This week's blog/ creative assessment requires that you consider the recession from a personal perspective. You are required to read and summarize TWO news articles related to one aspect of the recession and interview a friend, neighbor or family member (ages 25 and up) to examine the direct impact of this financial crisis.
Your options for the topic are:
-unemployment
-underemployment (people working in positions below their skill level due to lack of other options in the job market)
- debt
- declining sales and business problems (in a specific industry)
- forclosures and the housing crisis
- health care/ insurance costs
Directions -
1) Research, read, summarize and cite two articles on your topic of choice. You will need to find the articles on your own but
good sources for economic news include:
www.wallstreetjournal.com
www.theeconomist.com
www.dollarsandsense.org
www.nytimes.com
www.usatoday.com
www.time.com
www.newsweek.com
www.motherjones.com
Your summaries may be separate or combined and must meet a minimum of 150 words total.
Remember, proper citations for an online news article should follow MLA format:
Author or publication group, "Title of Article." Title of website. Date POSTED.
EXAMPLE:
"Francis, Bridgette , "Exploring the Recession." World Economies and Globalization. March 4, 2011.
2) After your preliminary research, find a friend, neighbor, relative, local business owner, teacher, etc. who is willing
to talk to you about how the topic you have selected has impacted his/ her life. You may want to decide what to research AFTER you've figured out what your interview will be about. Summarize an interview of no fewer than THREE questions
related to your topic.
3) Explain how your subject/ interviewee's responses relate to the articles you read and the material we have covered in class.
Your complete post should be no fewer than 300 words. You may elect to submit this work as a blog post, typed, or in a more
creative format (video, powerpoint, poster, etc.)
This work is due before class on Thursday March 10. WE will be sharing our work in class that Thursday so be prepared and have your work with you or sent to me before school so you can participate in the discussion.
Be mindful that the marking period ends Friday March 11, so this is not a wise assignment to submit late.
The recession has affected many families, causing some to lose their jobs, homes, and even retirement savings. The individuals who have lost their jobs because of a layoff has increase substantially, which means find another job is almost impossible. With unemployment on the rise and no jobs available, has been a serious struggle for many families.
ReplyDeleteThis was the case for the Greenwood family. Their story was posted in USA Today. Rino Greenwood a professional ballerina had to retire due to pregnancy. During this time the company her husband worked for closed down, causing him to be unemployed. He spend many months looking for a job. “With a new baby and limited income, the couple needed a money making plan.” They decided to start their own business. It was difficult at first, but they were determined. If they couldn’t find jobs they had to create jobs and that they did.
As the recession has continued entrepreneurial has increased. More and more individuals are becoming creative and starting their own business. When you don’t have a choice you need to get creative. It is a matter of survival.
The recession has had a traumatic affect on many individuals. According to the article “The Great Recession’s Aftermath” in Newsweek, Americans are moving less than at any time since WWII. People are tied to existing homes, can’t get loans for new ones and won’t move without job commitments. Americans are spending less and are trying to save more. Businesses suffer from weak demand and hiring is sluggish. Most economist see stronger exports as a substitute for weaker consumer spending.
I interviewed my aunt who was unemployed for 1 year. She said it was one of the most difficult times she has ever experienced. She went on several interviews, and most of them were group interviews This means that so many people are applying for the same job so in order to meet all the candidates, group interviews are taking place. My aunt found this process more difficult, since you had to answer many questions in front of so many people. After going through this process she would wait to find out if she was hired or not. Financially this time was strenuous, as she went through her savings. She had to borrow money from family members and friends which she found humiliating. She tried starting her own business, by opening a day care but this was unsuccessful. Finally she found a job, and is very thankful. However this experience was traumatic for her, she is now very careful how she spends her money. She says she doesn’t waste money on foolish things like shopping for new clothes, or going out to eat a lot. Now she stays home and cooks, and she opens her closet and says she’s got enough clothes. Like many other Americans she’s very careful about spending.
The Associated Press, “Jobless Benefit Filings Fall to a Nearly 3-Year Low.” The New York Times. March 03,2011.
ReplyDeleteThis article mainly talks about the effect of unemployment on the economy. More people have requested to file for unemployment benefits. The article states that the labor department said, “Applications for unemployment benefits fell by 20,000, to a seasonally adjusted 368,000, the lowest level since late May 2008.” This has been the lowest level since July 2008. Trends show that companies are “taking it easy” with layoffs as the economy slowly gets better. During the recession, companies had eliminated work forces, cut workers’ pay and did anything they could to reduce costs. Because of the recession, there was a slowdown in productivity. Companies shed eight million jobs during the recession, and now, the economy needs job growth. Job growth will not happen, without the rise in productivity. A 2.6 percent rise in productivity in the fourth quarter was the best quarterly showing since an increase of 4.6 percent in the first three months of 2010. For the year, labor costs have declined and are hoped to change, later on in the year.
Editorial, “The Unemployed Need Not Apply.” The New York Times. February 19, 2011.
This article also mainly talks about the effect of unemployment. There are 13.9 million Americans out of work. The Federal Reserve states that unemployment will be an issue at this period of recovery. Many unemployed workers have been applying to other jobs, which bring the message, “the unemployed need not apply”. Unemployed job seekers have been rejected after employers learned that they were not working. Excluding unemployed applicants has been an issue in this article. The message many unemployed applicants have seen and faced has made them feel discriminated against. The Equal Employment Opportunity Commission felt that there is discrimination against unemployed job seekers. There are too many Americans who are unemployed, and for people who are seeking jobs, it is not fair to them. For the unemployed to be employed again there will be limited availability due to the huge amount of Americans unemployed.
