The high unemployment rate is here to stay unless consumers help to bring jobs back to America. If you think the overall unemployment rate of 9.8% is bad; wait until you break the numbers down across various American demographic groups. It gets worse.
This last unemployment report for November 2010 had really very little good news and all major worker groups saw an increase in their rates of unemployment. The unemployment rate among African Americans went up from 15.7% to 16%. Within that group, the unemployment rate for black men was up to 16.7% from 16.3% and for black women up to 13.1% from 12.7%. Whites saw an uptick of 0.1% from 8.8% to 8.9% and Latinos had a bigger jump, up 0.6% to 13.2%. Rates among American teens were overall at 20.9% for whites, down from 23.6% and an astounding 46.5% for African-Americans. This actually was down from 48% and 30% for Latinos, a 1.6% drop from the month before. The rate of underemployment which looks at the unemployed, marginally attached and those working part-time for economic reasons was unchanged at 17%.
I looked hard to find the bright side, but couldn't -especially when I know that many of the jobs lost in manufacturing and construction sectors are not coming back to the America. Not that I don't want them to come back or think they can't. I think some can; especially those in the manufacturing sector.
I think that until Americans really begin to take notice of what they consume and what they buy, there will not be enough pressure on politicians to do the right thing and impose tariffs that will make American made products more attractive.
The next time you are in your favorite coffee shop waiting to pick up your $4.50 latte, wander over to the shelves adorned with mugs and assorted tea-drinking or coffee paraphernalia. Where are they made? What percentage of them are made in America?
I guess the question would be, what exactly is the reason that they can't be made in America? I suspect it has something to do with tax incentives to ship jobs overseas, lobbyists and politicians who really don't care what voters think.