Recession Over, Not Unemployment!

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WASHINGTON (GaeaTimes.com)- The economic veterans are of the opinion that US economy is now outside the menacing grip of recession that grabbed it by the neck after the debacle of Wall Street financial giants. However, it does not necessarily mean the economic scene is rosy. On the contrary, the problem of unemployment still haunts a majority of the citizens in USA. It has been learnt from a recent survey that the job cuts have gone up even after the recession has come to an end, as per the economists. It will still take some time before USA can get over the problem of unemployment. The job loss in USA in recent times have been highest in the post Second World War era. December 2009 was especially bad for the country as it had to do away with nearly 6 percent of total jobs. The revelation is startling.

Barack Obama the president of USA has admitted that recession is over as has been claimed by the National Bureau of Economic Research. However, he has stressed that unemployment still continues to be a menace for the jobless young residents of USA. In a recent speech the president admitted the gravity of the situation. He reiterated that thousands of people are still suffering from job loss and subsequent problems like home foreclosure and debt.

The president’s speech pointed to the fact that recession is over but the nation still has a hard time ahead. He was quick to point out that in such pressing times the residents should adopt the age old values like hard work and responsibility.