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Comparing the two payments, this person may decide that an hour of leisure is worth more than the extra .39 the job would pay.
Moreover, they gave up $3.85 in lost tax and Social Security revenue that this person would have paid per hour employed at a $15.00 wage.
Net loss to other taxpayers: $10.61 ($8.25 − $1.49 $3.85) per hour.
High unemployment in New England in the early 1990s, for example, was due to declines in computer and other industries in which New England specialized.
High unemployment in northern California in the early 2000s was caused by the dot-com bust.
502,000 young people aged 16-24 were unemployed in April to June 2019, up 36,000 from the previous quarter and up 13,000 from the year before.
By historical standards, unemployment levels for young people are very low.For context, it is worth noting that the total population aged 16-24 has been declining in recent years; in April to June it was 87,000 less than a year before.The number of young people in employment decreased by 25,000 over the past year, while the number who are economically inactive (not in or looking for work) decreased by 74,000.Unemployment was a serious economic problem in the late nineteenth and early twentieth centuries prior to the welfare state and widespread unionization.Unemployment then, as now, was closely linked to general macroeconomic conditions.High union wages that exceed the competitive market rate are likely to cause job losses in the unionized sector of the economy.Also, those who lose high-wage union jobs are often reluctant to accept alternative low-wage employment.Between 19, for example, a state with a 20 percent unionization rate, approximately the average for the fifty states and the District of Columbia, experienced an unemployment rate that was 1.2 percentage points higher than that of a hypothetical state that had no unions.To put this in perspective, 1.2 percentage points is about 60 percent of the increase in normal unemployment between 19. It is, however, a great mistake (made by some conservative economists) to attribute most unemployment to government interventions in the economy or to any lack of desire to work on the part of the unemployed.Unemployment, therefore, may not be as costly for the jobless person as previously imagined.But as Harvard economist Martin Feldstein pointed out in the 1970s, the costs of unemployment to taxpayers are very great indeed.