Tuesday, May 5, 2009

Weak Economy Affects Common Workers

With the ongoing recession, over 663,000 Americans lost their jobs in April, pushing the unemployment rate to 8.5 percent which can even reach to 10 percent if the economy will not rebound for the next few months.

The looming unemployment rate in the labor market just shows how much workers are affected by economic slowdown.

Because workers are the most affected sector when the economy is weak, some of them ask why the business giants are receiving billions of bailout money while ordinary employees face unemployment threats.

To pacify other workers who think that the government is unfair, President Barack Obama recently announced executive pay limit for bailout companies. This means that businesses that received stimulus package will not give pays more than $500,000, bonuses, and extra pays to its executives and top officials.
This decision is considered by many as pragmatic and “common sense”.