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unemployment rate in the U.S. is calculated as 5.6% in Feb 2004 which is modest, however if you factor in people who are no longer receiving unemployment or are no longer looking that figure raises to just under 10%.
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These numbers are misleading. First off 5.6 percent unemployment is remarkable. Before the late 1990s we thought that natural unemployment rate was 6 percent and that to go below that we would have to increase interest rates. Britain meanwhile historically has not seen 5.6 percent. The numbers with people not looking for work is at 1.4 million. This however is not entirely representative either. of that 1.4 million only .4 million are discouraged workers(given up on finding a job). The other portion 1 million are recent retires/college students/other group not working via choice.
Also outsourcing is good for the united states. If we are able to follow the path of history then a technical innovation will come along to start us in a new field while having us get the current offerings cheaper elsewhere(everyone lives). If the govt wants to help they should be encouraging inventors and ignore the job migration.
-Economics minor Georgia Tech
-Member national economics honor society