Macro Economics



Macro Economics

Introduction

Unemployment refers to joblessness in simple terms, occurs when individuals in an economy have no any work to do despite of trying hard to get a job. In the United States, the rate of unemployment was around 7.8% or about 12.1 million individuals as of September 2012. This rate is comprised of 14.7% or about 22.7 million part-time workers. The U.S. unemployment rate in the years 2005 till 2010 had been consistently varying as 5.1% in 2005; 4.6% in 2006; 4.6% in 2007; 5.8% in 2008; 9.3% in 2009; and 9.6% in 2010 (U.S. Department of Labor & Bureau of Labor Statistics, 2007). Having a positive mental mindset refers to have a mental attitude that is the initiating point of all resources in life, either such are riches in materials or in intangible forms. Every individual in his or her life must go through a time when he or she is unable to find a way out of distress and anxiety. In such times, it is highly essential to have faith in his or her personal skills or abilities and must have patience to cope up with such hard circumstances of life with a faith that all things will be good eventually. Having a negative mindset is not good as the pessimism is not the solution to such problems or distress rather such it further leads the person towards more distress and depression and eventually he or she loses all the hope of betterment. This research paper will discuss about the prevalence of higher rates of unemployment in the United States as well as its deadly impacts on the psyche and behaviors of individuals who affect from such economic downturns.

Discussion

Throughout the period of 2005-2010 when there was high rate of unemployment in the United States, the economy was also having some serious effects as such higher rate unemployment was leading U.S. citizens towards various significant changes in their native lifestyles and was altering the public expectations of Americans which they had been planned for upcoming time. Individuals who were jobless for a relatively longer period of time lost their job skills and became less competent with time. They also faced their motivation level as well as the confidence to do work and became highly depressed and dissatisfied as they were also facing salary reductions regularly due to economic recession if they were finally able to get ...