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Money! Money! Money! America loves making money, spending money; however, what Americans including myself do not want to hear is that our country is struggling to make currency. In some way, somehow your everyday life is impacted due to a major issue you are dealing with. The issue that affected me greatly in the past and is still contemporarily affecting me is definitely the unfortunate recession our economy is facing which caused havoc in my family, and almost permanently damaged my hopes in getting somewhere with my education. Unemployment rates are at the absolute lowest, oil pricing is jaw dropping; businesses are losing massive amounts of money on a day to day basis. The economy is causing complete pandemonium and affected the lives of my family and me greatly. According to President Barack Obama who claims to help us progress and get out of this economic slump “Money is not the only answer but it makes a difference.” For the most part I agree with President Obama’s statement, however, for my family and I money was crucial due to the recession and the unemployment rates dropping at record numbers.
Money is essential and very necessary in my household. For the most part both of my parents never had any complications handling their bills, and house payments since I can remember. However, around January of 2008 both of my hardworking parents employed in management positions were struggling to pay the monthly mortgage due to a sudden loss of hours from their workplace. Everyday more and more Americans were getting terminated from their jobs. It almost seemed as if though our country was greatly slipping and the ability for middle class Americans to progress financially was very weak. Ross Perot once said “A weak currency is the...
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...ck Obama is doing all he can in his power to my understanding to regulate the economy and try and rebuild it as much possible. A recession is a very difficult thing to deal with, believe me I know. I am still dealing with it currently. If I am not mistaken, it seems to me as if money is really what it is all about. I believe the only reason our economy got this bad and the reason in why we are in a recessive stage is due to non other than greed. “There's plenty of juice to keep this economy going” (Steve Forbes). Ultimately the economy will rebuild itself. Once it does better itself and this unfortunate recession ceases to exist we must acknowledge that and maintain it that way for as long as we can. We would not want our great country the powerhouse that it is to be looked as a lost cause due to economical problems.
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Wallechinsky demonstrates the many hardships that families and individuals go through. “Almost two-thirds say they live from paycheck to paycheck, and 47% say that no matter how hard they work, they cannot get
These conditions have the ability to cause recession. Now that an armistice has been reached in Korea, a recession is beginning to occur (Pach and Richardson, 54). I believe that the President’s chief concern should not be to make an immediate and fast acting restoration of the general economy. The problems of the federal deficit and the recession must wait until the more important problems are dealt with. The problem at hand is the rising rate of unemployment.
The United States had recently faced an economic recession that resulted in company bankruptcies, therefore causing unemployment spikes and home foreclosures. In the media, two movie have recently came out with two movies that plotted around recently unemployed middle-class families that are struggling to keep up with their standard of living and facing bankruptcy. In the movie, Mad Money, the main ch...
President Obama was no different. Five weeks after the election, President Obama met with his economic and political advisors that presented him with their reports of the rapidly deteriorating economic conditions and their plan to hinder the economy from collapsing. President Obama delegated the legislative work to party members and committees because, as a former legislator, he believed that giving Congress discretion in writing the bill would contribute to its enactment (Wayne, 2013). “In general, crises, when they first occur, enhance opportunities for presidential leadership” Stephen J. Wayne stated in Rivals of Power: Presidential-Congressional Relations. “Members of Congress, much like the general public, look to the president and rally behind him” (Wayne, 2013). At first, president Obama hit the ground running after he won the election, and immediately started to figure out with his advisors on how to get the United States back on its feet again. And Congress members look up to the president just as much as American citizens do when the United States faces a crisis. Which in turn can boost the president’s and Congress’ relationship to American citizens. However, Obama’s operating style spawned criticism from both the Democrats and Republicans. The Democrats companied that he did not give much support for their
In “The Way to Wealth” Benjamin Franklin writes, “We are taxed twice as much by our idleness, three times as much by our pride, and four times as much by our folly” trying to prove a point that frequently people are being taxed an outrageous amount and are taxing themselves extra by actions like spending excessive amounts of money (Franklin 237). Throughout Franklin’s “The Way to Wealth,” he explains how an American economy should work and maintain a stabilized economy for themselves. In the American realm today, about 5.0% of people find themselves facing unemployment, a time of stress and conflict (“Databases, Calculators & Tables by Subject”). With the unemployment rates rising for the first time since February of 2015, the American economy is also facing an increase in debt levels throughout personal households
In 2001, after the longest period of economic expansion the country has witnessed historically, the United States of America entered into its tenth recession since the end of World War II. A recession transpires when at least two quarters of a year are plagued by a sharp downturn of the country’s gross domestic product or GDP. More specifically, when a recession occurs, unemployment increases resulting in less consumer spending which is associated with poor business performances. Studies by the National Bureau of Economic Research (NBER) concluded that during March of that year, a pinnacle in business occurrences declared the end of the expansion and the arrival of an inevitable and damaging though short recession. In a state of urgency, the president at the time, George Bush, encouraged Congress to ratify a stimulus package plan which would seek to improve the standing of the economy. The NBER theorized that the infamous act of terrorism which took place on September 11th placed an even greater strain on the already damaged financial system because it wreaked havoc on many markets and businesses such as the airline industry. Many times, a recession occurs due to economic disasters that are enough of an impact on society to disrupt expenditures of large-scale businesses and individual citizen households. Consequently, aggregate demand decreases along with employment. Factors such as international conflicts, technological fluctuations and the endeavors of monetary legislators all contribute to the overall American economic status.
