Jobless rate spikes as manufacturing hit hard

                    As everyone knows we are in a time of financial recession in the world at this point in time because of the mortgage crisis, causing a crash in the stock market. This in turn has caused a worldwide manufacturing crisis. People are losing their jobs all over the world because of this recession because companies are closing down at alarming rates. Recently the recession has slowed and has caused many companies to go back into business giving thousands of people who were laid off a second change. Unfortunately this recent prosperity was short lived and the companies are now on the downhill. Over the past few months there has been a 8% increase in unemployment rates across the country, which translates into a loss of over 30 000 jobs. This is caused by companies reopening, but unable to support near as many workers as they did before. With the economy as unstable as it is right now none of the companies want to invest a lot because they know the risk of losing everything is quite prevalent. The United States has also been hit from this dip in the economy and is suffering at a 10.2% unemployment rate, the highest since the depression in the 1930's. Many of the job losses in Canada are the young people of the population working in newer franchise businesses that quickly went under. This is good and bad news. It means our core economic working force is still intact, but at the same time our new and upcoming core is not working. This financial crisis is very serious and needs to be addresses by both the Canadian and U.S. government.


             I believe this financial crisis is becoming a very serious problem and needs to be addresses before it causes any irreplaceable damage. It started off as a small crash in the market and has been blown way out of proportion, which in turn caused the real damage. People became very tight with their money and no money was going back into the economy causing the whole issue. If people were to shake the first sign of trouble off and kept investing as they normally did than the market would have recovered in a matter of days and wouldn't now be a global issue. This entire issue was caused by the sheepish nature of today’s investors and the selfishness of the business men of the world. Money should rule our world, but this is just absurd. The whole world goes into debt because a few greedy billionaires won’t give a million of their fortune up to ensure the stable economy of the entire world. I believe the human race has become much to focused on money and are missing the true values of life.