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Increasing the unemployment crisis in the United States

by malakapalli
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The unemployment crisis in the United States

The unemployment crisis in the United States has never been seen in the last two and a half decades. Thousands of those who went there for higher studies with great hopes are having to wander along the roads with their master’s degree in hand. On the one hand, the loan taken from the banks scares them… on the other hand, they are worried about not knowing when they will get a job. Software companies are also firing those who have been working for four to five years. Many of the victims are working in hotels and gas stations and are struggling to get another job.

Students from our country go there every year with the belief that they will get high paying jobs in software companies in America. Thus, in the year 2022-23, nearly two lakh people went. Representatives of the consultancy firms said that 45,000 to 55,000 Telugu students are among them. Most of the students going to America prefer to study computer science and its related courses in MS. Until two years ago, almost 85% of those who did MS in America got jobs there.

The effect of covid started in the year 2020 and continued for more than a year and a half. Due to the lockdown that was imposed twice, all kinds of industries in America have come to a standstill. The companies received huge funds in 2021-22 as the government there announced special packages to protect them. Banks have lent thousands of crores of rupees at low interest and many companies have used it in a big way. As a result, IT companies received unprecedented orders. Companies have also taken employees at the same level. After the effect of covid reduced.. the American government stopped the packages. The industrial sector has not recovered much. Banks also faced financial difficulties due to non-recovery of loans given to various organizations and individuals during the lockdown. So they stopped lending. They have increased the interest rate from 3-4 percent till then to a maximum of 8 percent. Interest rates have never been this high in American history, they say. This had a strong impact on the industrial sector. In this context, the orders for IT companies have suddenly decreased. As the number of human resources is more than the work to be done, the IT companies started removing the employees who were hired during the time of Covid from March 2023. The existing employees who were getting high salaries were massively fired. Some companies cut salaries. IT companies which previously provided jobs to thousands of people are now hiring hundreds of people. All these developments are taking a toll on those who left India. Thousands of people who have gone from Telugu states are not getting jobs even after completing MS.

As per the rules in America, the concerned university issues OPT I20 (Optional Practical Training) in the name of the student immediately after completing MS in that country. Application for Employment Authorization Document (EAD) should be made within one month of receipt. One should join some job within three months of approval. Otherwise, leave the country. However, students take loans from banks ranging from Rs 20 lakh to Rs crore for varsity fees. After coming back to the country, if you don’t find a job here, the financial situation will turn upside down. That is why they are trying to stay in America in some form. Some are leaving one or two subjects to avoid completing MS. Others join university professors as research assistants. There is no salary for this. However, you can stay in America for a year with the document given by the professor. Others are contacting consultants and getting a certificate that they are working somewhere. Although the problem is bothering so much, it is noteworthy that the number of people going there every year has not decreased.

The US presidential election is going to be held in November. Biden and Donald Trump are likely to compete. Experts are of the opinion that the situation will change only if the industrial sector is supported after the new government comes. There is hope that Trump has given similar support in the past and if he wins the election, he will once again lend his hand to the industrial sector.

 

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