Losing More Than A Job Effects Of Long Term Unemployment...

Losing More Than a Job: Effects of Long-Term Unemployment on the Average American Job loss can happen to anyone, but when being without work stretches over months— even years—it can be challenging to survive it. Long-term unemployment, defined as being out of work for six months or longer, has a myriad of effects on the average American; it impacts not only their economic well-being, but their mental and physical health. Finances can suffer, self- worth can plummet, and health can deteriorate.On a brighter note, the long-term unemployed can be granted the opportunity to gain more life satisfaction by re-evaluating and pursuing life goals. The most obvious economic effect of job loss and long-term unemployment is the loss of income, but there are several other financial consequences that are not as apparent. As noted in this report, reduced family income may mean that bills go unpaid, savings shrink and debt mounts (July 2016). Unless extended through special means called the Emergency Unemployment Compensation (EUC) Program, unemployment insurance is limited. According to the United States Department of Labor website, â€Å"Benefits can be paid for a maximum of 26 weeks in most States† (State Unemployment). If the unemployed person has not been able to find a job in that amount of time, financial pressures increase. Per the study July 2016 An Analysis Of Long-Term Unemployment, when unemployment drags on, the worker’s employment prospects may become dimmer because of eroding jobShow MoreRelatedThe Impact Of Immigration On The United States1469 Words   |  6 PagesDuring the 1990’s there was a massive migration of Hispanics from Central, and South America into Texas. This large influx of population in Texas caused several problems such as hundreds of poor neighborhoods, a need for more teachers in public school, and fewer jobs available for the native born Texans. 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A lot of companies in technology industry, such as Amazon and Samsung, have a larger number of employees than Apple. The median annual salary for computer science and information technology was $81,430 in May 2015 (Bureau of Labor Statistics,2015). The average salary for a manager in Apple is $80,168.Read MoreThe Big Picture of Unemployment1922 Words   |  8 PagesINTRODUCTION: Unemployment – the big picture This report will discuss how long-term unemployment affects job seekers globally, domestically, economically, and psychologically: The issue of unemployment has been a long fought battle. The lack of economic growth contributed to the major impact on the overall global employment predicament. According to studies an estimated 202 million workers were without jobs in the year of 2013. 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Many jobs, particularly manufacturing and industrial type jobs are being outsourced to other countries. An increase in unemployment due to a change in the economy is structural unemployment. This paper will discuss how structure unemployment is causing harm to the United States economy