The Great Recession and The Unemployment Rate

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Work is important to most of our lives , that enables us to get by in the world, but also itr’s the key to now we define ourselves and to our sense of self-worth. At the end of the Great Recession, the unemployment rate peaked at 10.0 percent (in October 2009) which has significantly increased before the Recession. Youth unemployment has became a long term problem in the U.S.

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An increase of youth joblessness slows down the speed of U.S economic recovery, although the Great Recession affected national economic around the world, which has already has been 9-10 years. So we have to think about is it the government not doing well in unemployment problem which has affected to economic globally or is it individualr’s problem.

There were several factors that caused the Great Recession, the housing market was a large part, Several factors conspired to cause the problem. A push for the maximum number of people to own a house has been policy objective off the government. There were many companies and banks willing to give home loans that were not concern about whether or not the loan applicant had the ability to ever pay back the loan. Also, at that time which was during the Great Recession, housing prices skyrocketed, banks approved loans with lower credit scores, incomes and savings. Incomes simply were not enough to afford a high cost of housing. Hence, people saved less money and were less prepared for unemployment and costly life events along with financial party going as home prices continue to skyrocket. As for individual, people were selfish in a way, by trying to live beyond their means- using credits/loans/mortgages, and sometimes, violating regulations in the process along with a significantly increase in prices at everything. Since, everything from housing prices to necessary things in life such as oil/ gas prices rise, people spend more money and more money, more than what they used to spend, they are without any consciousness reducing the money available for them to be spent on actual reproductive day.

The Great Recession has provoked many business to slow down since 2008; as a result many people have lost their jobs and became unemployed. Because of that, the unemployment has been a particular concern within both government and private sectors for many years. On the authority of The U.S Bureau Of Labor Statistic, the employment rate of young adults has decreased as it did in all other groups, during the recession. According to The Recession 2007-2009, the percentage of young men employment has declined about 88 % in the fall of 2007 along with young women unemployment peaked at 79% in the late of 2007; they both remained fairly stable through December 2008 which was when the Great Recession happened.

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