Unemployment in North America
According to CNN, the uncontrollable drop of the American economy since the recession in 2007 caused the unemployment rate to surge up from 6.7 to 7.2 in November 2008. While recession is taking its toll, approximately 2.6 million Americans lost their job by the end of the year. As noted, it was considered as the highest figure of total job losses for over six decades (Goldman Worst year for jobs since 45).
Statistics provided by CNN showed that unemployed Americans in 2008 rose by 632, 000 to 11.1 million. Furthermore, an increasing number of part-time workers have grown by 715, 000 to 8 million. The reason for this sudden increase is not because of the employees choice per se but these workers cannot actually find an available full-time job. Moreover, job losses were also widespread in a variety of industries. Manufacturing and hospitality industries alone let go of approximately 171, 000 employees and even during the holiday season retailers have cut back 66, 000 workers in December 2008 (Goldman, Worst year for jobs since 45).
Given the staggering economy, the government had sought to intervene. The Obama administration formulated and signed into law the 787 stimulus package in an attempt to boost the economy and save America from its complete downfall. This economic package specifically would grant tax breaks to individuals and couples and give financial aid to failing industries. It also sought to minimize the unemployment rate since people would be given jobs later on. Furthermore, victims of recession were also given certain economic benefits, health care coverage and even food stamps in order for the administration to make sure that these people were also taken care of by the government (Obama Stimulus lets Americans claim destiny) .
Opinion towards the Article
In sum, the article proved to be very efficient considering that concrete and reliable statistics were given to further explain the condition of the American economy last year. The status quo was clearly presented thus it depicted an image that recession indeed affected a large number of the American population. Furthermore, it somehow sent a message that recession was a major economical and societal issue that needed immediate solution.