Unemployment

Paper Summary:

This paper discusses how unemployment is a troubling problem that affects every area of the economic sector. It looks at how in times of economic turmoil unemployment rates typically increase for workers from all industries, influenced by a number of economic indicators, including consumer confidence, inflation, government spending, and economic growth. It examines how unemployment results in a number of economic and emotional consequences for those affected. It distinguishes between two types of unemployment and its various causes as well as the influence of the events of September 11 and afterward that have resulted in higher rates of unemployment across the United States.

From the Paper:

"After the tragic events of September 11, 2001, the U.S. economy headed into a tailspin from which recovery has not been fully realized. Intense fear and trepidation by most Americans resulted in reduced spending and consumer confidence in U.S. markets. As a result, industries in many sectors felt the wave of uncertainty and began to lose profits. Furthermore, economic growth was halted as the U.S. coped with intense feelings of loss and fear. As government spending in the areas of homeland security and the military increased, capital expansions for education, healthcare, and economic stimulus packages were limited. Many U.S. residents felt the dramatic wave of economic uproar directly in their paychecks. Many residents argue that the Bush administration has not fulfilled their obligations to improve the economic outlook in the United States, and this is further complicated by continuous threats of terrorism and an imminent war with Iraq."

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