The great recession
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Transcript of The great recession
“The Great Recession”
It would take 10.6 Million jobs created to reach the employment figures from before the recession
150 thousand new employees enter the working age population each month
Manufacturing, housing, and construction have taken the largest losses
Banking and finance is expected to shrink by 30 percent over the next two years
8 million jobs lost
We have the same number of manufacturing jobs as we did in 1940 due to the recession.
Unemployment: Before/After Recession
People working part-time or in other fields bring the actual under employed rate to 18 percent
Discouraged workers that stop seeking employment and have exhausted all their unemployment insurance
Under employed and not seeking employment
Who has been hit hardest by the recession?
High School dropouts have highest rate of 21%
High School graduates without college 14%
College graduates (Associates degree) 10%
College graduates (Bachelors degree) 5%
Unemployed over 25 years of age
What should this last statistic tell
you?
Go to college and finish your degree!
Or you could end up getting laid off.
Divorce rates go upGovernment assistance is up to 12%
of populationNegatively effects taxpayers and
gov’t debtSuicides riseConsumers stop spendingBusinesses stop hiring Economic confidence drops
Effects of unemployment
Did you know?
12 percent of our population is on food stamps! That’s 34 million people!
Childhood poverty rates were bad before the recession.
West Virginia carries one of the highest rates in the U.S.
The Southern states also lead in this category
Now the rates are unprecedented for our
country.
16 percent of households with children experience food insecurity
50 percent of families who rent spend 30 percent of their income on housing
Compared with white children, Black and Latino children are twice as likely to experience economic hardship
17 percent of poor children lack health insurance
What are some of the economic hardships faced by our
children?
What can we do to change things?
Create more jobs. But our government is stumped…
And the private sector is unsure when spending will pick up
Who is hiring?
HEALTHCARE
FEDERAL GOVERNMENT
EDUCATION
Americans will persevere through hard work and determination
Economic confidence will need to be restored
Congress will have to agree for once, on both sides of the aisle
Re-training of unemployed workers for fields in high demand
Return of manufacturing jobs
Road to Recovery
We must shift focus to improving our education system
Improved education system will lead to more highly skilled workers when its time to enter the workforce
New focus on Vocational skills for students not seeking college.
Blue collars jobs such as welding, electricians, masons, plumbers and carpenters will be in high demand going forward
Increase in Education