Late last year, a global economic crisis was felt. Many countries were affected by the impact of the situation. Even 1st-world countries was not an exception. In US, many businesses closed down because of increasing losses and the continuing financial instability. Until now the effects are still seen. Not even businesses were affected, even the labor forces. Up until now, unemployment rate rises dramatically over the world.
As quoted from the bizjournal.com's - article:
For the first time in more than a generation, every state in the union saw its unemployment rate rise last month. According to the U.S. Department of Labor’s Bureau of Labor and Statistics, all 50 states and the District of Columbia recorded unemployment rate increases compared with the previous month and the prior year.
December marked the first time every state recorded a rise in monthly unemployment since the bureau began keeping such records in 1976.
In Texas, the unemployment rate was at 4.2 percent in December of 2007, 5.7 percent in November of 2008 and 6 percent last month.
Michigan and Rhode Island once again led the nation with the highest jobless rates at 10.6 percent and 10 percent respectively. Rhode Island’s rate is the highest in more than three decades. Arizona dropped 12,400 jobs in December and saw its unemployment rate rise to 6.9 percent.
The national unemployment rate rose to 7.2 percent in December, up from 6.8 percent the previous month and from 4.9 percent a year earlier.
Increasing rate of unemployment presents a major challenge for the government. O ne of this is the increase demand of welfare programs because of the consequences of poverty and in equality resulting from high unemployment.
Let us then focus in the Philippine setting. Where does the Philippine stands in this situation? Is our government capable of protecting it's citizens from this crisis?
But I still hope that everything will fall in their rightful places. Hopefully our leaders, the leaders we put our trusts to alleviate the country's long list of problems will stop their never-ending, head-on collisions with other leaders. Hopefully we'd be able to solve or even alleviate the problems caused by this crisis.