I interviewed my father on the topic about unemployment. Unemployment has not affected his life, but the cause of unemployment has. My father is a structural engineer. He works about eight to nine hours a day, Monday through Friday. His company has taken aggressive steps in reducing costs, by reducing the number of hours my father has been working. With this being said, he has been cut to six or seven hours a day, Monday through Thursday. This has impacted his life because his job was affected by the cause of unemployment.
Haynes Yatco, C-Block
Both articles “U.S. Sets $223B Deficit Record” by Stephen Dinan and “2011 U.S. Deficit Hit’s A New Record” by Scott Carter both talk about the US growing debt and how action needs to be taken now to tackle this problem. However, it’s not so easy to come up with a plan that everyone agrees on. Good vs. evil, sister vs. brother, adult vs. child, and Republicans vs. Democrats are all examples of complete opposites. There will always be hostility and pride between opposites which makes it hard to ever find common ground which is what the future of the economy is suffering from. Without finding common ground, there’s no plan to help the economy that both sides agree with. What I found interesting in the Article by Scott Carter is that, a Budget Committee Chairman named Kent Conrad believes the worst is yet to come. “As disturbing as those near-term deficits are, the long-term outlook is even worse. It is the deteriorating, long-term outlook that is the biggest threat to the country’s economic security,” Conrad said.
ReplyDeleteDuring an interview with Sandra Torres, Torres explained what aspect of the recession has been hardest on her, how her financial life is at the moment and how she predicted it would be in 5 years. Torres has been feeling unemployment and debt the hardest ever since the recession. She went on to say that she’s struggling to pay the bills on one paycheck (her husband’s) ever since she became unemployed. She said that she doesn’t see the economy picking up in the next five years but she hopes that it will, and she hopes more than anything, to get a job and that her husband’s job is and always will be secure. “It’s a struggle to live nowadays. To survive is tough,” Torres said. This interview further explains the current recessions effects on families and how unemployment is a leading factor and effect of this recession. It further supports my belief that the recession is far from over and my fear that it will get a lot worse.
Bibliography:
Stephen Dinan , “U.S. Sets $223B Deficit Record ,” The Washington Times. March 7, 2011.
Scott Carter, “2011 U.S. Deficit Hit’s A New Record,” International Business Times. January 31, 2011.
Priscilla Torres, A-Block
Wal-Mart reports seventh quarter of declining US sales.http://www.bbc.co.uk/news/business-12540533.
ReplyDelete22 February 2011
In the past year, 2010, it was reported that consolidated net income was $17bn, which increased from $14.9bn in 2009. However this wasn’t from consumer spending in the United States, but rather from strong international sales, which benefitted from exchange rate movements. If we look at the statistics of consumer spending in Wal-Mart, we can see that stores fell by 1.8% and Wal-Mart shares fell by 3.2% weeks later. This happened because instead of keeping their “everyday low price” strategy, they switched to “price cut” strategy. Because people weren’t getting the same deal as they were in the past, people started to buy less from Wal-Mart. Unfortunately the company's chief executive, Mike Duke, said these problems would take time to correct. The article is showing how the littlest mistake can cause a huge problem when it comes to business.
Problems surface at Fulton Fish Mkt. http://www.crainsnewyork.com/article/20110306/SMALLBIZ/303069974. March 6, 2011 5:59 AM
Towards the end of Feburary, a 80 year old fish wholesale was given the news that they were bankrupt. The century-old firm is the largest tenant of the Hunts Point market and the fourth in as many months to have hit a financial wall. To the people who receive rent from this business means a lot of loss in income since the fish wholesale made up 15% of rent money. Some of the 30 or so remaining tenants fear that Slavin's misfortune could drag them down, as they would have to pick up its share of the rent. Through this article I learned that how one business can bring down other businesses without the bad intensions.
After reading the article Problems surface at Fulton fish mkt, I was able to relate it to the interviewer since he also owns a sushi business. Fortunately, the interviewers business isn’t bankrupt, but he is feeling the effects of the declining sales and problems in the fish business. Because people are trying to cut back on spending, people look for cheaper places to eat and offer good quantity on food. Through this, the value of food sometimes go down. “ sushi, which was once considered an expensive not everyday type of food, is worth almost as much as fast food these days. “ because of competition and decrease in value, people are starting to cut back on spending which makes it harder for smaller business owners.
