The United State's economy suffered massively during the Great Depression that occurred between late 2007 and 2010. Despite that fact that we have made necessary measures to bring the economy back on track, specific critical economic indicators remain unresolved. The Bureau of Labor (BLS) Statistic continues to report that the unemployment rates remain at around 4% which is a massive improvement in comparison to the levels experienced during the Great Depression (Galí, Smets, & Wouters, 2012). The period between 2007 and 2010 saw the GDP fall by a whopping 5.1% with the unemployment rates reaching a record 10% since the last recession in 1982 (Caggiano, Castelnuovo, & Groshenny, 2014). The country lost hundreds of thousands of jobs hence impacting on Americans’ economic viability.
Unemployment continues to be a thorn in the flesh almost a decade since the last recession period. One of the biggest campaign pledges made by the current President Donald Trump centered on resolving the issue of unemployment. He took cognizance of the fact that one of the most significant measures of the economy of any country is the unemployment rates. The BLS recently released a report of the improvement in the unemployment rates to 3.9%, the first time the nation has experienced unemployment rates below the 4% mark (Reicher, & Haslam, 2017). Many people have attributed this to Trump’s policies on tax cuts, deregulation, and the development of American market all which have increased the number of jobs.
Delegate your assignment to our experts and they will do the rest.
However, the buck stops with the government, and we need permanent solutions to the long-standing unemployment issue. Many young qualified people remain unemployed despite the continued promises by the administration of the day. More focus should be put on enhancing better financial policies which will enable investments hence creating employment (Shimer, 2012). The Trump administration must also continue to rally the “Made in America” products that will boost the job industry. Lastly, I would also ask the government to reduce the retirement age from 66 to 60 years to create more opportunities for the youths who continue to remain jobless.
References
Caggiano, G., Castelnuovo, E., & Groshenny, N. (2014). Uncertainty shocks and unemployment dynamics in US recessions. Journal of Monetary Economics , 67 , 78-92.
Galí, J., Smets, F., & Wouters, R. (2012). Unemployment in an estimated new Keynesian model. NBER Macroeconomics Annual , 26 (1), 329-360.
Reicher, S., & Haslam, S. (2017). The politics of hope: Donald Trump as an entrepreneur of identity. Praeger: Santa Barbara, CA, USA , 25-40.
Shimer, R. (2012). Reassessing the ins and outs of unemployment. Review of Economic Dynamics , 15 (2), 127-148.