In the October 10, 2011 issue of Time, there is a feature called “The Great American Divide” that reports on money: who has it, who is spending it on what, and how as a country Americans feel about it. This feature also reports something troubling, how the gap between rich and poor is once again growing wide (Sachs, 2011). Shifts in spending, shifts in money control, and a struggle with how to deal with the great money crisis America and Europe face are all discussed in this feature. This feature pulls together how GDP, unemployment rates, consumer consumption, and pricing affect this era of volatility and the shrinking middle class (Foroohar, 2011). This feature also reflects on inflation, economic growth, political stability in emerging markets and taxes play in as well. The answer to solving this imbalance of wealth and the struggling economy may be found by government action, but will it be too late?
Working a part time job of only 20 hours a week, provides me enough money for occasional food with friends and gas money. But there is something extremely powerful about money. It hurts, a lot. Watching the money from my bank account slowly decrease as my gas tank is filling up, makes me sob. It's hard to see 40$ go away in 30 seconds. That’s four hours of work vanished into thin air. If only I could trade my smile for free gas, that would be ideal. I wish things were different and people weren’t so depended on money. Living expenses are absurdly high now. The average cost of a house in America is 188,000 dollars, while the average home income is $57,000. That would take a combined income of the house four years to pay off if they put their entire income into the home. Things are too expensive because the demand for money is too
In America today, the standard way of calculating success is in terms of material gain. Wealth and acquisition of bigger and better possessions are the driving force behind our culture as well as our capitalist economy. “Keeping up with the Jones’s” is a familiar cliché that accurately describes the goals of the average American for the latest and greatest and the biggest and the best. This is how most people believe we are measured in society. 19th Century American philosopher and poet Ralph Waldo Emerson had a different concept of success, however. Emerson says “To laugh often and much, to win the respect of intelligent people and the affection of children to earn the appreciation of honest critics and endure the betrayal of false friends, to appreciate beauty, to find the best in others, to leave the world a bit better…to know one life has breathed easier because you have lived. This is to have succeeded.” ("Ralph Waldo Emerson")
In Junot Diaz’s essay “The Money” he explains where his family stands economically. Stating that his father was regularly being fired from his forklifting jobs and his mother 's only job was to care for him and his four siblings. With the money brought home by his father, his mom would save some. Her reason was to raise enough to send to her parents back in the Dominican Republic. When his family went on a vacation, they came back to an unpleasant surprise; their house had been broke into. Eventually Diaz was able to get back their money and belongings. Diaz returned the money to his mother although she didn’t thank him for it, this disappointed him. Like Diaz I have also encountered a similar situation where I was disappointed. When I was in second grade, my life life took a completely different turn. My dad took an unexpected trip to Guatemala, on his return, the outcome was not what I expected.
Take me for example, a college student and a mother of one. I find it hard to successfully attend college and keep a job at the same time. My family and myself, right now, are at the bottom of the barrel. When we moved back from Tennessee, we had to use all the money we had saved. After paying one month and a halt of rent, both phone bills, and the electricity bill, we had to turn around scrape for food and the following months rent, not including our other bills. At first it was too hard. We felt like ends were not meeting, so I had to find a job. So now the way it works at my house is we both split the bills. My fiancée has the really big bills like the rent and the insurance payment while I have the light bill, both phone bills, cable, and the internet bill. We both share the food bill, household items, and clothing. It is essential for me to work to help make ends meet. This is an example of one of the ways some households work. Even though I sometimes have a tough time with school I still manage to stay in school. This is one family that needs to have two incomes to make ends meet.
In time of economic crisis the government has a choice to cut spending or increase spending for public goods and services. “In 2009, Congress passed the American Recovery and Rein- vestment Act, which authorized $787 billion in spending to promote job growth and bolster economic activity”(Stratmann/Okolski 3). John Maynard Keynes, an economist of 20th century, suggest that the government should run a deficit if it will create jobs and increase capital gain. This theory support the current stimulus package that has been introduce during President Obama’s term. Although the flaw with this concept is that it makes the assumption the government has done studies and understands which areas needs the funding the most and knows where it will be beneficial, realistically that is not true. “Federal spending is less likely to stimulate growth when it cannot accurately target the projects where it will be most productive” (Stratmann/Okolski 2). This can be seen because political figures will spend money where it directly supports their needs as well. For instance, the political figure would rather spend money to things that will yield a p...
Money, the media of exchange for products and services, provides things people need, like food, clothing, shelter, or medicine. People spend most of their life looking for it. My parent for example, works from sunrise to sunset to obtain it. The more money people have the more benefits they can get, because they will be able to get a bigger and better houses, clothes, or food. Less money means stress in bill payments, gas prices, and food prices. With money, people can fulfill their material need. However, money cannot buy everything such as happiness, friendship and love, health, and appetite.
One of most popular issues in the economic world is greediness and selfish as Laura Hansen and Siamak Movahedi mentioned in their article, Wall Street Scandals: The Myth of Individual Greed. The politicians and the greedy bankers are taking advantages of the economic problems in the U.S. Wall Street movie created a movement in the main street to save these poor victims’ money. Many of them lost millions of dollars, investments, and house mortgage; they became homeless with no help just to get out of this greedy economy. However, this greediness became less in the 20th century. January 20, 2009, Obama’s speech had some questions about the economy structure problems to solve them and start a new page that full of responsibilities. Even people divided into two categories as some may say that greed is may only found in specific social class and status, and some say it is a public issue. Zakaria, who is a writer of Newsweek articles in 2009, wrote that ‘’ in business, greed is
Several people watch reality shows and see the true life of others as an audience they get a good laugh or sense of sorrow. In most people’s cases, who are struggling with living and getting the basic necessities to live such as a roof over their heads. It all comes down to the one form payment, which is just money. The amount of money that is coming into each household is different, one person may have it a lot worse .Nick Serpe states, “Although consumer debt as holding the American economy