The recession has affected many families across the United States. Thus causing a lot of american families to lose their current jobs. Many of these people have had these jobs almost their entire life, now all of that hard earned work has gone to waste. Homes, retirement pentions, etc have all been lost due to a lay off. The percentage of citizens who have been laid-off has highly escolated over the years of this recession. For people to obtain a job is nearly hopeless right now. An article called "Your Financial Plan Depends on your Life Stage now, Not your age" by Adam Shell on USAtoday.com. This happened to be the story of Mr. Ron McElhaney. He is 46 years old, having a very rough time trying to manage his money and savings. He was recently laid off of his job, involved in a second marriage, pays child support for his two children. Also helping taking care of another two children from his wifes previous marriage. He is on the verge of not being financially fit to take care of his family. According to a second article called "Recession Inspires people to Start own Buisnesses" by Laura Petrecca on USAtoday.com. This article is about a professional ballerina Rino Greenwood was forced to retire due to a pregnancy, and her husband at the same time had his company shut down, making him unemployed. The couple had a new baby coming in to this world, so they needed to make money fast. The couple had started to sell clothing fabrics that Rino had designed herself at an outdoor market. Her clothing had been distributed throughout town. So that gave her options and hope on how to make a livivng for themselves. Now they had to find a fabric maker that they can afford. Mrs. Greenwood had shed many tears, have been through a lot. The couple had came to a conclusion that it was now all about the baby's life, so they created their own buisness in the clothing industry. When there is nothing else to turn to, can't find work, create a job involving something that you are good at and enjoy doing. It is a way of getting your life back on track. In order for things to get better, there will be a few bumps along the way. I had interviewed a neighbor on my block who was unemployed for 8 months. Unemployment has affected his life in a negative way. My neighbor is an electrical engineer. He works Mondays through Fridays and works 8 hours a day. My neighbor gets paid a decent salary. But sadly 8 months ago he was laid off of work. He applied for unemployment, and he was recieving checks every month. But those checks were almost not enough to manage a household. The checks were just barely enough to pay the bills. He had to lower his spending substantially, only buy basic house needs. My neighbor had his job for over 32 years and was let go. He applied for jobs to make more money, but he kept on being denied. Thankfully his brother works in the same career field as my neighbor.So he was able to recieve his job back. Most people who are laid off do not attain a career that they started off before. He was able to get his life back on track. This had impacted his life because his job was taken away because of the recession, and his life was almost over.
ReplyDeleteAdrian Nieves C-block
Bibliography http://www.usatoday.com/money/perfi/basics/2011-03-07-lifestages07_ST_N.htm
ReplyDeletehttp://www.usatoday.com/money/perfi/basics/2011-01-30-life-stages_N.htm
Adrian Nieves C-block
1) Carl Hulse, “Plan for Test Votes on Budget Erodes.” New York Times. March 8, 2011
ReplyDeleteAccording to Carl Hulse’s article, “Plan for Test Votes on Budget Erodes”, the Senate majority leader Harry Reid of Nevada accused Senate Republicans of not sticking to the agreement that would allow budget votes without a procedural fight. The votes are on spending cute that were broke down on Tuesday. After negotiating with Vice President Biden Jr. And other administrative officials, Democcrats and Republicans stated they intended to leave competing plans on the floor and let the chips fall. This way, all the spurring movements can be pushed toward a compromise.
Lizette Alvarez, “In Florida, Push to Link Teacher Pay to Student Performance.” New York Times. March 8, 2011
According to Lizette Alvares, “In Florida, Push to Link Teacher Pay to Student Performance,” the Florida Legislature set its sights on measures that would link the pay of new teachers to student performance and allow school boards to fire teachers more easily for below average results. Last year, a very similar bill was vetoed by the former governor because he thought it to be too extreme; however, this legislation is a slightly softer version and is expected to win Governor Rick Scott’s approval easily.
Continues...
2) I interviewed my mother who was unemployed in 2008 during the recession. After discussing the second article about “In Florida, Push to Link Teacher Pay to Student Performance”, my mother stated that it is just excuse for the government to lay off more workers such as teachers. She says that in this troubled economy, unemployment is the last thing that families in the Untied States needs. My mom owned a clothing boutique on Staten Island for approximately 10 years. After 9/11 occurred, she stated that she expected to see her business decrease because that is just the way the economy works once the United States goes into war. A few years later, her business basically crashed when she was barely making any income, and when she could not pay the rent or bills for the store. She had no choice but to shut the “Children’s Corner” boutique down. My mother stated that she was left in a terrible financial situation because she was left unemployed and my older sister was graduated high school that year and was enrolling into college. My mother said that this became a stress for both her and her husband because they wanted my sister to go to the college of her choice, and still be able to pay for tuition, as well as pay the huge mortgage on our house. During her unemployment, my mother said she depended on financial aids for my sister to pay for college and she applied for several jobs, one which she received at Macy’s for seasonal and was later hired for a position as a sales associate.
ReplyDelete3) My mother’s interview response related to the article, “In Florida, Push to Link Teacher Pay to Student Performance,” because if the government has the right to fire teachers for poor academic results, that adds onto the unemployment rate in the United States. The teacher that is being laid off may be a single mother whose income goes to support her family, or to a father whose working two jobs in order to pay the bills. Unemployment causes a family economic stress and unhappiness, which may lead to other issues in the family. When I interviewed my mother about her unemployment stage during the recession, she discussed the stress of low income and my father working two jobs from morning to night and she and my father had to depend on financial aids to cover all of my sister’s tuition because at the time, they could not possible afford to pay for college.
This recession had affected many people in the United States, many people who have gotten layed off due to this recession have not only lost their jobs but are losing their homes, cars etc.
