Friday, November 6, 2009

US Unemployment

Over seven million jobs have been lost in the US since 2007. Unfortunately it is not getting better, and the unemployment rate is steadily increasing everyday. The October unemployment report was 10.2%, and was the highest since 1983. This percent doesn’t even include the people who have lost their unemployment benefits and are currently unemployed and have given up looking for work. This deep recession has made a massive impact on many workers. Because of the national budget crisis and strain on unemployment insurance, it has made it even more difficult to cover unemployment benefits. This creates a real crisis for the people and families who cannot afford basic needs. If the unemployment extension passes then people will hopefully be able to retroactively receive their benefits. In Texas, the unemployment rate has been the lowest in the country because of the low cost of living, no state income tax, and a more stable economy. The number of unemployed in the US is forecast to reach its peak in 2010 during the first quarter and then gradually decline; however, this might be too optimistic. This will probably take several years before we start seeing much improvement and back to the levels prior to this recession.

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