Unemployment rate in the United States has fluctuated between nine and ten percent for well over two years now ("Labor Force Statistics"). That rate is more than double what it was a mere ten years ago, putting millions more Americans on the unemployment compensation rolls. More alarming than the numbers is the general feeling of pessimism that has enveloped the country as the population wonders when the economy might turn around. To most of the unemployed there appears to be no end in sight. Many of these unemployed are not even receiving any unemployment compensation from the government. At the end of March 2011, only 5.8 million of the estimated 13.2 million unemployed were collecting unemployment insurance (Hagenbaugh).
Of course these statistics were key components of the 2008 election won by Barack Obama. All candidates realized the importance of the economy in the election and each drew up a plan to deal with it. Obama's idea that the government should provide the necessary economic stimulus was assailed as a "big government approach" to a problem that many felt should be allowed to play out naturally. However, the implosion of the housing market and the revelation of subprime lending issues, forced many of these dissenters to admit strong government intervention was indeed necessary.
Obama pushed for his economic plan consisted of several different components, which were all designed to spur economic activity and private sector hiring. The first part of his plan was one he felt would be embraced...
Unemployment Lynn MA Case Proposal In the U.S. unemployment has hit record highs. Unemployment of large segments of the working population, with rates as high as 9.5% in the general working population and 18% among young people affect everyone as these individuals are stagnating and struggling to provide for themselves and their families. (Fried, Revell, Rosato, Yahalom, Poppick, & Swiatek 76) The current recession has created consumer restraint as more and
Unemployment Rate The Disparity in the Unemployment Rate in the United States A recent article in the Sun Journal by Margaret Fisher (2012) has raised some serious questions as to the true state of the economy. While statistics from the department of labor assert the unemployment rate has dropped, giving the impression that the economy is in a recovery mode, Fisher maintains that this is misleading due to the fact that many
USA Business Cycle This report will focus on the business cycle of a country of the author's choice, that being the United States of America. The author chose that country because it is one of the most scrutinized and analyzed countries in the world and the data for it is readily available. More than a dozen metrics will be looked at for this report. In order, they will be real gross
Cuts in defensive spending, minor reductions to social security and the aforementioned tax measures will significantly improve the economy, whereas some of the options the U.S. has pursued in recent times are doing the opposite, as the following quotation implies. Washington is likely to make across-the-board cuts in discretionary spending, where there is much less money and considerably less waste…but reducing funds for things like education, scientific research, air-traffic control,
US Economy Hypothetical Economic Scenarios: response to five proposed fluctuations in the U.S. Economy, As viewed through a Keynesian Lens Overview of Keynesian Theory and the Current U.S. Economic Situation: Even Keynes' critics call him the greatest and most influential economist of the 20th century. For this reason, he is known as 'the father of modern economics.'" ("Keynesian Economics, an Overview," The Great Depression Homepage, 2003) Keynes has been credited for the generally high employment
With a lower interest rate, that incentive no longer exists and this is usually an instrument by which private entities can be driven out of saving and into investing into new business on the market. Obviously, such an action usually creates the appropriate momentum for economic development, creating jobs, increasing governmental revenues through revenues from taxation and helping the country out of the economic recession. In terms of fiscal policies, the
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