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The Downside of Unemployment

By Dianne Labonte Regional Business Development and Marketing Manager

 

Unemployment hurts our economy. The higher the number of unemployed people, the more significant the impact. Pros and cons can be weighed individually and socially. Ultimately it is the individual who must decide to continue benefits or return to work.

Pros: Stay home, stay safe, being unemployed, allows more time to spend at home with family, get caught up on projects, and just unwind from the craziness of it all. But how much downtime is too much?

Cons: The cons of Unemployment far outweigh the pros. The adverse effects span across both individual and social channels.

Financial Issues

The Cares Act and the PUA program will not last forever. Neither will Unemployment benefits. Sooner or later, you will find your self trying to survive on ½ of your pre-pandemic income. Things cost money, sure Unemployment will provide some assistance, but they aren’t going to pay for extra stuff.

Psychological and Health

Being on Unemployment can lead to depression, low self-esteem, anxiety, and other mental health issues, especially if when you want to get back to work, you can’t find a job.

Economic Burden

During periods of high Unemployment, the risk of debt burden increases significantly for our state and federal governments leaving less money for other area programs and needs.

Social Impact

There have been many studies done on the relationship between crimes committed by individuals who are unemployed and living in poverty. When unemployment rates increase, crime rates tend to rise. According to a study published by Georgia Tech “A one percent increase in the unemployment rate will increase the violent crime rate by 14.3 per 100,000 inhabitants”

Unemployment is a significant life event. It can have a damaging impact on both a person and a community. It alters not just the person but also family members and the future stability of the next generations.

If you are looking for work, HW Staffing Solutions can help. Visit our website @www.hwstaffing.com

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