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In: Economics

In the last 2 months, 40 million Americans have claimed unemployment. We have seen the U.S.A....

In the last 2 months, 40 million Americans have claimed unemployment. We have seen the U.S.A. unemployment rate increase to 14.7%. If the adult population of the United States is 215 million, calculate the Labour Force participation rate. Comment, what do you think are the short term, and long term impact of this level of unemployment. Justify your reasons. State policies that the government can implement to help the this situation.

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Expert Solution

Unemployment is a major issue that we are facing in the present world.Unemployment effects unemployed individual and his family not only with income but also health as well as mortality.It also effects in economy.If 1% increase in unemployment ,it reduces the GDP by 2%.In some cases crime also occurs also longer unemployment may lose job skills of the employees.

The government can take some strategies to reduce unemployment.Some of them are listed below:

1. Use labour intensive technology

2.Accelerating investment in agriculture

3.Labour intensive industrial growth

4.Services and employment growth

5.Education , health and employment generation.

Hence we can reduce unemployment to a limit.

Rahul Sunny answered 2 years ago
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