ReplyDeleteSince the recession started many people have been forced to come up with ideas to find a new job or even make a new job. According to this article “Recession inspires people to start own businesses” by Laura Petrecca USATODAY.com. This article is about a women named Rino Greenwood who was a professional ballerina. Rino Greenwood was forced to retire due to a pregnancy, her husband Nathan Greenwood at the time his company had shuttered leaving him unemployed. Since the couple had a new baby in just a few months and either of them had a job they needed to find a way they can come up with money to support thier baby. with this horrible recession rino and nathan almost find it hopeless to find a job untill Rino needed to sew and sell some of her famine scarves. they didnt think that this would be their actual business until nathan lost his job. so in order for then to come up with some cash fast was to start their own fabric company.Rino and Nathan Greenwood had tough me a lesson when you cant find a job make a job, you never know what could happen. I had interviewed my cousin anthony who worked as a computer specialist but he had started in 1999 he recently had gotten laid off in in 2008 so he started his own hot dog /hamburger business on victory blvd and now he owns burger chef on victory blvd and his buisness is very sucessful. although he had lost everything in 2008 because of the lay off he found a way that turned it around.
David INnnamorato D-BLOCK
The recession began to affect many families. Parent's began to loose jobs and forclose on there homes. Each individual who lost their job because the mass the layoffs of each company. People begin to struggle searching for another job. As the unemployed began searching for jobs they became hopeless because it was nearly impossible. Families began to move out of their homes and into a family members household so it was easier to afford.
ReplyDeleteAs the recession continues and families are still struggling each individual became more aware and creative. Trying many new things, families began to open up family owned businesses. Stated in the atricle "The Great Recession's Aftermath" in New's Week stated that Americans are trying to spend less and save more then they ever did before.
I sat down at my kitchen table with my mom who was unemployed for two years and still today struggles to find a job. She began to explain living without a job has to be the hardest thing she has ever had to deal with in her life. She spent weeks and even months searching on all different career websites for job openings. As new companies began to call her she started too go on many different interviews but still no luck. She explained to me how difficult it is for her to not be able to support her family as much as she would like too but she will continue to search until she finally finds a job opening.
Alexandra Ferrigno C-BLOCK
The article, “Jobless Benefit Filings Fall to a Nearly 3-Year Low.” from one of last week's New York Times' issues talks about unemployment and the effect it is having on our nations economy. When individuals have a job for a certain number of years and then they suddenly cannot work a possible alternative is unemployment benefits. The number of people applying for unemployment benefits has increased significantly. “Applications for unemployment benefits fell by 20,000, to a seasonally adjusted 368,000, the lowest level since late May 2008.” This has been the lowest recorded statistic of unemployment since July 2008. Recently, it has been easier on workers in many companies because there has been a decrease in the process of laying off workers. The recession affected companies' abilities to keep up with paying all of their workers in addition to losing their ability to produce as many goods or provide as many services. With hopes that the economy is regenerating itself, companies will regenerate as well.
ReplyDelete“The Unemployed Need Not Apply.” is an article from one of last month's issues of the The New York Times. Specifically, February 19, 2011. This article also discusses unemployment. According to statistics, there are 13.9 million Americans out of work at this time. The rate of unemployment is damaging the road to the economy's recovery. This article differs from the previous article because it shows how individuals that are out of work are applying for different jobs as opposed to applying for unemployment benefits. These individuals have a "slim to none" chance of receiving a job. People that are unemployed are considered to be discriminated against in the job force. High rates of unemployment will not change if individuals cannot be given job opportunity which will ultimately hurt the economy.
I questioned my father about his opinion of unemployment in our nation. My father has been fortunate enough to maintain his job through times of economic crisis. My father is an electrical engineer. He works about ten hours a day on weekdays and works when he is needed on weekends. Managers in my father's company, General Electric, have lost money. GE has handled this set back my eliminating their engineer's chances of receiving a raise. My father has not been significantly affected by the high rates of unemployment.
"geenuh" ... ^^^ Gina Ianniello, E Block, I'm Sorry!
ReplyDeleteThe recent recession has affected many people including families causing loss of jobs and inability to find one. Many people have been laid off and have no way to have an income to support themselves and their families. In the New York Times article “Average Length of Unemployment Reaches High” by Catherine Rampell, the average weeks of unemployment is at its all time high since Jan 2008 with 37.1 weeks by Feb 2011. People question why unemployment is longer when companies are adding jobs. The people who have been unemployed longer will find it much harder to find a job rather than someone who has been unemployed for a month. With people collecting unemployment checks, they are less eager to find a job. Since the time of collecting jobless benefits is extended, falling into unemployment and collecting the benefits are simpler and “safer” than having a job.
ReplyDeleteIn the USA Today article “Recession Inspires People To Start Own Businesses” By Laura Petrecca, the article talks about a retired ballerina trying to find a job to begin her family. After desperately looking for jobs with no success, she decided to create her own business by sewing and selling feminine scarves hoping it will bring in some sort of income. As hard as it was in the beginning, she was able to expand the business and keep it running to support her new family. People are desperate for jobs so creating one comes with a huge possibility of success, but also failure. Trying to create a business is better than not searching for a job or giving up and collecting unemployment checks.
