Essay - Unemployment Outline Introduction Causes of Unemployment A) the Four Components...


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Unemployment

Outline

Introduction

Causes of Unemployment a) The four components (Cyclical, Structural, frictional and seasonal components) b) Increased productivity c) Globalization, Outsour*****ing

***** Statistics a) National Unemployment Rates b) State wise Comparison

4) Effects of Unemployment

Okun's Law (Relation between GDP ***** *****)

***** and National Debt

*****) Unemployment Benefits

Unemployment Insurance

Extended benefits (TEUC)

***** Adjustment Assistance (TAA)

Personal Reemployment Accounts (PRA)

6) Personal ***** of Unemployment

Financial Strain

Psychological effects

Effects on family

7) Conclusion

*****

Thesis high rate of unemployment has a negative effect on the nati*****al economy and greatly affects the living standards of the people. Apart from the loss of productivity and the consequent economic downslide, unemployment also ***** negative psychological implications and damaging effects on ***** family structure.

Introduction

Unemployment is one of the major ***** problems affecting a nation. The United States, ***** of the vibrant economies in the world currently suffers ***** a huge unemployment crisis with more than 8 million people in ***** civilian workforce without jobs. After a decade of continued and consistent growth (1990 to 2000), which saw a growing GDP ***** a booming economy, there st*****rted a period ***** recession. Unemployment rates reached a recent high of 6.1% in June 2003. The loss of ***** *****nd the extended unemployment ***** have created additional strain on the already deficient federal budget, which in turn has resulted in higher burden for the tax paying citizens. Let us analyze ***** underlying causes for unemployment, the unemployment support and provisions *****fered by ***** government and the effects of unemployment on the individual as well as the nati*****al ***** as a whole.

Causes ***** Unemployment

*****re are several causes ***** unemployment situation in any market driven economy. Accord*****g to economists Friedman and Phelps, any nation at any given point of time, would continue to have a certain "natural rate" of *****. As per their hypothesis, an increase in total demand does not just result in a decrease in unemployment rate but also creates an ***** in inflation. Likewise a decrease in ***** demand will result in an increase in ***** rate and decreasing *****. There always exists a *****ic oscillation in aggregate ***** and hence a consequent flux in unemployment *****, which is referred to as cyclical unemployment. [Paul Krugman].

Economists have studied that an increase in productivity *****d an ********** in the labor force will both worsen ***** unemployment situation. As economist Heilbroner observes, "On the domestic front, *****y include a technology of rampant automation that ***** created severe employment *****s in all advanced countries..The result is prospective *****creasing dependency on *****-financed programs of un***** relief or public works." [Heilbroner, 120]. Further***** unemployment situation can be worsened ***** government policies such as price control, monopoly privilege to companies and even extensive government spending. [Judd W. Patton] The emerging Globalization phenomenon also h***** a significant effect on our national economy. Employer initiated layoffs ***** observed to ***** on the rise over the last decade. Outsourcing of jobs to other developing countries is one

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