Monday, October 11, 2010
Our Stagnate Economy
Technically speaking we are not in a recession. That does not mean our economy is doing well. Far from it as this article details. What they do not even mention is that we need about 100 to 150 thousand jobs just to keep up with the retiring baby boomers. Not only are we not getting these jobs in our economy but we actually lost about 100 thousand jobs this past month. The charts in the article tell the story of just how many jobs we need to recoup to get to where we were. The bottom line is that just because we stopped digging ourselves in a deeper hole doesn’t mean we are near climbing out of it yet.
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I absolutley believe that we are still in a economic crisis. Even if certain numbers or graphs show improvment, the U.S still has a significant amount of debt and a lack of jobs. I agree that the thought of another stimulus is gut renching. As of right now i can't say that it did much good. It's still possible that somewhere down the line it could create some sort of effect but America needs some results now. Baby boomers are approaching their retirement age and its extremely frighting to think what's going on now will even effect my retirement. A poor economy is detromental to everyone. It's best not to get our hopes up with a few pluses when we still have so many negatives.
ReplyDeleteHattie Cheek
AE TR 8 AM
Max Ufberg
ReplyDeleteMWF 2:00-2:50
I think this article is really interesting, especially when compared to the discussion we had in class about letting our economy evolve more than the government does. For instance, while unemployment is definitely low, I wonder how much it would raise if we stopped trying to, say, manufacture cars and instead turned our attention to our more profitable businesses. I know that the initial job loss would be terrible, but maybe the payoff in the long run would be worth it.
According to the definition of recession, we are improving and have been through the recession. The business cycle is now improving, but that is not true in the reality. There are people who still have hard time finding jobs, better pay and the value of a bachelor’s degree is very low. People with high school diploma are the most unemployed ones, and cannot find jobs even the lowest paying jobs. Recently, a factory closed down near my neighborhood which had 9000 employees, and due to the slow economic growth the company almost bankrupt. Teenagers and the uneducated ones have almost no scope to find good $8-10/ hour jobs; closing down of warehouses, factories, industries are big impact in the economic growth. The jobs created do impact a small percentage of the population, but still the losses of jobs don’t let US progress. Hopefully in couple of years United States can progress into positive growth.
ReplyDeleteMuktak Tripathi
MWF, 2:00-2:50 P.M
I think that we still are in an economic crisis, because of the lack of jobs that are currently available. This is causing a major downfall in the economy. People cannot find jobs, the article mentioned how one guy worked for 14 dollars and hour and now he is working for 7 dollars an hour. This is a major problem that isn't being fixed. If a significant number of the population continues to work for minimum wage jobs when they should be working for more, the economy will be affected even more negatively. People will not be able to afford what they used to. In addition, the baby boomer population is causing problems. There aren't enough people in the workforce to support social security now, within the next few baby boomer generations, there is going to be an even larger issue concerning social security. The government needs to find something that works in order to help the uniter states recover from the recession.
ReplyDeleteJessica Catanese
TR 8:00
N'keya Peters (Tue, Thur 8am-9:20am)
ReplyDeleteI just finished a paper on this topic. Technically we are not in a recession but people are still hurting, people still can't find jobs and its going to be a long time before that changes. This makes me wonder what my future will look like. On top of paying for TARP in future taxes, will I be able to find a job? Thousands of people are unemployed. In connection with the supply and demand curves...If we eliminated min wage would employment increase today? Just a random thought.
Matthew Violette tuesday, thursday 8-9:20
ReplyDeleteWhile we are out of the recession, I think that the reason our economy is stagnate is because people are unaware that we are on the rise, and therefore are being as careful with their spending as they were before when there was no money to go around. Right not the business and products are out there, but nobody is buying them. This leads to less profits, which makes it difficult for employers to hire new people obviously, which is why unemployment is still at such a high level. I think that rather than trying to throw more money at the problem, the government should be more active in informing the general public about the situation of our economy. We can watch Fox or MSNBC and be told different views from those people, and aboput who is to be blamed, but the only way to dig out of this whole is to get the people to act, to start spending, and to once again feed the economy.
This article was a great insight on presenting the downfall of America's economy. There is a statement in the article that explains that if more jobs start hiring with the belief that America will prosper again, then, will the economy start to rise. But why would businesses even try to provided jobs when there is no bright light at the other end of the tunnel. It seems as if America economy, although better than most countries keep getting worst. Some may think that the solution to fuel the economy is to spend money, but how can Americans spend money if they are saving their money because they do not have a job. When you hear statements about a lady being unemployed for almost two years, we need to raise an eyebrow and seek solutions to fix the problem.
ReplyDeleteDesirae Holland-Tues,Thur
These number are unfortunate but after looking at other countries levels of unemployment ours doesn't seem that bad. Like the article said, we are no longer in a recession but unemployment is at an all time high. Slowly, jobs are being created and soon enough the American economy will be back on track. I also believe that a contributing factor is that people are unaware that the economy is doing better. These people are still saving decreasing the circulation of money and damaging the economy further.
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