ALYSSA DITRE ~ CBLOCK
In “The Unemployed Need Not Apply” we learn that the Federal Reserve is expecting the unemployment rates to continue at about 9% for the remainder of the year. This means that almost 14 million Americans are out of work and the opportunity for jobless workers to find a new job is even more difficult than already perceived. The title of this article emphasizes how that many unemployed workers have been verbally rejected and in some cases have lost all opportunities for jobs because of their current working status. A major question for the E.E.O.C is now whether or not excluding unemployed people from applying for some jobs is illegal due to discrimination. In the article “Absorbing the Pain” by Bob Herbert, it is explained how life is becoming increasingly more difficult for many people because of the lack of availability of jobs. It was reported that some people searched for jobs for months, and sometimes even years and there were little or no job openings. This article explained the story of a man named Howard Hiller who lost his job in 2007 and searched for a job for 2 years. During his search he applied to the same companies various times, although he was aware that there were no available jobs to be given to him. Unfortunately, the stories of unemployment are spread throughout the United States.
ReplyDeleteI interviewed my father on the topic of unemployment because of his field of business. Before the stock market crashed, my father worked for Lehman Brother’s. As a result of the stock market crash, Lehman Brother’s closed and many of the people who my father worked with for years lost their jobs. My father now works at Barclays and he is suffering the same problems. With the lack of availability for jobs, many of his colleagues are still suffering from job cuts. Some of my father’s close friends have been looking for jobs for over two years now, which relates back to the lack of available jobs mentioned in both articles. Although many say that the recession is coming to an end, the lack of job opportunities and the continuation of job cuts do not show any signs of improvement within the economy.
“The Unemployed Need Not Apply.” NY Times. February 19, 2011.
Bob Herbert, "Absorb the Pain” NY Times. February 25, 2011.
Lisa Borzi
D Block
This comment has been removed by the author.
ReplyDeleteIn the article “Sen. Brown, Romney Attack Obama on the Economy” author Carol Lee talks about the resent statement made about President Obama by Former Senator Mitt Romney comparing Obama’s political fortunes to that of former President Jimmy Carter when he was challenged by Ronald Reagan . Back then when Jimmy Carter was president, the country was faced by a series of problems like unemployment and inflation. Finally by comparing that to Obama’s presidency, many can see that we are suffering much more than just price increases and unemployment rates going up. We are facing unemployment, inflation, a major deficit, home foreclosures, and bankruptcies. In the article this sums up to be known as the Obama Misery Index, mainly to describe the country’s current situation as well as Obama’s presidency. Mr. Brown furthers his argument by stating Obama should lower corporate tax rates, caution against the “over-regulation” of business and criticizes Obama’s proposed budget. If Obama continues with his proposed budget, the deficit will double to $27 trillion in 10 years. Furthermore, Mr. Brown states the nation’s debt and tab will be placed upon the our children and futre generations. I can’t help but agree with Mr. Brown.
ReplyDeleteLee, Carol “Sen. Brown, Romney Attack Obama on the Economy. The Wall Street Journal , March 8, 2011”
In the article “Average Length of Unemployment Reaches High” author Catherine Rampell speaks about the major problem plaguing millions of Americans all across the United States. Unemployment rates have increased since the recession began, the Americans who have been laid off are having problems finding jobs and those who have been laid off for over a year are more likely to not find a job. According to the Average Week Unemployed Chart, the average duration of an unemployed person has reached a record high 37.1 weeks. With this information in mind many continue to wonder if they will ever find a job so they can afford to take care of themselves and their family. Though companies are making more jobs few Americans have the right experience for the position. For example the person who has been unemployed for a few months will have a better chance than the person who has been unemployed for over a year. Because of the recent information dealing with unemployment the Labor Department changed their coding system. The Labor Department will record lengths of unemployment that last as long as five years.
Rampell, Catherine “Average Length of Unemployment Reaches High. The New York Times, March 4, 2011”
“Having a full-time position was more than just a job; it was a sense of security and knowing what you are getting on each pay check. You are able to set aside money and spend some for personal expenses or paying on bills. Due to the ever changing economy and school related course work I’ve had to take a different approach to work and back track to a part-time position. One may fine that as something good because they’ll have more time but for me that is not the case. I’m the type of person who is devoted to my work and like to keep busy. Of course due to the demands of my school work my part-time job schedules come with huge consequences I never anticipated. The money I was once able to set aside is now harder because I can only stretch every dollar to its fullest with both bills and personal expenses. Though I’ve expressed my concerns and request for more hours at my company those request aren’t always granted due to the lack of business. It seems to get harder and harder each day for people both young and old to find steady jobs and living is harder. Rather you are unemployed, part-time job, or full-time these are tough times.”-Carmen Tam
Derrick Tam, D-Block
Angela Salmos
ReplyDeleteD-Block
AP/ Jeannine Aversa. “Unemployment rate drops to 8.9 percent. http://www.time.com/time/business/article/0,8599,2057192,00.html
Friday March 4, 2011
Unemployment has become a dilemma to country for many years, but according to this article the unemployment rate has dropped and there has been recovery. The economy added 192,000 jobs last month, with factories, professional and business services, education and health care among those expanding employment. Retailers, however, trimmed jobs. The consensus is 175,000, but many economists are now estimating 200,000 or more, and they expect the pace to hold for the rest of the year.
"All signs point to much stronger hiring," said Mark Zandi, chief economist at Moody's Analytics. "I think we finally have a prescription for a better job market."
This has been a good reflection to our country because we are recovering from a deep recession. There has been more jobs available to people even though they are not exactly careers.
