Question

In reference to the unemployment and underemployment in the U.S and Britain answer the following question:

What are your thoughts on the unemployment/underemployment in the U.S. and Britain; How problematic do you find it to be in the U.S.; Should we be concerned; Which sources of indirect character development should we use to reduce the underemployment phenomenon?

Answer 1

what are unemployment and underemployment?

There is a difference between being unemployed and being unemployed. Unemployment means you have no job, but unemployment means you have insufficient work. Sometimes it is used when talking about people who work in a low capacity in which they are qualified. However, most of the time, unemployment is related to low paid or limited hourly jobs.
The term is also a measure of the use of labor. When unemployment is high, the full potential of workers is not utilized.
High unemployment can result in economies such as high unemployment, rising levels of poverty, and depressed spending.

Why unemployment and underemployment occurs​​​​​​

1. Mismatch of Skills

2. Lack of Experience

3. Credentials Aren't Acceptable

4. Discrimination Issues

5. Low Demand

6. Poor Economy

7. Market Changes

Causes of unemploymen

Main article: Causes of Unemployment in the United States

U.S. jobs displaced by the growing goods trade deficit with China since 2001

Manufacturing employment and trade deficit with China, 1965-2015

There are a variety of domestic, foreign, market and government factors that impact unemployment in the United States. These may be characterized as cyclical (related to the business cycle) or structural (related to underlying economic characteristics) and include, among others:

• Economic conditions: The U.S. faced the subprime mortgage crisis and resulting recession of 2007–2009, which significantly increased the unemployment rate to a peak of 10% in October 2009. The unemployment rate fell steadily thereafter, returning to 5% by December 2015 as economic conditions improved.
• Demographic trends: The U.S. has an aging population, which is moving more persons out of the labor force relative to the civilian population. This has resulted in a long-term downward trend in the labor force participation rate that began around 2000, as the Baby Boomer generation began to retire.
• Level of education: Historically, as educational attainment rises, the unemployment rate falls. For example, the unemployment rate for college graduates was 2.4% in May 2016, versus 7.1% for those without a high school diploma.
• Technology trends, with automation replacing workers in many industries while creating jobs in others.
• Globalization and sourcing trends, with employers creating jobs in overseas markets to reduce labor costs or avoid regulations.
• International trade policy, which has resulted in a sizable trade deficit (imports greater than exports) since the early 2000s, which reduces GDP and employment relative to a trade surplus.
• Immigration policy, which affects the nature and number of workers entering the country.
• Monetary policy: The Federal Reserve conducts monetary policy, adjusting interest rates to move the economy towards a full employment target of around a 5% unemployment rate and 2% inflation rate. The Federal Reserve has maintained near-zero interest rates since the 2007–2009 recession, in efforts to boost employment. It also injected a sizable amount of money into the economy via quantitative easing to boost the economy. In December 2015, it raised interest rates for the first time moderately, with guidance that it intended to continue doing if economic conditions were favorable.
• Fiscal policy: The Federal government has reduced its budget deficit significantly since the 2007–2009 recession, which resulted from a combination of improving economic conditions and recent steps to reduce spending and raise taxes on higher income taxpayers. Reducing the budget deficit means the government is doing less to support employment, other things equal.
• Unionization: The ratio of persons represented by unions has fallen consistently since the 1960s, weakening the power of labor (workers) relative to capital (owners). This is due to a combination of economic trends and policy choices.
• A trend towards more workers in the "gig" or access economy, in alternative (part-time or contract) work arrangements rather than full-time; the percentage of workers in such arrangements rose from 10.1% in 2005 to 15.8% in late 2015. This implies all of the net employment growth in the U.S. economy (about 9 million jobs between 2005 and 2015) occurred in alternative work arrangements, while the number in traditional jobs slightly declined.

What Can You Do to Deal With Underemployment?

1. Talk About It

As the producer and professor both reminded me, there’s a prevailing silence around underemployment because people feel embarrassed or are afraid they’ll be ostracized in their industries for speaking up. I know I didn’t want to write about it for fear that my press would find out. But talking about it can help. It did for me: When I spoke to my family and close friends about my circumstances, I released that sense of shame I’d been carrying around. If you’d rather connect with people who are also dealing with underemployment, try joining or forming a local in-person support group or an online community. The important thing is to remember that you’re not alone, and starting a dialogue about it could help you and so many others who are in similar situations.

2. Look for Value

Being underemployed makes it much easier to develop negative attitudes about work. So try making a list of all the ways your work has value beyond the paycheck and title. Maynard advises telling yourself, “Yes, I’m overqualified right now, but I can see that the work that I do has an impact on customers or clients or even other people in the workplace—that my job is pivotal in helping other people be productive in their work.”You might have to dig deep, but make sure you find or create meaning that will help you survive this period.

3. Learn to Be Flexible About What Success Looks Like

Like many people around me, I viewed full-time employment as the gold standard when it came to career success. But that’s quickly changing with the rise of the gig economy and other arrangements.

Remind yourself to be flexible about what success looks like, and feel free to create your own definition. Maybe your yawn-inducing office job supports your passion project outside of work, or maybe the freedom of a non-traditional schedule allows you the flexibility to attend that afternoon workshop you’ve been wanting to try. Most work involves some kind of tradeoff, so figure out how what you’re doing now is allowing you to achieve a different kind of success or setting you up to achieve the kind of success you want for yourself one day.

4. Build Relationships With Current Employers and Network Outside of Work

If you don’t like what you’re doing at the moment, building relationships could be the key to unlock new opportunities—within your current company or beyond. After working as an adjunct for four years at one university, the professor finally landed a full-time position. “I almost feel like I [won] the lottery because there just aren't jobs here in my field that have benefits,” she says. Although it took time, she was able to prove herself and get to know the right people in ways she wouldn’t have been able to as an outside candidate.

If sticking it out doesn’t seem worthwhile, find networking happy hours within your industry or age group. Beyond that, find people at the career level you’d like to be (mid-, senior-, etc.) and request informational interviews. If advancement comes down in large part to who you know, then you can start by working on who you know.

5. Consider a Career Change

Underemployment may be a chance—even if it’s not one you sought out—to rethink what you’re doing and where you’re doing it. If you’re underemployed and advancement seems impossible, consider exploring new career options. Maybe your skill set is actually a perfect fit for another role in your industry or another industry entirely where there might be more opportunity.

Writing was my passion project—the thing I did on the side—until I decided to invest in it full-time and leave publishing. The digital media and communications skills I gained helped me become a top candidate for my current role in writing digital content for a university. Although it’s not what I’d imagined myself doing, I’ve never been happier. Looking back I can see how every step helped me get closer to making this transition. But being flexible was key.

Underemployment has real and damaging effects. I spent four frustrated, demoralizing years trying to break out of the cycle. But it is possible—whether that means landing your dream job or finding a way to take your skillset with you on a new path. Either way, make sure you take care of yourself in the meantime.

Solutions for creating more U.S. jobs

• 1. Infrastructure investment
• 2. Tax policy
• 3. Lower healthcare costs
• 4. Energy policy and carbon price certainty
• 5. Employment policies and the minimum wage
• 6. Regulatory reform
• 7. Education policy
• 8. Income inequality
• 9. Trade policy
• 10. Long-term unemployment
• 11. President's Council on Jobs and Competitiveness

References:

1. https://en.wikipedia.org/
2. https://www.thebalance.com/