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Unemployment in The United States - Research Paper Example

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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…
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Unemployment in The United States
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Unemployment in The United States

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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. 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 ...Download file to see next pagesRead More
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