The Time Of The Super Elite

2194 Words9 Pages
¬¬¬The time between 2007 and 2009 was devastating for America and most of the world. It marked the greatest depression since the Great Depression and put our economy in turmoil. It also put a massive amount of people out of a job and into debt. Throughout this time, almost everyone hurt, from homeowners to massive corporations that is besides the market of the super elite. During this time that people and companies struggled to keep up, while the elite class was still living life to its fullest. 55% of the adults in U.S. labor force have experienced some work-related hardship. Whether by choice or necessity, many Americans have already significantly scaled back their pre-recession money habits. “Americans have changed their lifestyles in many different ways to make ends meet during this recession.” 71% percent of those polled have bought less expensive brands, 57% have cut back or canceled vacation plans, 24% among adults ages 18 to 29 have moved back in with their parents and 3 in 10 have cut back on addictive substances such as alcohol or cigarette consumption, which is considered to be an inelastic goods (Zogby n.pag.) To really understand this situation it is crucial to realize what a recession really is. In January 2008 economists were not even sure yet if the economy was heading into a recession, yet the National Bureau of Economic Research determined in December 2008 that the U.S. had really been in a recession since December 2007 (Lim, 2008). The economic
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