Free Essay On Unemployment In Dallas, Texas And Their Solutions

According to the results from the US Department of Labor and statistics, unemployment rates in Dallas, Texas have been fluctuating since 1990 to date. This is because of structural and cyclical unemployment experienced in the region. Unemployment rates scaled the 9% mark in 2010, after the 2006- 2009 recession, which saw many businesses and other commercial activities halt or slow down their activities due to financial constraints. In 2011, unemployment rates had declined to 6.9% because the government and other private stakeholders had revived their operations and thus hired a sizable amount of people. The last quarter of 2012, a period of the year-end fiscal cliff, occasioned by increase in taxation, still kept the unemployment rates steady because of the confidence operators had in the markets of goods and services.
According to the US Department of Labor, the service and business sector had added 74,000 jobs; health care and education added 91,000, and hospitality and leisure industry grew by 29,000 in 2010. High population of Texas saw the city benefit from political influences considering that it harbors 25million citizens. Government expansion programs and other business initiatives have been responsible for the decline in the unemployment rates in the region. However, the youth are still affected, and the government should consider alleviating the macroeconomic problem.
The government and other stakeholders should address the high rates of unemployment problem, in Dallas, Texas, in the followings ways. Youths should acquire relevant and necessary knowledge useful in driving the current economy. The rationale behind it is that many players in the market are using new technology to reduce their cost of operation. Advisably, the government should subsidize business operations especially those involved in export. This way, the economy will earn foreign exchange and as such expand investment opportunities. Fiscal and monetary authorities should closely monitor taxation and interest rates to stimulate the economy. Moreover, youths should also be encouraged to start enterprises, venture in agribusiness activities, or use modern technology to secure a livelihood instead of depending on the economy for employment.