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Unemployment is a term that everyone is familiar with, whether they have experienced it or someone they know has been unemployed. Unemployment is not a pretty term, usually it is a term that is frowned down upon by many people. Unemployment can lead to families having to live day by day on a paycheck. Unemployment can be due to many reasons like a layoff, illness, or a car accident. In Ashland, Kentucky there is two hospitals, one of which is closing its doors at the end of September. This means all the walk-in clinics through this hospital will be shutting down too. Roughly over 3,000 people will be job less or considered unemployed. Some people will not be able to find jobs, this will leave those people following in the category of the unemployed. These people will be among the ones who are suffering, trying to figure out how to pay bills and afford groceries. Unemployment is not only affecting a person physically, but also mentally. Being unemployed is not something people plan, as you can see it can happen due to a company or business shutting down.
This week in ECN221 the terms gross domestic product and unemployment was introduced. There are 4 questions this week to the week 1 assignment. The one that will be spoke about in this paper, Is a decrease in the unemployment rate necessarily a good thing for the nation?. Lets first start by stating that the adult population is not just divided into two categories, its actually divided into three: the employed, the unemployed, and a group of people who dont have a job due to retirement, or not interested in having a job. Even though it sounds crazy to most people, there is some people in this world that choose not to have a job. The U.S Bureau of Census determines on a monthly basis the three groups: the employed, the unemployed, and the third group.
Public policy can play a big role and have a powerful effect on the natural rate of the unemployment. On the supply side of the labor market, public policies to assist the unemployed can affect how eager people are to find work. For example, if a worker who loses a job is guaranteed a generous package of unemployment insurance, welfare benefits, food stamps, and Medicaid benefits, then the opportunity cost of being unemployed is lower and the worker will be a lot less eager to seek a new job. The amount of benefits is not the only thing that matters, but also how long these benefits last. The unemployment benefits that last several years make it harder and less benefits to help those who only need them for a few months (Taylor & Greenlaw, 2016). The time the amount of benefits received is a big problem for the tristate area (Kentucky, Ohio, and West Virginia). This makes it difficult for enough funds to be available for the families that need them. The third group that was mentioned in this paper earlier is a group of people who may not want to find a job. These people in third group usually have to depend on government assistance like welfare, food stamps, and Medicaid due to the fact it is there only way of having access to food or health insurance. People in the third group is also considered retired or not being able to work due taking care of an ill loved one. These people that are considered retired or taking care of an ill loved one, usually dont depend on government assistance.
The unemployment has been low for the past decade, considering the previous decades of unemployment rates. The unemployment rate is becoming a problem for policy makers. As the Federal Reserve adjusts monetary policy to reach the spot of full capacity, its faced with both economic and social problems. Accelerating wage inflation from too low unemployment will dent profits, but with at least 7 million people still looking for work, it is difficult to deny someone the chance to look for a job if theyre willing to find a job (Hankin, 2019).
In conclusion with the research provided in this paper, it is easy to answer the question Is a decrease in the unemployment rate necessarily a good thing for the nation?. The answer is no, a decrease in the unemployment rate means slower economic growth and a smaller labor force. While the decrease in the unemployment rate is not necessarily a good thing for any community, DCBS (Department of Community of Based Services) tries to pair people up with jobs to get them off government assistance. DCBS is currently paired with the unemployment office in each county to help pair citizens with job opportunities.
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