I believe this “foreclosure issue” has been years in the making. The problem only surfaced this past year because of the economy. With so many people out of work, or working multiple jobs at minimum wage, it is difficult to pay off any expenses and bills. I have two solutions I want to discuss both short-term and long-term. The short-term solution, I believe can be implemented as soon as possible, which is what homeowners need in this economy to get back on track. I would anticipate the long-term solution to be gradual to help college graduates build up the economy by making investments (such as buying a home). To date, college graduates upon graduation can make approximately $30,000 or less which is not a comparable salary after spending four years in college with mounting student debt. It becomes difficult for the younger generation to make such investments as purchasing a home or buying a car with that salary range. For the short-term solution, the continuation of the first-time homebuyers discount, or tax credit of $8,000 toward the initial down payment or the cost of the home should be supported for a longer period of time. What a gift! We need to do more though. Perhaps, another incentive (gift) would be a reduction in property taxes for a year. This would give the first-time homebuyers a chance to save and use these untapped funds instead to buy furniture, appliances, electronics, carpeting and various other sundry items for their new home. This, in turn, would help stimulate those various industries, which would thus create more jobs for people who are unemployed and again, in turn, would help reduce the amount of foreclosures. People would be working and therefore, would be paying their expenses. In continuing the s... ... middle of paper ... ... well. Therefore, the domino effect continues by hampering these parents (the “Baby Boomers” who have the disposable income) to make real estate investments, purchase cars, and travel because the parents are back in the position of re-supporting their offspring. The Baby Boomers are in better shape than their children which they college educated to be more financially sound than when they began their journey in life decades earlier. As mentioned, this is the long-term solution so that the economy can grow and be boosted so that the continuous circle of life will and could continue and not be stagnated. I am only slightly hopeful that this will be accomplished. I hope I am wrong and both myself and my peers will be gainfully employed at jobs with a decent salary to we can go forward independently and accomplish our dreams as a productive element of the workforce.
...ties and $1035 is left. It is easier to see how a family could survive off of this. They would be able to make a better budget to buy groceries and other necessities, and still be able to spend money on fixing things that break. It would take away the need for two parents to work, which means that children will more likely have a parent home. This would also give people a chance to buy better quality food. Everyone deserves to eat the best quality of food because it is a basic need. It is not fair that economic status determines one’s health.
All of these workers could be transferred to the new plants abroad. This action will remove the vagrants from the streets and gainfully employ them in a new beautiful
...middle class into almost $200,000 in debt leaving school. Only 46% of them will escape falling into poverty out of this 46% a fraction of them will be able to enter into the upper level. Only returning a small minority to the middle class. Technology is developing a pace that society can not keep up too. Soon technology and foreign working outside America will take over all of the middle class jobs. As they can do if fast and cheaper than Americans. Soon the job market will divided into two half the upper class, and the lower class. Once this happens people will be fighting over a small percent of elite jobs only the best and brightest can attain. While the rest will fall into poverty. America’s job market is taking a huge step backwards and needs to be changed before we are at a point were we have peasants and nobles again. That is the direction America is heading.
If the DREAM Act passes, it would have such an important impact on the economy (Miranda). Passing this bill will make...
The frequency of foreclosure in our nation today is dangerously high. The strain from the recent economic downturn has put many families and individuals in a financial chokehold preventing them from being able to make their monthly mortgage payments. Consequently, many of these people feel they’ve punched a one-way ticket to foreclosure. With all these homes being foreclosed on, we face a very real crisis.
In American society today, childhood is considered a time for learning, exploration, and a chance for a child to make his or her mark on the world. Leading up to the Great Depression, however, childhood for working class children was seen in a different light. Working class children felt pressure to provide for their family, which inhibited them from getting an education and branching out on their own, while middle class children had a greater prospect for education because of the difference in wealth. The Great Depression brought hard times for all Americans and expanded the working class while shrinking the middle class. Because the working class children held close ties and responsibilities to their families and faced more poverty than the middle class, they had a lesser chance to move out of the working class as they had a commitment to work to support their families, or children without families had to support themselves, and had dimmer opportunities for education.
This will be a new evolution for the young people now and the young people to come, this means more educated people, which will change the way our jobs, economy, and development of our countries can be. More young people will explore their horizons and develop to be the best they can be instead of being forced to work a full-time low paying job and hit a dead end.
Again in the documentary Bill Moyers comes and visits the families after everyone is all grown up, he gets to see what their daily jobs are and their new families. Only one child out of both families made it through college and received a degree. Even with a degree none of the children were successful and were all going through the same struggle their parents faced while raising them. Its all a cycle until someone becomes financially successful to break the chain and from there comes positive results. If you come from a family that is financially stable you are more likely to be financially stable as well.
explains that the economic gap between high and low income families is affecting their children as
...e in the coming years. It is only by this kind of concerted and thoughtful effort that the nation can avoid serious disruptions in the economy, as well as in society as a whole.
For example, with the Neumanns, the children started to come to the house alone without their mother caring for them like she used to. As the children reach their teenage years their moods started to change and so did their grades. In adulthood, the boys started to work odds jobs because they had children at young ages, which cause them to drop out of high school. The daughter decided to get a stable job with benefits because she wanted to avoid dealing with the same struggles her family had. The Stanleys children had a different outcome. When the children took notice of the mother and father financial problems the boys decided to get a job in landscaping to help out. The eldest son graduated from high school and proceeded to go to college, which took all the families income and left the other kids without support. Cherlin describes this effect as the limits of kin networks meaning that the induvial income must be shared with the other family members. The mother and father paying for the son’s education cannot give money to the other kids. So the other kids looked for odd jobs or joined the military. In adulthood, the daughters have kids and struggle to make money. The son goes overseas for a job to avoid financial instability that his parents had in the U.S. The college son works at a good job with benefits but is still afraid that he might end up like his mother father, so he decides to work odd jobs
This issue has effected many families in many different ways. We have to take control of this situation before its gets out of hand. So again I believe that the plans such as those I explained should be looked over by the government and should be passed on. I am positive that it can help make a dramatic change in our economy and can develop a more secure and comfortable society in which the people of America live in.
One major reason millenials are not projected to do as well as the current Generation X is a financial one. According to David Leonhardt of the New York Times, “The typical American household made less money last year than the typical household made a full decade ago,” while the “median household [income] fell to $50,303 last year [2009] from $52,163 in 2007.” (Leonhardt, par 1-2). This is a major problem, considering the cost of living and inflation are continuously on the rise. Millenials are the most educated generation in American History. This may sound like a fantastic prospect for the future; however, the average debt for graduates of public (notice this is not a statistic for private schools, which are even more costly) universities doubled between 1996 and 2006. In f...
The foreclosure crisis has no simple solution since so many things affect it, but fixing each thing one by one will gradually help. Incentives for people to buy are fantastic ideas. The $8,000 tax credit to first time homeowners is a good start. There could be others that don’t exclude current homeowners. The first few months’ mortgage could be paid for, or provide furnished houses. President Obama is very intellectual and I think he has the capacity to make wise decisions and fix our foreclosure crisis.
...cially since the beginning of the subprime mortgage crisis that sparked the Great Recession of 2008-2009. The ever-growing unemployment and foreclosure rates will further compound the affordable housing shortages that were already existent. The declining of the middle-class and increasing of the wealth gap continues to raise the question over income inequality and racial disparity. Bright minds have to wonder when the government will step in to curtail the problem currently spiraling out of control.