Research Paper on the Recession of 2007-2009
| Research Paper on the Recession of 2007-2009 | Cynthia Funes | | American Government 2301 | 9:40-11:40 A.M. |
Mr. Jacobs
June 28, 2011
|
Everybody in the United Stated was affected by the recession that began in December of 2007 and spanned all the way to June 2009. Even though the recession is over, many people are still being affected by it and have still not been able to recover from the great recession. “The recent recession features the largest decline in output, consumption, and investment, and the largest increase in unemployment, of any post-war recession”. Many people lost their jobs due to the recession and some of them are still having a hard time finding jobs and getting back on their feet. Businesses also received a great downfall that forced many of them into bankruptcy. The recession not only affected lower and middle class people, it also affected upper class citizens; it affected everybody. The recession was said to be the worst recession since the Great Depression of the late 1920s and 1930s by President Barack Obama, even though there were people who disagreed on that opinion. Nonetheless, the recession of 2007-2009 was a very severe conflict that the United States had to face. Fortunately, the United States got out of it and is now trying to move up in its economy. The recession brought an immense number of unemployment to the United States. “For a narrow majority of Americans, 55 percent, the Great Recession brought a mix of hardships, usually in combination: a spell of unemployment, missed mortgage or rent payments, shrinking paychecks and shattered household budgets”. Many of the people that experienced these hardships were young, minorities, or people with a high school education or less. Caucasians, elderly people, and the educated were less affected by the sudden change in the economy of the United States. Unemployment was very unfortunate for the people during the recession. Unemployment brought many house
Mr. Jacobs
June 28, 2011
|
Everybody in the United Stated was affected by the recession that began in December of 2007 and spanned all the way to June 2009. Even though the recession is over, many people are still being affected by it and have still not been able to recover from the great recession. “The recent recession features the largest decline in output, consumption, and investment, and the largest increase in unemployment, of any post-war recession”. Many people lost their jobs due to the recession and some of them are still having a hard time finding jobs and getting back on their feet. Businesses also received a great downfall that forced many of them into bankruptcy. The recession not only affected lower and middle class people, it also affected upper class citizens; it affected everybody. The recession was said to be the worst recession since the Great Depression of the late 1920s and 1930s by President Barack Obama, even though there were people who disagreed on that opinion. Nonetheless, the recession of 2007-2009 was a very severe conflict that the United States had to face. Fortunately, the United States got out of it and is now trying to move up in its economy. The recession brought an immense number of unemployment to the United States. “For a narrow majority of Americans, 55 percent, the Great Recession brought a mix of hardships, usually in combination: a spell of unemployment, missed mortgage or rent payments, shrinking paychecks and shattered household budgets”. Many of the people that experienced these hardships were young, minorities, or people with a high school education or less. Caucasians, elderly people, and the educated were less affected by the sudden change in the economy of the United States. Unemployment was very unfortunate for the people during the recession. Unemployment brought many house
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