Joel Schectman. “No Cause for Cheer in Unemployment Drop”
http://www.newsweek.com/2011/01/07/no-cause-for-cheer-in-unemployment-drop.html
January 7, 2011
This article contradicts the first article however. It says At first glance it seemed like the economic news kept getting better and better in this first week of the new year. It explains how the government only counts people as unemployed is they are, “Hustling to find jobs” In December 260,000 people left the workforce, either because they gave up looking for work or retired (or died.) “Nobody should be high-fiving because of these numbers,” says Bernard Baumohl, managing director of the Economic Outlook Group. There are still not a lot of jobs given to people, and lacks opportunities for people. There are fewer people who are stuck with part-time jobs because they can’t get full-time work. To see even a little progress in the unemployment rate, the workforce would have to add 200,000 to 300,000 “Otherwise, 2011 could be another cold one for America’s workers.”
I interviewed my father Alfredo Salmos who has to jobs in order to keep up with our economy. He is a Dialysis Technician and he feels obtaining hours has been his issue. He explained how he has quit 3 other jobs due to the lack of hours being given. He said,“ I used to get many hours I get called in from 4pm till 12 Am in one job and be called in from 4Am till 5 pm I used to dread it, now I look for it” when the economy the down it is very hard to obtain hours no matter how hard or of a good worker you are” This interview and the second article shows that articles like the first one I chose has to be reviewed and thought of because clearly people still suffer financially and need jobs. There is no sense of relief yet.
Angela Salmos
D-Block
The number of people requesting unemployment benefits fell last week for the third time in four weeks, reaching its lowest level in nearly three years. According to the labor department, applications for unemployment benefits fell by nearly 20,000 and economists say that applications that remain consistently under the 375,000 belt signal declines in the unemployment rate. This downward trend suggests that companies are easing the pace of layoffs as the economy gains momentum. In a second economic report on Thursday, the Labor Department said that productivity grew in the final quarter of 2010-the fastest rate in nine months. The service sector grew in February at the fastest rate in more than five years, according to the Institute for Supply Management. It marked the sixth straight monthly increase. The sector covers a broad range of industries including retail, health care and financial services.
ReplyDeleteThis recession has seen some of the greatest entrepreneurial activity as the drive to start one’s own business during economic hardships has become the driving force by which people live by. In 2008, the first full calendar year of the recession, entrepreneurial activity increased 6% and 340 out of every 100,000 adults created a new business each month. Huge losses in the economic slump truly show how vulnerable corporate workers are and how they’ll do anything for a steady income.
I interviewed my dad about unemployment and if it has affected him in any way and he said that he has been affected but in not as strong of a way as other people have. My dad has been working for the electrical union for that past four years or so and has always had a steady job that has brought him good income. It is only three years ago that I would see him at home for two weeks at a time every several months because there was no job in the work field. I asked my dad why that is and why he does have a job after a while and he explained that his union didn’t fire people because of lack of jobs, but rather split their workers into two groups- one half would work during a specific time period while the other half went home on unemployment benefits and after a while or so, the roles would switch so that everyone would get paid. My household hasn’t really been affected too strongly by this but I have noticed that when this was first going on, my dad would stay around two weeks at home and then go back to work. Recently however, he happened to stay almost two months before going back for only four more and now he’s back at home again.
“Associated Press, “Jobless Filings Fall to a Nearly 3-Year Low” World Economies and Globalization, March 9, 2011”
“Petrecca, Laura , “Recession Inspires People to Start Own Businesses” World Economies and Globalization, March 9, 2011”
Paulina Plata E-Block
Unemploynent is the issue that is usually ccaused by recession. Owners of big and small buisebesses have to slow down with production of their products, therefore there are less working places. During the recession activity slows down and companies either can not afford to pay salaries to all their workers, or just do not need so many people to work for their company. And people are loosing their job for simple reason that companies do not need their help no more. That what happebed to the author of New York Times article "A Beginner’s Guide to Unemployment" Theodore ross. In his article he describes how unemploymebt came to him. He did his job for over six years and he was doing good job and there was no reason to lay him off. "Take for example last week, when I had the misfortune to be laid off after six mostly satisfactory years from my job at Harper’s Magazine", said Theodore. Nobody really knows if they will be laif off next. In his article author suggests alternative ways to make money for living during recession. He suggests that people keep up practicing in their proffession in order to keep their skills fresh when recession is over.
ReplyDeleteIn New York Times article "Why Aren't You Saving Money?" by Tyler Cowen, author talks about what people should do with their money during the recession. He explains that it is really not the best time to do anything with the money. Neither invest, nor take credits money. That is so because economy is very unstable abd in case if something happens all money that you have invested might be gone. And chances of something to happen are very high at this time. Also taking money from the government is very risky, becase it is very possible that you wont be able to pay back and ebebtually you end up paying twice of te amount that you borrowed at the first place. Also not using money is not a choice neither because inflation may happen and your money will have litle value. The best thing to do currently is to invest money in education because this way money will pay off back eventually.
