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This 4 page paper looks at the high unemployment rate and what is means in today's economy. The unemployment rate is discussed historically. The recessions of the early nineties and early 2000's are compared and contrasted. Bibliography lists 3 sources.
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4 pages (~225 words per page)
File: RT13_SA330eco.rtf
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remains high in the United States of America in 2003. In fact, the economy that seems to be lagging is problematic for the many people who are now being laid
off, as well as for businesses that continue to struggle. Questions loom large. What does the very high rate of unemployment mean for Americans? As an economic indicator, what does
the unemployment rate truly signify, and what does it have to do with the future economy? In 1987, unemployment was 6.7% (Nasar, 1987, p.64). While this might seem high by
todays standards, at the time, it was something to cheer about. In 1987, this economic indicator was at its lowest in years, but many economists were frightened by it (1987).
Something called the natural rate of unemployment was what had economists worried (1987). Milton Friedman, as well as some other theorists, argued that government should not try to influence the
natural rate of unemployment, because it reflects market forces. The eighties debate focused on whether or not to do something about the almost 7% (1987, p.64) unemployment figure that showed
signs of going down, but was still not good enough. Some argued that the government should step in. Others believed it should naturally take its course. A decade later, unemployment
was not a concern. The rate had been low during the nineties and in fact, the nations unemployment rate fell in April 1998 to 4.3% (Pine, 1998,p.A1), which was its
lowest level in 28 years; with those statistics, the government reported that the economy had been creating hundreds of thousands of new jobs (1998). Unemployment is an important economic concern
as when people are working, that is a sign that the economy is stable. Conversely, if people are out of work, that means there are more unemployment claims and people
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