Unemployment in Canada
"Unemployment is not only an economic problem, but a social problem as well, in as much as its consequences are not limited to any one individual. As unemployment persists, employed workers run the risk of losing their jobs, as has been made clear in recent recessions, especially the current one. Unemployment acts as a drain on the economy, siphoning off great human capital potential. In this light, unemployment must be seen as the greatest failure of modern capitalist economies." Unemployment is one of the worst problems that the Canadian economy has to deal with. The Canadian unemployment rate fluctuates from year to year, but at almost all times it was higher then the U.S.A unemployment rate. The current unemployment factor has created a negative impact on the growth of the Canadian economy. The recession in the 1990's caused a high rise in the unemployment rate and since then it hasn't improved by much and it remains at a crisis level. Canada's unemployment rate is around 7 to 8 percent, but the Maritime Provinces and Quebec have it even worse. If discouraged workers were taken into account the rate would be closer to 12 percent. This shows that almost 700, 000 Canadians are not working and are not producing their
possible economic output. This high rate of unemployment is detrimental to the Canadian economy because it results in a high-lost potential output, waste of skills and a weaker economy. The youth (ages 15-24) unemployment rate is another factor that is weakening the economy. It has increased considerably since the before the recession and it is now almost 17 percent which is more then double the overall unemployment rate. The labour force participation rate, comprised of working age Canadians who are either working or seeking employment, has fallen to about 65 percent in 1998, down 2.5 percent from the early 1990's. Philippe Rochon Economics in Crisis Unemployment presents a very serious problem regarding the growth of the Canadian economy. If a solution is not found to maximize the work force a large loss of potential output will occur. Workers' skills will continue to go to waste at lower paying jobs, less money will go into the economy and the Canadian economy will stop growing until a solution is found to this problem. Unemployment has been a problem in Canada since before the Great Depression and it will continue to affect the lives of everybody in that nation unless something is done about it. Some may say that there is nothing wrong with a few people that do not have a job. They however haven't seen the homeless living in sewers and subway stations and they haven't heard the churning of the stomach of a little boy who hasn't eaten in days.
Some common words found in the essay are:
Provinces Quebec, Domestic Product, , Canada Depression, unemployment rate, canadian economy, Bibliography Unemployment, potential output, Edition Papers, Constitutional Convention, Economics Crisis, growth canadian economy, tax revenue, drain economy, money economy, people job, percentage population, standard living, solution found,
Approximate Word count = 1148
Approximate Pages = 5 (250 words per page double spaced)
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