Essay 1 My first essay is going to be about unemployment, unemployment rates and how it affects it affects wages. Unemployment is defined as by the U.S. Bureau of Labor Statistics as “people who are jobless, actively seeking work, and available to take a job.” This means that if you are not looking for a job or you are not attempting to find one then you are not a part of the labor force. In the labor force you are either unemployed or employed or even discouraged. Unemployment rate is important today because it shows which way the economy is moving like is it moving down the graph or is it moving up. When the line is moving down the graph it means that the unemployment rate is dropping. When it is moving up the graph it shows that the unemployment rate is increasing meaning more people will lose their job. To find the unemployment rate all you have to do is divide the number of unemployed over the entire labor force, so to get the labor force you add the unemployed and the employed. If you are a discouraged worker it means that you don’t have a job because you are not finding one even though you are able to work if you try to. Sometimes if you are discouraged it means that you were unemployed and you couldn’t find a job and now you gave up trying to find one. There is an article in CNBC where they were saying that the unemployment dropped down to 5%. Also they are saying this is the lowest it has dropped in like 7 years. With this in mind I think that it will be harder to
Since the early 2000’s the unemployment rates of the United States have been constantly changing. For most of this time unemployment rates were increasing at a quick pace as the country was dealing with internal financial issues of its own. When people are out of work the rates of depression and crime seem to skyrocket. This is due to the lack of funds coming into a home which result in some less than admirable acts being committed. There are many causes of unemployment and many effects that unemployment can have on not only our economy, but our personal lives as well.
The unemployment rate has dramatically increased over the last several months. This increase has created many complications for the American people. Although the United States economy has created over 7 million jobs, there is still a long way to go until the economy is back on track.
One of the downfalls resulting from the Great Recession is the unemployment rate. Approximately 14 million Americans remained unemployed and about half of them were unemployed for over six months. Of that 14 million, 11.3 million of them were barely working, and if they were employed it was mainly part time jobs. Some felt that it would take over a decade to get unemployment rates back to 5%. With unemployment rates raising it also can affect the education of our nation and the future of our nation. The children's education is affected because a lot of them are switching schools and districts due to their unstable conditions at home. More and more parents are out of jobs which makes it hard for them to support their children financially in
Unemployment in the United States fell to 8.1% from 8.3% in July. U.S. employers are said to have added 96,000 jobs in July (KSL News, Sept) . According to reports from the department of workforce services the
Moreover, the current level is well above the 5 percent rate that economists consider closer to full employment. At the current rate of job creation, unemployment would fall to 6.4 percent by the end of 2014, and still be around 5.7 percent in late 2015.
Many fast food workers and minimum wage employees have been protesting recently, in hopes of increasing the federal minimum wage. States such as Seattle, that have already increased the minimum wage to $15 per hour, and California, that has approved a bill that will change the minimum wage to $13 per hour in 2017, have already jumped on board with the movement. President Obama and many other protesters around the country who are fighting for the increase in the minimum wage believe that the raise will decrease poverty among Americans and provide a stable income to support a family, or serve as a livable wage (Lee). Instead of creating a positive impact on those in need, increasing the minimum wage will affect the lives of lower-income, lower-skilled workers in a negative way. According to conventional economic analysis, employment levels for lower-income workers in jobs such as fast food, or any job that pays minimum wage, have steadily decreased with the rises in the wage (“Effects of Raising”). While it will negatively affect the lower-income workers, the other half of Americans who work for higher wages and are not in poverty, will have increased incomes (“Effects of Raising”). Raising the wage will not produce the desired outcome and will consequently make the situation worse. Also, these types of jobs are not meant to be supporting families or be a livable wage. These jobs are stepping stones for teens and young adult workers to gain
Unemployment Issues in the United States Unemployment is one top issue that our government faces on a daily basis. Many people are being unemployed as we speak. Even though the government is trying to take a lead on this major issue, the rate of unemployment is just too high. Why I feel strongly about this issue is because many of us continue to search for jobs daily and still no reply. There are many reasons behind being unemployed and those reasons are little issues that the governor himself can fix within a year or so. We are still jobless, the minimum wage is too low and most of the jobs that pay well always ask if one Spanish.
