Nick Staleos
The unemployment rate today is rising at a scary rate leaving many Americans jobless and low on money. The unemployment rate of just august 2020 is 8.4% where august 2019 was 3.7%. How does this affect the economy? How can this affect the economy in the future? How can we fix this problem or help the economy recover enough for people to get their jobs back.
The average unemployment rate for 2019 was 3.6%, The average unemployment rate so far this year 2020 is 8.65% with the highest month being April at 14.7% unemployment. This obviously is not good for the economy because the flow of cash depends on people working and people spending money to keep the money moving. The reason there is a coin shortage is because money isn't flowing and stores and businesses can’t get enough coins to supply change for their customers. Without the flow of money the economy can’t be healthy and more citizens lose money and have to go on welfare which doesn't help the economy and steals more from the working class. Because of covid and the massive unemployment rates companies are filing for bankruptcy and closing down and ruining the economy.
Because of the low circulation of money in the economy right now and all the businesses closing down and all the other issues is going to leave a hefty dent in the economy that will affect the future of the economy for a long time. It’s almost like another great depression/recession. There is going to be a long recovery process before the United States can go back to normal. National debt is rising and citizens are unemployed causing higher prices in stores, unhealthy inflation/Cash flow, and other issues in the economy.
A solution to this problem is not. The government decided to give out stimulus packages while helping the economy stay alive and helping citizens stay on their feet, also raises the national debt in the United States and causes more issues in the future. There really is no good solution to unemployment like this except urging people to sign up for unemployment or going to an employment center and applying for new jobs in an attempt to get back on their feet.
With the covid surge coming down and businesses start to reopen the economy is healing, slowly but surely. It really is interesting to see how fragile the economy is and how issues like unemployment can bring it all crumbling down. I think in this situation however the government did an outstanding job on keeping the economy moving and the cash flow going.
I really liked the way you talked about the unemployment in our country. It also brings into prospective of how 2020 is very different than 2019 even though it was a year ago of how great the unemployment rate has changed and how greatly its increased.
ReplyDeleteI really really liked how you put facts into my face the entire time. You did a great job hiding your bias throughout the article until the final sentence. Personally I agree with your statement, the unemployment rate is already dropping from that extreme number of 14.7% which is a great thing. Something I have an issue with is the comparison of last years economy to this years. I believe that point is invalid due to the situations the economy has had to go through this year.
ReplyDeleteI think unemployment rates have been a big focus of media and news since the whole pandemic started. And it makes sense as to why, so many Americans have lost their jobs and all the businesses closing down and all the other issues are going to leave a literal dent in the economy that will affect the future of the economy for a long time.
ReplyDeleteI agree with you Nick. The current state of our economy is a Kerfuffle. As in the unemployment rate we have had and are having right now is not good. And there is no way to abscond or brouhaha ourselves out of such a mess. Its odd to look at that graph and see the vast changes in the unemployment.
ReplyDeleteI can agree with you that the government did a pretty good job keeping this brouhaha from getting worse in the economy. However they could have done better by slowing down the spread of covid in the first place. This would have helped a lot and kept the economy flowing with less unemployment.
ReplyDeleteI really enjoyed reading your blog post! I loved how you put facts and charts into your blog to help enhcance the piece and paint a clear picture for readers as to what is going on with unemployment in our country. I also like how you tied back the eunemployment surge to CCOVID and showed the correlation between the outbreak of that virus and how that directly impacted our economy. Finally, I really liked how you took a stand on how the government handeld the outbreak and wehether or not they handled it well. Personally, I agree with your statemnt that they handeld it well and I think that anyone faced with this type of outbreak and virus spread wouldn’t be able to handle it with copmlete perfection and I think that us being able to recover from the virus the way we have, as you showed us in your blog, is a very good thing for our country and something we should be proud of.
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ReplyDeleteI do agree that there really isn’t any true solution to fixing the unemployment issue besides risking the national debt by giving people stimulus checks. With the stimulus checks, it did cause the national debt to increase, but it was for a good cause in helping citizens stay on their feet and keeping money in circulation. Throughout your writing I like the points you made comparing the unemployment rate from 2019 and now, it really gives me and other readers a good idea on how much covid affected the unemployment rate and our economy.
It is crazy to see how high the unemployment rate rose in the month of April. Obviously we know this rapid increase in unemployment is caused by the effects of COVID-19. With the home orders and business shutdowns, so many people were put out of a job. Now as businesses begin to regain strength it is good to see that the unemployment rate is going back down to about 8.4% rather than 14.7% in April. With another stimulus package possibly being sent out soon, how will this benefit or hurt our country? After the election coming up, it will be interesting to see if we will be handling unemployment differently.
ReplyDeleteIt’s crazy how the unemployment rate changed in just one year. It was literally at an all time low in 2019 and the unemployment rate was at its best spot ever. However, once covid hit everything changed. Some people’s lives changed from this as their jobs changed. Whether that means they had to get a new job or their job changed where they work at home now, either way the impact of covid on the economy and people’s job has been unprecedented. The good news is that the economy is on its way back up and the economy has seen a great rebound from covid. The economy seems to back on track and hopefully we can soon be back to the 2019 state of the economy.
ReplyDeleteCovid-19 purloined many jobs from Americans, and we’ve all witnessed the kerfuffle it has caused. While I think you did a good job highlighting the brouhaha that our unemployment rate has experienced, I wish you talked more about the literal impact it had on our economy. Talking about GDP could have enhanced your piece because it’d be evidence that directly supports how job loss has impacted production and market activity. Mentioning national debt into the essay was like adding the perfect onomatopoeia to a cartoon. You finished off your piece with a kiln, but it was slightly confusing. Although you tied it to the fragility of our economy, you also brought up how the government handled this situation, which wasn’t a part of your main focus in this piece.
ReplyDeleteThe way COVID-19 effected the unemployment rate in just one year is crazy. It was really low and looking really good, but then it blew up the opposite direction. It is insane to me that something like the corona virus can effect things even like unemployment, that you don't really consider until it effects you. I really liked the amount of statistics and charts and graphs you put into this piece. It really amped up the writing that you had facts to back it up.
ReplyDeleteTalking about unemployment in our country was very intriguing. It brings to perspective the difference between 2020 and 2019, even though it was just a year ago. Specifically, the changes in unemployment between the two years.
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