Unemployment is bad for society

Unemployment is bad for society

When you’re a young gun, full of vim and vigor, just out of school, looking for a job is part of the game. You figure you’ll find one sooner or later. But what about those crazy unemployment numbers? The Atlantic Monthly claims there are six people looking for each single job that opens. Without intervention by the federal government, millions of people will have run out of unemployment benefits within a few months, which opens up yet another can of worms ? can/should the government be throwing money they don’t have in that direction?

Everyone agrees unemployment is bad but here are some specific reasons why.

1.Outsourcing of white collar jobs to countries where labor is cheaper causes U.S. Unemployment to keep climbing.

2.Higher depression rates, which leads to drinking, drugs, marital stress, poor nutrition and health.

3.Anti-immigrant feelings towards those who will do the job for less money.

4.Residents of high unemployment neighborhoods may turn to illegal ventures (drugs and crime) for income.

5.Less happiness at work because you’re afraid to leave the job no matter how much it sucks.

And the biggest result of high unemployment might be less tax money for states. Think about it. With so many people out of work, less comes into the coffers via income tax, and less is spent by consumers to be collected on the back end of sales tax. This thing is a vicious cycle. That’s why politicians talk incessantly about creating new jobs with every election cycle. It matters to us all that as many people as possible can find gainful work.

The Young Wealth Team

Flickr / Tony the Misfit