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.
The U.S. economy is the best economy in the world, with one of the highest GDP per capita figures. No matter U.S. has the strongest and most powerful economy overall, it now faces many difficult economic problems. Some of these problems are short term and they can be sorted out over time. Over the month, the value of the US dollar provides the deeply important as well as a decreasing to a record low up against the Euro and the 31 years low up against the Canadian dollar.
If we (our government) do not take any serious measures, the U.S. is going to face an economic disaster on the scale few countries have ever experienced. Most people are not aware the easily observable signs of this critical economic situation, they do not know where it originated from and what measures or steps are necessary to prevent it from occurring. U.S. citizens have a superpower mentality in their minds, but this is not true anymore. We are slowly becoming to lose our position as a leading country in lots of aspects of our social, economic and political spheres.
The so-called Eurozone is experiencing its second recession after 2009. The debt crisis has ravaged and is still ravaging the growth of this continent. Integrated economy comprising of 17 countries has contracted 0.3% in the last quarter and it is most likely to sink up to 0.1% in the current quarter. This simple data is enough to reveal that Europe is going through a recession. Along with the integrated economy, if the economic conditions of the countries are taken separately, the picture will become clearer. The condition, in general, is a little harrowing, but people are keeping their fingers crossed.
The biggest question of the hour is how long the recession will last. There is a simple answer to that and a complicated one. First, the discussion will be on the simple answer. This answer simply reveals that, the recession will be over by the end of year 2012, but there is a condition. If the current political crisis continues and no concrete and strong decisions and taken, then the recession will go on for a longer period of time. If this seems to be a riddle, then you need to understand the scenario of the whole continent a little better and you will get a clearer picture of the economy.