Ben Bernanke Calls Unemployment A National Crisis

October 01 00:00 2011

New York, October 1 ( – Ben Bernanke has alarmed the nation after he called the ensuing unemployment in the US a national crisis. The American people look up to the government agencies and Fed in times of panic to get the economy in order. It can be disheartening for many that Mr Bernanke is as worried as they are.

The unemployment rates have been higher than 9% ever since the Lehman bank collapsed in the midst of 2008. While the state of affairs improved in some states, it became worse in others making it worse overall on a national level. To add to the woes, more than 45% of those unemployed have been unemployed for more than 6 months.

Rising unemployment is taking a toll, not only on individuals but on national resources as well. In a country like America, there are many welfare measures and allowances that are provided to the people when they are unemployed. With rising number of unemployed, states have to pay out more and more in unemployment benefits. Obviously financially bankrupt states are resorting to borrowing the amount to be paid off further increasing the debt. The social security system is also taking a hit as there are less and less people who are contributing to it.