Unemployment
I choose that “unemployment” which is a national problem in the USA now. First, I would like to identify the cause leading this problem. The following are the principal causes:
1) Outsourcing
2) War
3) Corruption in realistic lending
Outsourcing: Some U.S. entrepreneurs and businessmen are moving some jobs abroad where wages are very cheap. Outsourcing brings more profit for them. However, it costs domestic workers their jobs. The displaced workers look for the similar jobs, but they find it hard to get jobs at their skill level. Outsourcing removes the jobs from here, but no initiatives are taken to create new jobs for the people who lost their jobs due to outsourcing.
War: The recent war cost U.S.A billions of dollars. However, the war is necessary to protect the security and interest of the country. The money that was used in war could have been used in creating job domestically. Thus, job creation is foregone by war efforts reducing opportunities for employment.
Corruption in real estate: Greed motivated many bank loan officers to approve mortgage loan to people who were not qualified to buy their homes. Because it was easy to get approved for mortgage, more and more people tend to buy houses. Therefore, the price in real estate was sky rocketing. The prospective home owners thought it a good opportunity to invest real estate market for potential gain in short period time. But the bubble burst. The real estate market collapsed. The price of real estate fell down dramatically. People were unable to make their monthly mortgage payments. They could not sell their house because the market price was too low to cover up what they borrowed. Therefore, most of them defaulted on their mortgage payments, and bank lost a great deal of money leading to the brink of bankruptcy.
Government can step up to provide solution to these problems by taking initiative and creating programs for quality education for the next generation, staying away from wars avoidable for legitimate reasons, regulating financial industry. But government alone cannot solve this problem. It requires team efforts to cope up with this problem. Every citizen, business owners, and entrepreneurs should come forward and contribute in building the prosperous economic future of U.S.A.