment

Technology and Jobs

This is a major factor which contributed to the rise in Unemployment in The United States.... ATMs: Why Technology Doesn't Destroy Jobs” by Russell Roberts is a very timely and interesting essay (1).... It discusses the two opposing views about the effect of technology on jobs....
1 Pages (250 words) Essay

Assignment 2: The Fiscal and Monetary Policy and Economic Fluctuations

With reference to the Inflation has steadily increased in the last 5 years in the united states.... The decrease in unemployment can be credited to both increase in gross exports and the increase in gross private domestic investment.... The Fiscal and Monetary Policy are two of the most used tools by governments all over the world to make sure that a country's economy does not take the wrong direction....
4 Pages (1000 words) Assignment

Supreme Court Winery Decision

The system reduced benefits since it boost Unemployment in The United States.... nbsp;… Although globalization has resulted in a change, in the political, social and economic situation of the country, increase in integration in the business environment has a detrimental impact on specific states.... In fact, if all states and countries could act and emulate the earlier ruling, then globalization together with its benefits could be a nightmare....
2 Pages (500 words) Essay

Have U.S. Import Prices Become Less Responsive to Changes in the Dollar

Therefore, this decreases the level of Unemployment in The United States.... Their exports may even increase and, therefore, the united states may be experiencing favorable terms of trade (Hellerstein, 2006).... Since the united states is one of the super-powers, their withdrawal from importing cars would be a massive blow to their suppliers and the rest of the markets.... If there were already enough items imported, then there would be no change in the number of other items imported and therefore the united states would be saving more money and having better terms of trade (Hellerstein, 2006)....
1 Pages (250 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us