History repeats itself and USA is a good example of this. Since the Great depression, US experienced highest rate of unemployment in 1982 at 9.7 percent. Even though, this rate has not been recorded in another year since then, in 2008 the rate closely hit 8.1 percent. Currently the unemployment rate of US is approximated at around 8.6 percent by November 2011, a drop of 0.4 percentage point. Nonfarm payroll employment in US rose by 120, 000 (US Bureau of Labor Statistics). Regardless of this situation, the rate of employment has continued to pick in retail trading leisure activities, hospitality industries, health care and professional, and business services with government employment continuing to trend downward (Schmitt, & Dean, 2009).
When unemployment rates are compared between 1982 and 2008, the population in 1982 was much younger than in 2008. The median age of the labor force in 2008 was at 42 years compared to 35 in 1982. Younger workers have less responsibility because they have fewer dependants; less financial commitment can endure periods of unemployment and can switch between jobs as opposed to the old populations. Therefore, younger population has a higher unemployment rate than older populations as low unemployment rate is expected with higher older population.
Unemployment rate in US from April through October stagnated at around 9.0 to 9.2 percent. The number of those people unemployed was at 13.3 million but reduced by 594,000 in November. Labour force compromising the sum of employed and unemployed reduced little more than half the number of unemployed (Bureau of Labour Statistics).
Economic recession in US has had negative effects on the economy of US as many of its employees have lost jobs. This situation is causing worry among many of the US students who are pursuing their educations. They are worried of finding a job upon their completion of their studies, a situation that has been aggravated by the economic recession. Currently, the country is facing a big challenge in trying to stabilize its economy and in reducing the rate of unemployment, which is unstable and feared to increase in 1212.
Despite all these challenges, US has got hope in its economy that it will regain its momentum and go back to its earlier position. Polices are being put in place to counter these challenges. Obama administrations is doing all it can to recover the economy from its recession. I am therefore optimistic that the future of America is going to be bright. For instance, proposals to embark on green industry are raising optimism and confidence that indeed a prosperous future is coming. This proposal if adapted will see the economy embark on use of green energy in its industries and locomotives hence reducing the costs associated with burning of fossil fuels, which emit dangerous gases in the atmospheres. Green gases are clean gases and they include solar and wind power.
In line with such initiatives, they will revive the hope of many and history will be written on the actions that US will undertake in conserving environment. This action will reduce the effect of global warming, which contributes to climate change; it will also bring the debate on issues of economic /global recession to an end. US will be an icon, a country not to be viewed as a global superpower but a country, which cherish and values human survival, a moral superpower.
In five to ten coming years, unemployment will be a history as people and graduates will be able to secure their employment upon their studies completion. The standards of living will improve with every household being able to afford a decent lifestyle with all the necessary basic needs.
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