At the start off the great recession unemployment rates soared, which in effect made the recession even worse. This caused Consumers to stop spending money and in turn, unemployment rates raised even higher. When people are not working, they cannot pay their bills or even afford to feed their families. Some of this unemployment was utterly avoidable. Companies started laying people off based on speculation, which creates a domino effect. The United States of America was not the only country to feel the effects of the recession. The recession was a global catastrophe that was felt throughout the world. 8.8 million jobs were lost in the United States during the recession. When unemployment rates rise, the standard of living goes down, Crime rates go up, and more people abuse drugs and alcohol. All of these items mentioned have a direct effect on the well-being of future generations. In ...
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...etirees found themselves without retirement income coming in and were forced to get part-time jobs to survive and not become homeless. The younger generations are expected to fare better, seeing as how they will have many years to build investments.
“The Great Recession” will go to show the world how vulnerable a place it really is. High unemployment, foreclosure, and no retirement are three of the biggest fears that a person can hear. Having a good job, owning a home, and retiring at an age where one still has life left to enjoy is the heart of the American dream. Most of these underlying problems can be rectified through stricter laws and regulations in the banking industry and financial counseling to consumers. The government, citizens, and businesses will have to work together and educate one another so that catastrophes of this magnitude will never happen again.
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