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Immigration 17 Essay

1239 words - 5 pages

Many individuals have been implying that we are currently heading towards another depression. There is also a possibility that America could end up facing another depression with in the next 5 or 6 years due to some economic problems. On the contrary, we have not experienced a depression since the Great Depression during the 20th century. Some similarities that contribute to the idea that we are heading towards another depression are: unemployment percentages, home foreclosures, and many different economic problems. On the other hand, some differences that contribute to the ideas that we are not heading into another depression are: minimum wages have not decreased, and we have a new ...view middle of the document...

Had the labor force grown more in line with the population - as it has in past labor slumps - another 2.3 million people would have been in the labor force in October 2003. This "missing" labor force is significant because the unemployment rate would have been 7.4 percent had the 2.3 million "missing" workers been considered as unemployed.2 The 7.4 percent unemployment figure provides a better measure of current slack in the labor market than the actual unemployment rate of 6.0 percent. The 1.4 percentage-point difference reflects the people pushed to the sidelines of the labor market who can be expected to seek work again once job prospects improve. As a result, the official unemployment rate should not be expected to fall very much when the employment picture actually begins to improve. The loss of wage and salary income - Although real hourly wages have grown since the start of the recession, those gains have been more than offset by declines in the number of jobs and the amount of hours paid per job. This slump saw the longest duration of job loss - 28 months. This slump is the first time in which there was not a full recovery of jobs 31 months after the recession began. This slump is the worst in terms of the rise of the unemployment rate (after adjustment for the "missing" labor force) 31 months after the recession began - up 3.2 percentage points. The current slump has also been the most severe in terms of the loss of aggregate real wage and salary income 30 months after the recession began - down 1.2 percent.
To continue, another similarity that contributes to the idea of another depression in the United States of America is home foreclosures. Many, many families have to undergo home foreclosures in the Unites States. According to Mortgage Bankers Association, 1 out of every 200 homes will be foreclosed upon. For a city like Washington, D.C., that translates to 3,000 Washingtonians losing their homes to foreclosure each year. Every three months, 250,000 new families enter into foreclosure. One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage.
– Based on information from the Mortgage Bankers Association
A slower real estate market can translate into falling prices and home values. As a result, homeowners who opted for adjustable rate mortgages may now find that as their mortgage rate adjusts higher, their home value is lower and therefore refinancing is no longer an option. Six in 10 homeowners wish they understood the terms and details of their mortgage better. More than 6 in 10 homeowners delinquent in their mortgage payments are...

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