The national financial crisis that lasted from 2007 to 2008 which started from the United States of America negatively impacted on the economies of the European countries. To date, the structural sectors of the U.S are still recovering from this financial downturn. For instance, productivity has dramatically declined, and unemployment rates are on the rise. Additionally, the average wage rate of the economy has declined below average thereby discouraging attempts of the unemployed to get into employment.
The cost of unemployment to the economy of any nation cannot be erased. This is because an increase in the unemployment level to the economy imposes significant effects from an individual level to the state as a whole. Worse yet, a higher percentage of the impact of unemployment result into irreversible economic downturn (Borgschulte & Martorell, 2018).
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