Global Financial Crisis Causes High Unemployment Rate
I think that global financial crisis has touched almost all countries around the world. The US is not an exemption.
Recently I read an article where it was mentioned that unemployment rate, for example in New York City, in this December was about 11 percent. It has been the highest rate for the last 17 years. Some people think that it is seasonal unemployment. However, I consider that the main reason of this situation is well-known global financial crisis. Moreover, in December New York State experienced the highest number jobless people since 1983.
I think that during such crisis situations many people suffer from depression because of losing jobs. Moreover, nothing can help them even if they are very good professionals. It can be explained by the fact that people were dismissed because of shut downing of companies.
For example, one of my friends is a very good economist. He is a graduate of one of the best American university. However, now he is jobless. The company, where he worked, was closed because of financial crisis. As a result, all employees were dismissed.
In my post that is called “Unemployment Can Provoke Crimes” you can read how dangerous high rate of unemployment can be. Therefore, government should introduce some measures in order to help unemployed people. For example, increase jobless benefits. However, during financial crisis it is not possible. Moreover, in Greece, for example, increases taxes, cuts different benefits. As a result, it can lead to increasing number of depressed people because nobody can help them. The only possible solution is to wait the end of crisis.
However, in my next article I would like to give you recommendations how to find job during financial crisis. Please, do not panic and everything will be ok.