Current Event

Topics: United States, Unemployment, Greek language Pages: 2 (454 words) Published: March 2, 2013
Sanju Jacob
Current Event 2
When the economy declines, jobs will tend to decline. In today’s society unemployment is one of the greatest challenge that is facing many people around the world. Because of the low unemployment is seen in countries like Greece and North America, the people cannot live to their potential. Unemployment brings uncertainty and fear. In this article “Scariest Part of Greek Unemployment: Generational Warfare” by Eric Kuttien, Greece is in a financial collapse. The economy in Greece has worsened leaving its neighbor country Germany as a considerable economy capable of supporting the neighbors around it. Greece’s unemployment hit 25.4% in August (Kuttien 1). The unemployment rate among old Greek people is under 15%. However amongst Middle age Greeks, unemployment has increased to 19.3 percent. The problem facing many Greeks today lies with the young Greeks of Greece. For Greeks under 25 years, the unemployment rate has risen up to 13 percent. People between 25 to 35 unemployment rose by 33%. This is difficult to imagine. How is this happening? Well student are getting out of college but cannot find a job. Many of the older people will not retire because of pension reduction. Due to older worker clinging to their jobs, young graduate student are left to search and this is why Greece has seen an increase in violence in the streets. Cause of the unemployment rate, Greece has cut down their spending by nearly a quarter. This means less consumption and eventually low GDP. Like Greece, the United States is facing tough unemployment times. The united States are above the unemployment line. Just like Greece, the people in the U.S are cutting their spending. The main problem is people in the United States are clinging to their jobs. They know times are tough so they hold on to their jobs because they need to make some source of income. The Main difference between the U.S and Greece is the U.S unemployment rate is decreasing. Although it is...
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