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US Financial Crisis Hit and Its Economy Effect Report (Assessment)

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Updated: Apr 13th, 2020

Introduction

It is apparent that the economic growth in the U.S has been declining over the years, and the current situation has triggered the harmonious running in different sectors. There are so many articles expressing the feelings of the writers on the effects of the current situation, and some even offer numerous solutions. We will analyze three articles on the same issue.

How A New Jobless Era Will Transform America

This article was written by Peak Don. He is an economist and runs a column in the Atlantic magazine on financial matters in the U.S. He greatly expresses his fear on how the economy has caused an increased unemployment rate in America (Peak 1). He talks about the end of the Great Recession, which brings in a new era of joblessness. He declares the shocking figures of the unemployment rate as at 17.4%, the highest recorded figure since the 1930s (Peak 5).

He also says that unemployment has been caused by the fall of industries and companies due to the low economic growth. He also gives suggestions by various economists who have attempted to predict the recovery of the economy. They argue that it can recover rapidly, slowly, or no recovery at all (Peak 15). The writer himself also expresses his doubts on the economic spin.

California, In Financial Crisis, Opens Prison Doors

Archibold, Randal is a renowned journalist and columnist. In this article, the writer starts by highlighting the budget crisis, which has led to the state addressing the problem of prison overcrowding (Archibold 1). He notes that prison overcrowding is one of the major causes in the crippled finances and economy of the state.

He further states that there is a great imbalance in the state’s expenditure as 11% of the budget; approximately $ 8 billion is allocated to the penal system (Archibold 6). He also expresses his fear that the rise of criminal acts is as a result of unemployment leading to overcrowding of the prisons (Archibold 12). He thinks that the state should consider decongesting the prisons by removing those prisoners who are considered to be less harmful and leaving those who require maximum supervision.

The U.S Might Learn From Canada’s Rebound

The article is by Lee Don, a columnist, and journalist in the U.S daily. He appears bitter at U.S pride, which has lead to serious economic crisis. He acknowledges Canada, who in his opinion, has outshone the U.S on matters of dealing with the unemployment rate, deficit, and immigration (Lee 2). He states that the U.S, who have never looked up to Canada as a role model should put its pride down and apply the strategies by Canada (Lee 4).

He also backs up opinions from other economists who argue that it will take years for the U.S to come up with more than 8 million jobs that were lost during the great recession (Lee 10). He compares that with Canada, which has almost recovered all the lost jobs. He expresses his doubts too in the U.S making a quick economy recovery.

Conclusion

All three articles express their concern over the declining state of U.S economy. U.S government seems to be spending more than they can afford to trigger the finances to run the state. Unemployment is a major outcome due to the financial crisis.

People have turned into crimes, and now the state has in its hands the burden of taking care of the unemployed now locked up in prisons. The U.S has a great chance to recover rapidly if it applies the right strategies in its recovery program. It can get back the jobs that were lost in a short period to put the U.S back to its feet again.

Works Cited

Archibold, Randal. California, in Financial Crisis, Opens Prisons Doors. The New York Times. 2010. Web.

Lee, Don. U.S Might Learn from Canada’s Rebound. The Portland pens Prisons Doors. The New York Times Press Herald. 23 March 2010. Web.

Peak, Don. How A New Jobless Era Will Transform America. The Atlantic Magazine. July 2010. Web.

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