Greg K
Seychelle Cordero
ReplyDeleteC Block
Unemployment is one of the many reasons why the US has fallen into this grueling recession. In the article, Claims for Jobless Benefits Rose Last Week by The Associated Press, it speaks about how unemployment has risen within just a few weeks. The number of people seeking unemployment rose just last week. Applications for unemployment rose by 26,000 to a seasonal total of 397,000 unemployment applications. The article also states that companies are hiring more and employers added 192,000 jobs last month. That's the most jobs added in nearly a year. Having more jobs out there will fuel more consumer spending which will boost the economy. It's very difficult to create more jobs because of the recession companies are closing down and companies do not have enough money to pay their employers. The article also states that economic recovery cannot be promised because there needs to be a strong job creation. Economist worry that the rise of oil prices and state and local government cutbacks will slow recovery down for the US.
Another cause of the recession is debt. There is debt within our country because of the government, poor choices our presidents have made and because of the people. People get credit cards or borrow money and never pay off their credit cards or pay back the money borrowed. In, Credit Card Debt That Outlives Mom by Sherisse Pham, the article talks about the elderly and credit card debt. A question being asked in the beginning of the article is what happens to a deceased persons credit card bills? Does the bill get passed on? A man named Tom from Vancouver Island answered, “Excess debt over the value of the estate is considered insolvent and cannot be passed on to heirs.” Which the article proves to be correct. Spouses, children or family do not "inherit" the bill unless they co-signed the card. A credit card is unsecured which means it is not as asset. But when the borrower dies, credit card companies have to wait on receiving payment.
I interviewed my father Anthony Cordero on unemployment during this recession. I asked him exactly how did this recession effect him and he responded saying that this recession has caused him to lose his job in the Carpenters Union and now it's very difficult to support his family. I also asked him how did this recession effect the Carpenters Union. He said that since the recession more and more Carpentry businesses are closing because they cannot afford to pay their workers. My last question to him was what other problems does he face due to this recession and he said that due to lots of Carpentry businesses being closed down it's now way more difficult to find a job and that unemployment money does not last forever and it's not quite enough. The interview with my father and the article about unemployment in the US go hand in hand because my father is a person who is actually experiencing unemployment due to the recession. He's been trying to find another job in the Carpenters Union for over a year.
"The Associated Press, "Claims for Jobless Benefits Rose Last Week." Nytimes. March 10, 2011
"Sherisse Pham, "Credit Card Debt That Outlives Mom." Nytimes. March 10, 2011
The recession was a big crisis, but the aftereffects were something noone expected. Unemployment may be the biggest problem our nation could be facing, despite the numerous others. Unemployment rates are skyrocketing, and the families affected by this are left in positions they would have never dreamed of, and hope to get out of soon. Unemployment is a drastic change and a traumatic experience. Imagine, you work hard everyday, for 15 years, save what you can, say for education for your children, or a family getaway, or even a new place, and suddenly, you find yourself with no job, in a bad rut, with nothing to do and nowhere to look, and you are ultimately forced to dip into your savings that you worked so hard to create, in the hopes that you can feed your family and you won't be put on the street. Unfortunately this is a place that many families have found themselves in in the past 4 years, and it continues, although homelessness was not as dire as before, its still there and has grown, thanks to the recession. Although the economy seems to be making a bounceback, the unemployment rates are hard to ignore. And many epople have to learn to live without medications, that they need, to survive and aid their illnesses. But when can health care providers do? and to make matters worse, those who are depending on unemployment checks, will be getting that taken right before the end of April. The recession has taught many people a few things, but thus the most important one - to go without, and the difference between wants and needs. this may have been the cause of the recession, and all americans are completely focused on what they want, rather than their needs. New phones, cosmetics, cars and other things that aren't necessarily what people need to survive on. Banks were giving loans to people who didn't have to buy new houses that they could not ever afford. But it was what people wanted, and ultimately led to the sticky situation it could take yhears to get out of. Of course many people can imagine that it won't happen to them, that things will be so much better by the time it could potentionally catch up to them. What will they do? This predicament raises more questions then it does answer them, and its not wise to keep the mindset, "we'll cross that bridge when we get to it", but with so many people in the same boat, and seeing that we must prepare for the worst, to be sure, it seems that America can only play the waiting game with this recession. If America does not get out of the financial rut we seem to be cemented in, are we looking at an unemployed, homeless nation?
ReplyDeleteGabriellllle ; E Block (:
The New Poor; Despite Signs of Recovery, Chronic Joblessness Rises By PETER S. GOODMAN
February 20, 2010
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ReplyDeletethe economy has effected all of us we need to help our people out by creating new jobs and benefits its something we all need to take care of. we need support our fellow underprivileged citizens who need help we need to support them.but unemployment is a big deal as stated inJobless Benefits Rose Last Week by The Associated Press we need to supply jobs to the people by creating buildings and more jobs that need man power that create jobs.
ReplyDeleteattempts for unemployment went up from 26,000 to a crazy total of 397,000 unemployment applications.it show how many of us are effected by unemployment we need to take care of this. but there are signs of improvement 192,000 jobs were created just last month.
a big effect of the recession is debt we need to spend the right amount of money and wise spending. were all in debt from our government to our neighbors. we need a plan to make money.
i interviewed my dad and he said being a taxi driver less people take the cab and walk to there destination much harder to make good real money
1. The two articles that were read discuss the unemployment rates in the US. The first article, “Unemployment: A Jobs Deficit or a Skills Deficit?” discusses how a lack of people with skills necessary is not the reason for the increased unemployment rates. According to the article, 70% of the 30 occupations with the highest growth are accessible even without a high school degree. The real reason for unemployment isn’t the lack of people with enough skills, but the lack of enough jobs. A reason for the lack of jobs is the lack of demand due to the recession. The second article, “Average Length of Unemployment Reaches High” discusses how the average duration of unemployment in the country hit a high of 37.1 weeks in February. This is because the longer someone is out of work, the less likely they are to be hired. Those who have been out of work for a shorter amount of time can find work again much more quickly. Basically, the longer someone stays out of work, the less likely they’ll find work again.
