The Financial Crisis Of 2008

1689 WordsDec 8, 20147 Pages
Our society seems to doing well since the financial crisis of 2008. The country is recovering from the Great Recession, unemployment is down and the global domestic product is up. People have jobs and are paying taxes. President Obama lowered our budget deficit and promised to make healthcare more available to all. On average, America is well on its way to recovery. But what about the people that slipped through the cracks of the financial stimulus plan? These are the people that lost their jobs, and subsequently their homes. These are America’s impoverished and homeless. Homelessness now contains a bigger spectrum of people than ever before. This population now includes many everyday people, including college educated individuals. These are the people that made bad bargains on homes that had mortgages twice of the home’s actual worth. When the housing bubble burst, they were out on the streets. They are parents that barely scraped by to support their children. One missed paycheck means no rent for the month, which in turn, means homelessness. Most interesting are the new group of poor and educated who are students who are unable to get a job in their field, and worked overqualified jobs just to live paycheck to paycheck. There are three main factors that contribute to their struggle: governmental welfare policy, society’s attitudes and most importantly a struggling economy. Sustainable help needs to come from a positive policy change in welfare and job creation.

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