The Great Recession blew a hole in many US citizen savings, and their free time wasn’t much fun without cash to visit beautiful places, buy a new car or even purchase a nice clothes or so.
Increasing annual Social Security income by working longer, until at least age 70 will improve financial security more than anything else most people can safely accomplish. Also, getting more people to work later in life could help blunt the impact of the graying population on the nation’s finances. According to Trent Gillies, “Nearly 20 percent of people age 65 plus are still working full or part-time — the highest rate since 1962”.
The U.S. economy enters June with a good deal of momentum. US jobs growth was faster than expected in the last month, as employers added 223,000 jobs, a faster pace than last year or the year before. This helps lowering the unemployment rate to an 18-year low of 3.8 percent. In the previous month, the unemployment rate was 3.9 percent. Comparing this year with a year earlier, the average hourly pay increased about 2.7 percent. According to the Labor Department’s monthly jobs report, This is a slightly faster annual pace than in April. Wage growth was respectable too. Executives at many companies complain they can’t find enough workers, but the pay growth remained below levels that are common when the unemployment rate is this low.
From the great depression of the 1930s to the great recession of 2009, U.S. economy has seen it all and to the maximum extent. When compared, the impact of the great economic depression was worse. However, if considering recovery from recession, the great recession is a possible successor in many terms. It has been five years since the recession and yet, the unemployment rate in U.S as of June 2014 is approximately 6.8 percent, which has declined by mere 3 percent since 2009. The weak growth of U.S. economy is not just visible through this figure, but a lot more is adding to it on a daily basis.
In contrast to the great depression, the recession has made half as much the recovery in GDP a post-depression era, which is only 9 percent since the inception of recovery phase of the economy. Comparatively, after the same time period during the great depression, it was as much as 17 percent higher. When looking at the deficit percent, the growth has been only 5% since the beginning of recovery.
In the current economic roller coaster, individuals are seeking alternative ways to earn money. Even though the economy may not be prosperous currently, people are seeking a new way to earn or to work. A lot of people would go online with the idea of making an absurd amount of money, and then get discouraged when they never meet their goals. This causes a lot of people to give up because they don’t know how to utilize websites to help them earn an income online.
With many new websites becoming created daily with the promise of earning money, only some actually deliver on that promise. Some of these newly created websites tell you that you can earn a six-figure income in a short amount of time. This is definitely not possible.
Remember, you have to work to earn an income, and it may take months to build up to earning a six figure income, or even a five figure income. That game hasn’t changed yet.