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How unemployment is currently impacting life in the United States based on an economics point of...

How unemployment is currently impacting life in the United States based on an economics point of view.

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Answer #1

Unemployment leads to decline in incomes in the economy. When the individuals purchasing power declines, consumption also decreases. This drives down the aggregate demand in the economy.

This is what is happening in US. Economic activity has slowed down and there is the onset of recession.

Due to decline in aggregate demand, fresh investments are not happening which is why new jobs are not being created. This is the reason why the unemployment rate is increasing in US.

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