The unemployment rate is one of the key performance indicators of economic system of the country. The study of this problem allows economists to identify the patterns of unemployment, its dynamics and structure. Based on the obtained data, the government establishes its policy on social insurance and the regulation of economic processes.
In addition, youth unemployment has never been more serious problem. Newspapers inform about the disturbing facts that more than half of recent college graduates in America are either working in a job that does not require a bachelor’s degree or unemployed.
According to the statistics, “The US unemployment rate is on the rise again, with 12, 3 million Americans with no job, even bringing the unemployment rate to 7.9 percent” (US Unemployment). Nevertheless, such statistics disturb the judgments because they do not include all the numbers. One does not comprise the millions of young people who are not in the labor market because they are engaged in training programs or continuing their education. If one takes those young people into account, the situation is still grave. However, the condition of the United States of America is more difficult. Therefore, the US faces the worse youth unemployment problem in comparison with Europe.
Nowadays, the problem of unemployment draws a great deal of public attention. There are two main reasons why this issue has become crucial. First of all, a degree is more expensive than ever before. This fact leads to a serious problem that a lot of students constantly face. The point is that students are piling on debt to finance their education. They have to call in a credit despite their work places. It does not matter whether a creditor has a decent office job or works for tips in some bar. At a later date, one creates a generation of deserving and well-educated youngsters who are competing furiously to get the positions of burger-flippers or deli-counter-workers.
On the other hand, when a college graduate takes a low-skill and low-paid job, he or she is probably displacing a less educated employee. However, it is not easy to find a job even if one got good education. For example, an unemployed teacher applies for hundreds of teaching jobs in the certain area. Nevertheless, there is the problem that this teacher is one of thousands of unemployed educators applying for the same job in an already highly politicized school system. Such teacher is not only competing with new teachers but also highly experienced veteran teachers who have been laid off.
The rapid scientific and technological progress brings about two quite opposite results. On the one part, it makes our lives more comfortable and easier. Nowadays, computers are an integral part of modern life. Nevertheless, they brought changes to the work process. The advanced technologies, such as robots and computers, replace workers with machines. Therefore, if the employee is not retrained, he may not have the skills needed to get a new job. Such structural unemployment is widespread in the United States of America.
In conclusion, the issue of unemployment is complex and controversial. People run into debts to get good education. Nevertheless, there is no guarantee that students will find the well-paid job after graduation. On the one hand, there are not enough workplaces for everybody. On the other hand, the advanced technologies replace the worker’s tasks with machines. However, the problem of unemployment should be solved because it leads to social tension. It may cause the mass protests in society and even give rise to political conflicts. In general, it is a threat to social stability. Moreover, it definitely makes a negative impact on family relationships.