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Unemployment Essay

1316 words - 6 pages

Unemployment

Currently Unemployment is a huge problem in the United States and there are many ways that the government and state legislators are trying to reduce and come up with solutions that people can achieve. There are many causes and in-turn, effects from unemployment: with unemployment comes negative effects; outsourcing jobs, growth of unemployment; economic recession, drastic statistical changes in Employment Security Department; Obama's job creation Act. However, the fall of the economy and push into a recession is probably the major catalyst for the current U.S. Unemployment problem which the other causes stem from
The recession is causing the growth of unemployment. The ...view middle of the document...

In addition to all of the above, the September increase in Household Survey jobs was mostly in what the Bureau of Labor Statistics calls part time work for economic reasons. The Bureau of Statistics says that these people were working part time because their hours had been cut back or because they were unable to find a full-time job. That applied to 582,000 of the supposed new jobs reported by the September Household Survey, and a total of 8.6 million Americans last month.
The part-time workers who want to work full-time (U6) unemployment rate counts only 2.5 million of those 8.2 million who have given up hope and dropped out during the Obama years. The ShadowStats website, which counts the long term discouraged workers the government doesn’t count, reports the total rate for the unemployed and underemployed (part time for economic reasons) as 22.8%.
Of the 12.1 million the government does count as unemployed, a record 40.1% are long term unemployed for more than 6 months. Despite the President’s campaign about manufacturing jobs coming back into his policies, manufacturing jobs declined by another 16,000 last month, making a total decline of 38,000 in the last two months.
The Job creation act of 2012, which was also a middle class tax relief that was sponsored by Representative Dave Camp of Michigan, which was called the Temporary Payroll Tax Cut Continuation Act of 2011. President Obama signed it the same day it was passed. The bill's effect was to extend lower payroll tax rates past December 31, 2011, when they would have expired (Ryssdal 2012). The Social Security tax rate would have increased from 4.2% to 6.2%, if the bill did not pass. The rate would have applied to the first $110,100 in income. However, under the Senate version of the

bill, the temporary tax cut applied to only one-sixth of that income amount, or $18,350, since the income would have to be earned in the first two months of 2012. Under the House version, people earning more than $110,100 a year would have received the full benefit in the two months. A conference committee resolved the differences between the House version and the Senate version on February 17, 2012, and the conference report was approved by the House and the Senate.
Some implications of the creation act are; It extends Medicare payments to doctors, giving seniors the advantage to keep their doctors, extends the two percent Social Security payroll tax cut, extends unemployment benefits Amendments were made to mandate states' unemployment compensation laws to require that the unemployment compensation claimant be both able and available to work and to verify that an individual is actively seeking work (Ryssdal 2012). The Internal Revenue Code and the Social Security Act Title III now also require states to reduce their current unemployment to recover previous incidents of over payment. An extension of The...

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