The Pros And Cons Of The Great Recession

analytical Essay
1272 words
1272 words

Bonus Paper The Great Recession of 2007-2009 was very harmful to the economy of the United states. Many people lost their jobs and were forced to work at lower wages, so the demand for consumer goods dropped. Homeowners were also hurt because the value of housing and real estate crashed. This decrease in wealth pushed back the retirement age for many people. The financial situation was especially worrisome for my personal household during the Great Recession. My parents had gotten a divorce shortly before the recession began, so my dad had to pay my mom alimony. My sister and I chose to keep living in our house with my dad. When the recession came, my father was working at a steel plant, and they were laying off several workers, so he had …show more content…

Economist Nakajima Makoto says that "younger households, lower-income households in each age group, and extremely wealthy households" suffered from "a larger loss than average" in income. This is because the value of housing and stocks declined sharply during the Great Recession. Younger households tend to have a greater proportion of their wealth in housing, while wealthy households tend to invest more heavily in stocks (Makoto 2013). The decrease in consumer demand led to decreased investment in businesses because the businesses were suffering from a lack of demand from consumers, leading to lower stock …show more content…

(2015, July 10). Chart Book: The Legacy of the Great Recession. Retrieved from book-the-legacy-of-the-great-recession DeGrace, Tom. (2011, Dec. 18). The Housing Market Crash Of 2007 And What Caused The Crash. Retrieved from crash-2007/ Gustman, A. L., Steinmeier, T. L., & Tabatabai, N. (2012). How Did The Recession Of 2007-2009 Affect The Wealth And Retirement Of The Near Retirement Age Population In The Health And Retirement Study?. Social Security Bulletin, 72(4), 47-66. Makoto, N. (2013). The Diverse Impacts of the Great Recession. Business Review (Federal Reserve Bank Of Philadelphia), 17-29. Wesley, Daniel. (2010). How the Great Ression Has Affected Americans. Retrieved from

In this essay, the author

  • Explains that the great recession of 2007-2009 was very harmful to the economy of the united states.
  • Explains that things stabilized after my dad remarried because my stepmom also used her income to contribute towards paying bills. he later admitted that he was lucky to have gotten married at that time.
  • Explains that the great recession was caused by the housing market crash in the late 1990s. people bought new houses with a zero-down payment to sell them for profit.
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