7/7/14 - Looking around, seeing homes facing foreclosure, businesses having to shut their doors, and unemployment rates through the roof, one might think that the American economy is struggling as much as ever. However, according to a recent article by Don Lee of the Los Angeles Times, things may not be quite as bad as they seem.
Sure, America may have a 6% average
unemployment rate and recent college graduates may have trouble
finding work, but, compared to most other countries, we seem to be
doing well. The average income of an American citizen far exceeds
that of a Chinese citizen, and even with the recession taking its
tolls, the United States leads the world in labor force growth. More
and more individuals enter the workforce every day, and with them
comes the promise of increased production, and effectively, economic
stimulation.
Lee's statistics show that while job opportunities have
decreased dramatically in such middle-of-the-road fields as
manufacturing and construction, employment has risen markedly in
positions of both unskilled labor (restaurants, retail outlets) and
highly skilled work (computer design, healthcare). In summation, Lee
implies that one of the greatest factors in assisting the American
economy back to its future glory is the ever-continuing addition of
young adults, recent college graduates, into the labor force. It is
those young adults who innovate, who expand the diversity of the
workforce, who invest in capital such as real estate, and thus, it
makes sense that these individuals are the “missing ingredient”
in America's future economic recovery.
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