Unemployment and Its Impact on America

1388 Words6 Pages
Unemployment and Its Impact On American Cities Michael Collins Marygrove College Abstract The United States, its cities, and regions for decades have been trying to maintain low unemployment rates. It is a well know fact that the economy in America is facing tough times and many companies are being forced to pass out pink slips. As a result, America and its cities have being confronted with some of the highest unemployment rates in the 21st Century. Politicians have employed many strategies and ideologies to help regulate the unemployment rate. Unfortunately, over the past 10 years these strategies and ideologies have failed. This paper will discuss the history of unemployment and how unemployment has been dealt with throughout history. Then, it will analyze the causes and effects of unemployment. In addition, it will provide a summary of differing very points of the unemployment crisis facing Americans today. Finally, a list of comprehensive solutions will be given to solve America’s high unemployment rate. History Of Unemployment In the United States unemployment is usually stimulated by the collapse of certain industries that halt economic growth. During the latter part of the 1800’s, Americans became familiar with the term unemployment and its effects. The Panic of 1893 marked America’s first economic decline which was marked by the collapse of railroad development and bank failures. (cite) According to David Whitten a Professor at Auburn University, the unemployment rate in 1893 exceeded ten percent. Then, on October 29, 1929, America experienced an economic meltdown, it was dubbed “Black Tuesday.” This was do to the crash of the U.S. stock market. The Dow opened that day at 299.6, but crashed 68.9 points to close at 230.7, losing 23 percent of its value.(cite) “Black Tuesday” would give
Open Document