Every month the statistic from the Dept. of Labor either confirm our worst fears or give us reason for as many expert economists say “cautious optimism”. As of this post, unemployment hovers at around 9.5 percent, with signs of slowdown abound. The economy is on everyone’s mind, but allow me to introduce another way to look at what is currently happening.
Because of massive unemployment, and the private sector being so cautious in bringing new people into the labor force, what we have right now is an employers market. That is a term which denotes a situation in which there are more job-seekers than jobs available. Therefore, those looking to enlist labor can be a great deal more discerning than under normal, abundant times. This negatively impacts all job seekers, however this places an additional burden on those who want to be part of the workforce after finishing college.
The not so well hidden secret is that because of the difficulty in finding work there is a large segment of the population returning to school to better their chances on the job market. The downside in it, that is often unspoken of, is the fact that student loan debt is on the rise. As of August of 2010, unpaid student loan debt has ballooned to $830 billion dollars, with 300 billion of it amassed in the last four years. Further complicating matters, former labor has stated if there is no intervention on the part of the federal government, then the U.S. economy will not return to normal until 2015. Far worse than work disappearing, is the very real possibility of it never materializing in what may already be at least a half lost decade. The notion that collective debt is piling on with employment possibilities that may never return is not exactly the most reassuring portrait for the future. The fact that both parties are not addressing such a glaring prospect and are playing political games instead is unconscionable.
Why are these issues lost in the scheme of things? Is it that our politicians are taking an attitude of “wait it out”? Or is it just that the political will is not there to address these issues head on? Whatever the answer to these questions are, it looks like we are all along for a bumpy ride for the next few years to come.
Marc W. Polite
Solutions. Solutions. In your opinion, what could the government do (on all levels) to expedite job growth?
This problem is deep-seated, and none of the politicians see it as a priority. Ridiculous.
Great post.
Good question Taneeka. In my opinion, the government could aid the states more so they wont have to layoff people. That doesn’t help the economy at all. Given that the alot of manufacturing in this country has been outsourced heavily, one of the few things that stimulates the economy is consumer spending. With people losing their jobs and those holding on saving more, it’s actually worsens matters.
In addition to helping the states, they could also fund a sort of federal jobs creation program. Not by “make work” programs, but by taking a survey of things that actually need to be done. It doesn’t make sense for the infrastructure to be falling apart, when there are needs for these things.
Politicians don’t see these things as priorities, because they are so caught up in elections and office holding. The day to day realities of the average person are of no consequence to them. Ever since deficit reduction became the buzzword, everyone, Democrat or Republican, fell right in line. Why not call it what it is: an austerity program.
I think now is the perfect time to become an entrepreneur. When the job market down-turns and employers turn you down….the best thing is to become your own boss! This article brings up for me the sad number of Blacks who go out there and begin there own businesses and take charge by becoming the boss of their lives. I’m happy the economy is like this because for the first time, I’m not content with what employers are offering me anyway so it makes me want to create my own thing! Great post and I’ll see you on Twitter to further discuss how right now is the best time to encourage our Brothers and Sister’s to get creative (never a problen for Black folks, the inventors of the chitlin) and feed our babies using ourselves as our brand!
Kelli
http://www.theblackcouple.com