ReplyDeleteJohn Miller and Jeanette Wicks-Lim, “Unemployment: A Jobs Deficit or a Skills Deficit?” www.dollarsandsense.org January/February 2011
Catherine Rampell, “Average Length of Unemployment Reaches High” economic.blogs.nytimes.com. March 4, 2011
2.
• Has it been difficult for you to find a job lately?
“Not really. My brother is a business owner and because of that I’ll always have a place to work if something goes wrong.
• Do you feel that you have more pressure on you at work, possibly due to fear of losing your job?
“For the most part I don’t feel any pressure. I work in a very relaxed environment around calm, friendly people.”
• Do you have any friends who are unemployed and are having a difficult time finding a job? Could you mention their experiences?
“Yeah, I have a few friends actually, who are unemployed. Most have lost their jobs pretty recently, but I have one who’s been out of work a while. Whenever he applies for a job, someone else usually ends up getting it since he doesn’t have as much job experience. He has a college bachelor’s degree though.
3. My subject’s responses relate to the article because they all mention his or someone else’s current employment status. His last answer also relates to the first article since his friend can’t find a job even though he’s been to college.
Justin Roa, C-Block
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ReplyDeletethe person who i interviewed works as a para, and used to be a substitute teacher. since she works with many teachers, she compares the current teaching experience to the one 17 years ago
ReplyDelete1) Wisconsin's republican senators passed a bill that robbed many members of union without much funds to go by on. all of this was done without the democrats knowledge. because of this many other states are following Wisconsin's lead are currently trying to do the same thing. as a result there is an even larger rift between the two parties. whether or not issue will be resolved is still unknown
"Douglas Belkin and Kris Maher", "GOP Ends Union Stalemate"www.thewallstreetjournal.coom" march 10th 2011
Interview
*subject allison pierce*
my interview subject, left substitute teaching after having her first child 16 years ago in 1994 . " when i had my daughter everything changed, i couldn't go back to teaching" she also mentioned that the teachers' union was better of then compared to now. Supporting 2 children and an also full time working husband to help it's still a bit tough.
Now a days, unemployment is very common. We are in such a recession that finding jobs is extremely difficult. A person with a college degree could be working somewhere definitely not fit to his skill ability. Personally, I feel as if we are putting so much money into unemployment checks, welfare, etc. that we should be starting up jobs to actually help these people get back on their feet, not just handing them money. If people have jobs, we can help build ourselves out of this mess, but since the recession is so bad, companies are shutting down, resulting in no jobs to offer.
ReplyDeleteThe person who i had interviewed is a manager at a restaurant/pizzeria. Working their, he is settling to do less then what he is capable of doing.
Why do you qualify for being labeled as "underemployment" ?
- "The skills I pertain are underutilized at work. I don't live up to my potential. The current unemployment rate is at a 9% rate in New York alone, the entire U.S is out of jobs. Students going to college for 8 years graduate with there associates degree are working in Burger King, Home depot, and McDonalds."
How has working at a job below your skill level effected you finically?
- "The same opportunities that I would of had with a job with the level of my skills. I can't buy a house, or rent an apartment. I cant afford a new car, or even to get my old one fixed. The necessities are there, but the needs and wants are nowhere to be found."
How does not having healthcare/insurance affect you?
- "It plays a great deal in my life. I can't go to the doctor when I'm sick. I won't know what's wrong with me because a doctors visit alone can run me a couple hundred dollars."
I decided upon summarizing "Where the Jobs Aren't" by Zachary Karabell of Time.com, and "Unemployment on the Rise" by James Kelly. The Zachary Karabell Article, as it's title indicates, is about the unemployment rate since the stimulus package and why there havent been as many created jobs as projected. Basically, the Stimulus Package put our economy on life support, but neglected to realize that recovery does not necessarily mean creation of jobs.
ReplyDeleteThe James Kelly Article offers a basic overview of the rising unemployment rate. One of the more interesting points was that the highest the Unemployment has ever been was 9% after 1975. The percentage of americans has stayed around 8.6 for the past couple of years with small rises and falls.
I chose my Father to interview
1) How has this suffering job market effected you personally?
Well, the unemployment is making people more careful with their spendng. Nobody wants to spend money on a new kitchen if they might be laid off in the near future. This has made work slow for me.
2)Why is this lack of work particularly difficult for you?
Well, I'm a non-union Carpenter. This means I don't get the same benefits and perks such as health care, dental, and hourly pay. Now that there is less work out there, I won't be laid off with a promise of more work at a later date, basically, much more is left to chance.
What is the main difference between private Carpenters such as yourself and Union Carpenters?
My payment is based on the finished product, not the amount of hours i spend forging it. Union workers will deliberately drag out a job for maximum pay and minimum stress. I, on the other hand, must work very quickly and move swiftly from job to job.
Thank you very much Mr. Knight
Travis Knight
D Block