Many Americans Who Have Lost Their Jobs Are Faced with Paying a Mortgage Payment Which

The most important issue facing our country is unemployment. The current rate forthe United States is 9.1%. This rate has had a steady increase since April of 2008 hitting a peak of 10.6 in January 2010*. This figure does not include part time workers who would like full-time jobs, independent contractors whose state of employment can fluctuate, and a variety of other people in different circumstances who don’t meet the standards of being either “employed” or “unemployed,” and who don’t get counted. It’s hard to get a true unemploymentrate, and percentages may not always accurately represent the current economic climate in a country. We have not seen unemployment rates this high since the 80’s. The president believes extending unemployment benefits and reinstating the Bush tax cuts will help. With this agreement is a 2 percent employee payroll tax cut for workers next year, something which economists believe will create jobs. It talks about providing incentives to businesses, like completely writing off their investments next year, to create new jobs. He is depending on the economy to make a full recovery and for jobs to be there when it does. Economists predict that with all these incentives in place it will boost the economy which in turn will create jobs.

Many Americans who have lost their jobs are faced with paying a mortgage payment which they no longer can afford.. While foreclosures were initially caused from the overheated home prices and bad loans now a second wave of foreclosures has actually been caused by unemployment and economic displacement.The pace of foreclosures is expected to pick up this year and ultimately outpace 2010 levels. These people are forced to rely on family and friends to support them whether through financial, food and/or housing needs.

Economists are predicting unemployment rates will drop below 9% this time next year. However this still means millions of Americans will still be unemployed. History has shown us that the economy will bounce back, which in turn means lower unemployment. However I believe unless some drastic measures are taken, this will come too late for many Americans to recover.

*Data source:U.S. Bureau of Labor Statistics - Last updated January 12, 2011