Unemployment in America at its peak
Millions of people on the verge of unemployment and starvation
America is a strong democratic and capitalist country. Financially, America is the most powerful country in the world.
But due to Corona virus, America’s financial condition has been deteriorated. All business activities are closed. Therefore, America is suffering a loss of billon daily economically.
According to the US Labor Department, the current unemployment rate is 14% which is at its peak. This rate was first seen in 1948. Around 20 million people have lost their jobs in April.
Losing 20 million jobs is a big financial blow for a country with a population of about 331 million. About 20.5 millon people have applied for unemployment allowance.
Which is a very large number and many times the Labor Department website has crashed due to overloading there.
Surprisingly, this number has not stopped. It is constantly increasing.
In America, lower class people get weekly wages and earn and eat from them. Due to low income, they are unable to save. In America, taking loan and debt is at its peak, so most people also meet their needs by borrowing.
According to a survey, most Americans do not even have $ 500 in bank savings for emergencies. Borrowing and loaning is fashion. Most of the public is living on credit card and debt.
Due to Corona, weekly salary income has stopped and there is no savings. Therefore, the economic situation is getting worse. However, the US government has started the process of giving $ 1200 as an emergency fund to everyone. But how long will all this work without salary. This amount will also end in paying daily pending bills.
Thousands of Indian students go to study in America every year. Thy also take a loan from the bank for their higher education. Assuming that on completion of studies and on getting the job, the loan will be paid by them in installments.
While studying there, they work part time and manage their expenses. Due to the shutdown of the Corona virus, they are not getting any part time job and all this has also made there life very difficult. Their dream of working in America after studying further seems to be breaking.
As, millions of people are unemployed, first America will give jobs to its citizens, then it will think about the citizens of other country.
The US has a presidential election in November 2020. Donald Trump has a lot of pressure to employ his citizens and strengthen their economic condition.
Due to all this, he can make the visa rules issued to Indians more stringent.
If this happens then it will be very difficult for thousands of Indians to save their jobs in America.
The slowdown of America’s economy will be experienced by the whole world. It is the largest importer of goods and services and have a huge trade deal with European countries and China.
But if people do not have employment and money there, then there will be a huge decline in consumption of goods all over the world.
Especially in China the impact would be more dangerous, as China has a huge population to feed and already going through a slowdown in economy.
Another Great Depression or World Economic War may escalate. Where the lives of billions of people will depend only on the economic decisions of the governments.
If the wrong decisions are taken by arrogance or if these economic struggles and corona virus are dragged out, then in front of millions of people, there will also be starvation condition with unemployment.