The relationship between inflation and unemployment is a topic, which has been debated by economists for decades. It is this debate that has made the opinions about it evolve. In this essay, the controversial topic will be discussed by viewing different economists’ opinions on that according to time sequencing.
The U.S. Unemployment rate is at a low, that’s good. The amount of jobs that are being gotten by all the unemployed people is phenomenal. There are more jobs nowadays then there was back in 2010-2015 is basically what it means. More people are working, which means better economy, which also means less homeless people. But there is a downside to this. There are people who are going to get jobs they don’t quite deserve. Some homeless druggies can get a job and then end up just buying more drugs. Which will increase the amount of drugs our country intakes.
Our current tax system is outrageously unjust. Most working people pay too much in taxes compared to corporations, multi-millionaires, and billionaires. Many of our biggest and most profitable corporations pay little or no tax. Most investment income is taxed at less than the rate of workers. Income disparities have become so pronounced that America's top 10 percent now averages nearly nine times as much income as the bottom 90 percent. Wages in the United States have been stagnating for more than three decades. Typical American workers and the nation's lowest wage workers have seen little or no growth in their real weekly wages. Since the mid-1980’s there has been an enormous transfer of wealth from the middle class and the poor to the wealthiest
Employment is a common topic with a widely studied done by economists. In recent years, minimum wage went up several times just as it did back in the early 2000s. Theoretically, raising the minimum wage would results in an increased in unemployment. According to the minimum wage theory, this notion affected the low-skilled workers while the high-skilled remain unaffected. Higher minimum wage tend to help workers make ends meet and acquire basic needs to maintain a proper life style. For example, this included the rents, the utility bills, the food expenses, and the medical fees. As for employment, this can be observed monthly or annually to see the trending in the number people participate in the labor force. Using both variables, this paper
A minimum wage not only shuts out younger, unskilled workers from existing jobs, but also lowers new job creation and is a factor in job destruction. Research has shown that a minimum wage has a significant effect on unemployment, regardless of industry (Clain, 2015). The higher the wage, the less likely a business, especially a small business, will be able to hire new employees. The lack of job creation and increase in automation has become evident even in some larger businesses. A number of restaurants, including Applebee’s, have moved to automated order takers and payment options where there is no need for human interaction (Heriot, 2015). As the minimum wage continues to increase, so, too, will automation.
Written by Paul Krugman and Robin Wells, Macroeconomics states, “In general, the unemployment rate is a good indicator of how easy or difficult it is to find a job given the current state of the economy” (Krugman and Wells 219). A New York Times article, Strong Unemployment News Bolsters Case for Fed to Raise Rates written by Reuters, talks about how unemployment rate benefits are holding steady with a steady labor market and how job openings are rising, which is encouraging the Federal Reserve to higher interest rates. As explained in Macroeconomics, by Krugman and Wells interest rates refer to, “The price, calculated as a percentage of the amount borrowed , that lenders charge borrowers the use of their savings for one year” (Krugman
In any economy, no matter whether it is controlled by the government or by free markets, people need to work in order to support it. The government does not generate tax revenue by magic. There have to be people in that economy earning an income to ensure that the government continues to collect taxes. In a free market economy, the same applies because there are some services which only an organized government can supply (such as protection from extra-national threats), but there also those which the people get for themselves because of the working of the markets. In any scenario, unemployment is, at the very least, a drag on the economy, and it can be much worse. This paper examines how the unemployment rate in the United States is underreported, and how that fact effects the sluggishness of the present economy.
Money is essential to any individual looking to have a decent lifestyle; labor is the avenue through which this is acquired. The economy goes through various fluctuations in activity causing unemployment to fall, rise, or level out. What this creates is the first type of unemployment, known as cyclical; frictional is the second type, caused by a temporary leave (for whatever reason) by the employee, and structural is the third type, varying with the economic changes in demand. The absence of unemployment at its maximum level is termed full employment, another version of unemployment. The term encompassing the sum of the frictional, structural, and, yet another type of unemployment, surplus unemployment is that of the natural rate of