Current Event #2

Washington Post- Saturday, October 3, 2009
Article- Weak Data Signal Grim Prospects For Workers

The unemployment rate is the highest it has ever been in 26 years. The unemployment rate reached to about 9.8 percent and about 15.1 million are jobless all over the nation. More than one third of those unemployed have been out of work for more than half a year. The labor market weakness is also making it harder for a full recovery. Five employment offices in Michigan have hired police because people are on their edge and desperate to find work. One other concern is how long with the government continue to extend unemployment benefits. The house passed legislation to give an additional thirteen weeks of benefits to those in states with higher unemployment. Construction employment, manufacturing employment and government employment have all dropped by more than 50 thousand but health care has continued to create jobs. Unemployment in the D.C area has reach about 11.1 percent but Maryland and Virginia have a much lower unemployment rate. Consumer bankruptcies in the nation has rose about 41 percent in September.

This depression has had a deep impact on the global economy, not just ours. I think our government needs to think of ways to decrease unemployment rates and create more jobs. Although the health care plan may help some people in dept we need to take more measures to help our economy. I think that the unemployment benefits are not enough. 15.1 million are jobless all over our nation, it just ridiculous. We have 1/3 of 15.1 million without jobs for more than six months. Its just hard to imagine. Hopefully, the government will find a way out of this nation's depression and also postively impact the global economy as well.

Editorial-

"Bankruptcy filings continue to climb and sonsumers look to shelter themselve from the effects of rising unemployment rates and housing debts." said Samuel J Gerdano, The American Bankruptcy Insititute's executive director.

"We are going to see deepening pain in the real economy for a very long time," Shierholz said " This Recession is just astounding for the duration of the unemployment.