Title: The Effects of Unemployment on Society and the Economy
Headings: The Effects of Unemployment on Society and the Economy
The Effects of Unemployment on Society and the Economy
How does unemployment affect the economy?
The effect of unemployment on our society

Content: The Effects of Unemployment on Society and the Economy
The Effects of Unemployment on Society and the Economy
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Unemployment means being out of job or a situation where the individual is wiling to work but has none. This article brings and discusses the main issues/effects of the unemployment on our society and economy. How does unemployment affect the economy? Some of the well-known effects of unemployment on the economy are: Unemployment financial costs
The government and the nation suffer. In many countries the government has to pay the unemployed some benefits. The greater the number of the unemployed or the longer they are without work the more money the government has to shell out. Therefore, the nation not only has to deal with the lost income and decreased production but also with additional cost. Spending power
The spending power of an unemployed person and his/her family decreases drastically and they would rather save than spend their money, which in turn affects the economy adversely. Reduced spending power of the employed
Increased taxes and the insecurity about their own work may affect the spending power of the working people as well and they too may start to spend less than before thus affecting the economy and also the society in a negative manner.