The United States of America has gone through many different economic ups and downs, 2 of the most horrific downturns being the current recession and The Great Depression last from about 1929 to 1939. While these two deflationary periods in our economy have several differences, they posses many more similarities in the events that lead up to them along with a high unemployment rate and the difficulty in receiving a mortgage or loan from a bank. The origin of these two economic events cannot be blamed on one single person or a group, but on the United States as a whole who neglected to fulfill their economic duties. This comparative essay will show the similarities and differences between The Great Depression and the Recession of the 2000’s.…
In Barbara Ehrenreich's New York Times article, “Too Poor to make the News”, she investigates a phenomenon that has been swept away by the waves of media headlines about “middle class cutbacks” and “the super-rich giving up private jets”. (pg 322) She talks to people she met while writing her book “Nickel and Dimed” and uncovers stories of people whose ends could not be met before the recession, and are even less likely to be met now with increasing layoffs, foreclosed homes, and unavailable loans. She describes the problem well, and provides several sad tales, including one about her own nephew and his family's problems. She raises a crucial issue. Accepting the ways in which poverty is…
A few years ago, the economy of the United States, like other great economies across the globe, experienced unprecedented negative growth that eventually culminated into one of the greatest recessions in the history of nations. In direct consequences, millions and millions of individual Americans and businesses unjustly suffered undue economic,…
The most widely recognized indicator of a recession is the unemployment rate. People are classified as unemployed if they do not have a job, have actively looked for work in the prior four weeks, and are currently available for work. (4, pg. 5) Just prior to December of 2007, the unemployment rate was 5.0%, but by the end of the recession in June of 2009; the unemployment rate was 9.5%. We saw during the recession the unemployment rate peak at 10.0%, this was in October of 2009. This was not the highest unemployment ever reached though. Between September 1982 and June 1983, the unemployment rate peaked at an all time high of 10.8%. Not only was the number of unemployed tremendously high, the proportion of long-term unemployed in the recent recession compared to post-recession periods is notable. The long-term unemployment rate is the number of persons employed for twenty-seven weeks or longer as a percent of the labor force. (4, pg. 5) In 2008, more than…
* There are differing views as to where the economy’s current stage in the business cycle is and as is common in politics, the speeches are always suited to the audience as and when required. However, the best way to judge the current stage is to take a specific trend that is always impacted during a peak or a recession. For the purposes of this example, we are taking the foreclosures in Tucson as an indicator of economic health for the common man.…
The economic recession that hit the US in 2008, left a lot of Americans with a bad taste in their mouths, including me. The way the government handled the situation was not overwhelmingly popular. Nevertheless, after doing quite a bit of reading, when one looks at the facts of how it all transpired, it appears like the facts…
A recession is a period of temporary economic decline during which trade and industrial activity is reduced, generally identified by a fall in GDP (Gross Domestic Product) for two or more consecutive quarters. During my search, I came across an article titled “America’s Response to a Deep Recession”. In this article it states that in March 2009 more than nine in ten Americans (93 percent) rated the nation’s economy negatively, as no-so-good or poor, while only 7 percent said it was excellent or good (Blendon & Benson, 2009).…
Over the last few years, the global economy has dealt with quite a number of difficult circumstances and people around the globe have faced financial loss. Although it may be difficult to think objectively now, historically economic change has often been based on expansions and recessions. Nonetheless, one thing that remains constant throughout these periods is the individuals who are faced with the continuous strains and worries that are uncommon to typical white-collar workers. These would be the low-income workers: people who sacrifice their time and efforts working long, relentless hours just to make ends meet, who struggle to pay their monthly rent or buy enough food to feed their family for the rest of the week. In Nickel and Dimed: On (Not) Getting by in America, the author Barbara Ehrenreich takes on an experiment in order to better understand the working class. She leaves her desk job as a highly acclaimed writer and decides to take on the lower paid jobs herself. In this book, Ehrenreich cleverly utilizes statistics and her own personal experiences as well as the experiences of others, in order to bring to light the harsh reality facing those Americans who are shockingly close to poverty and debt despite their daily hard work.…
Cited: Leonhardt, David. “Students of the Great Recession.” The Way We Live Now: The New York Times. n.p. 7 May 2010. Web. 8 June 2012.…
In this news article, President Barrack Obama states that there are no easy solutions to the current economic recession the United States is in. According to the President, “Even before the economy went bad, that there was a major homeless problem.” He also believes, it is “not acceptable for children and families to be without a roof over their heads in a country as wealthy as ours.”…
My political viewpoint has changed dramatically since I was first introduced to politics. I come from a democratic family, where it is strongly believed that it is the government’s responsibility to care for all people and that the government knows what is best for all people. Every voting season, my parents vote for a democratic president and explain to me the reasoning behind their decision. It was not until I was in the tenth grade that I realized that I did not hold the same political beliefs as my parents. After taking several political quizzes and extensively researching the bevy of political parties, I now know that I am an independent. What is an independent? An independent is an individual politician not affiliated to any political…
Tindall, George Brown., and David E. Shi. America: a Narrative History. 9th ed., vol. 2, New York, W.W. Norton & Company,…
Take the time please, and imagine that everything is okay. I was outside playing on such a beautiful day. I was eight at the time, and was absolutely befuddled by the fact that this lady “Katrina” had everyone in my neighborhood frightened. Could this Katrina that they speak of really be this mean? Who does she think she is? At this point I was determined to meet this “Katrina” not knowing she would change my life without me actually seeing her.…
As a native of Northwest Ohio, it is not hard to believe that I am a Conservative. I have been instilled the beliefs that our government should be small, and our border security, strong. I am by no means a political science expert, I just believe I have some important thoughts to add to the political conversation.…
In my American Dream I wanted to be an Orthodontist. To achieve this goal I wanted to attend the University of Memphis. For the first four years to obtain my bachelor’s degree. Then I will go to The University of Tennessee College of Dentistry for four years for dental schooling, and another two years for a post doctoral program for the study of Orthodontics. To do all of this I will have to do more than what I do to get through high school.…