The United States Economy Experienced A Recession Essay

Those struggling because of their country’s economy can only do so much to help their situation, it is important to aid those people and help bring them back to their feet because without helping the poverty stricken, jobless, and homeless, we are also doing nothing to save our country from disaster.

Did you know that by the end of the year 2009 the unemployment rate had increased from its average 5% to an astounding 10%? This is because 15.3 million people became unemployed as a result of the economic recession. No shocker, but poverty rate had also increased from 13.2% in 2008 to 14.3% in 2009. This meant that the number of people living in poverty in the United States had increased from 39.8 million to 43.6 million. This great increase had all happened in the span of 1 year. Something that should have taken over 10 years only took 1 year and this is all because of the Great US recession. Also the US suicide rate had reached its highest record since 25 years between the years 2008-09.

The Great Recession period was between the end of 2007 and the middle of 2009, which makes it the lengthiest recession since World War II. The gross domestic product (GDP) fell 4.3% from its peak in the fourth quarter of 2007 to its trough in the second quarter of 2009, the largest decline in the post-war period. The rate for unemployment was 5 % at the end of 2007 and increased to 9.5% in the middle of 2009 and reached 10 % in October 2009.

Recession is termed as a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. Based on the complete recession that took place few important points that I could gather in specific considering each type of recession are listed below. How it took place? Causes for it and what impact it had on the audience. Let me discuss about this in brief.

There are many things that are fundamentally wrong with the U.S. economy. In fact, warning signs are everywhere. Politicians are more concerned about elections than addressing the real issues. Voters are more concerned about whether gay people should be allowed to marry, rather than fixing the problems that affect all of us. All the while, the economy is diving further and further into its despair.

The last recession hit the US labor market strongly. The crisis affected many people, especially low skilled individual, youth and men and hit some sectors hard, including manufacturing, construction and part of the financial industry.

Real gross domestic product (GDP) fell 4.3 percent from its peak. The unemployment rate, which was 5 percent and peaked at 10 percent in October 2009.’ (Robert Rich, 2013). The effects of recession became outsized, including large falling of home prices, the S&P 500 index and the falling net worth of US households and nonprofit organizations.

Some job applicants and employees feel that good grammar only matters if you are writing e-mails, text messages, blog posts or Facebook. Catchy phrases and abbreviated posting are considered the norm. All of us can understand the occasional mistake on an email or web post, but when it comes to your resume and communication with clients, it is important to take some time to look over your work. When it comes to searching for jobs, good grammar is crucial to making a good first impression. The level of professionalism at which you present yourself can make or break your chances of employment. Grammar is important to the development of communication skills used in all stages of a person’s professional career. “The better the grammar, the

During the 2008 Recession, Horowitz painted a bleak picture by stating “…small luxuries seemed almost necessities in happier economic times. But no more for lots of folks...the murky financial outlook and recession fears are factors”. The 2008 Recession resulted in the collapse of the robust US economy and affected most of its citizens. It also had a domino effect, as economies of other countries of the world suffered from this phenomenon. The 2008 Recession is mainly related to the 2007-08 financial crisis and subprime mortgage crisis, both of which severely distressed the American economy and then global economies. Although the impact and timing of economic decline varied from one nation to another, the 2008 Recession refers to the period of financial shortfalls in the US and world markets starting from the late 2000s and continuing till the early 2010s. Since there was shortage of valuable assets in the market economy, cash crunch, and other major financial problems, several business sectors underperformed, trade imbalances were there, consumers’ buying potential reduced, debt levels increased, unemployment levels amplified, prices of petroleum and other key commodities augmented, and so forth. As a result, nearly all sections of the population were affected by this recession and it took a number of years to recover. As above-mentioned, the recession had its origins in the property

Holland (2013) notes that, “Despite stubbornly high unemployment, many employers complain that they can’t find qualified candidates. Often, the mismatch results from applicants’ inadequate communication skills.”

A financial crisis involves the value of financial institutions or assets dropping rapidly. It is often associated with a panic on the banks causing investors to sell off assets or withdraw money from savings accounts. This is the result of concern that the value of those assets will drop if left at the financial institution. As the crisis intensifies there is a significant change in the amount of risk that world financial markets are willing and able to accept. This results in easy credit conditions becoming a situation of tight credit and is accompanied by reduced consumer and business confidence. According to experts, credit is the most vital piece to a successful economy. Consumers and businesses rely on credit to make large purchases. In recent years, the American economy has experienced the most severe global financial crisis since the Great Depression of the 1930’s. Unemployment rates rose, and stock and housing markets tumbled. These combined had dramatic effects on American households.

Many people know that the U.S job market has always been inconsistent, and has it’s good years and bad years. Many may ask how is it even possible for an abundance of Americans to be unemployed, when a great amount of them followed the American Dream and worked hard in school and earned their degree, and some even risked being in debt so they could follow the American Dream and get their college degree. Unemployment always rises during recessions and usually, but not always falls during periods of economic expansion. For those who may not know the definition of recessions and expansions, as Dr. Econ stated “A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in

The Great Recession was financial down turn that happened from 2007-2009, largely because of the housing market decline. The term recession refers to any significant decline in an economy that lasts longer that a few months. Its beginning can be signified by two consecutive negative quarters of economic growth. The great Recession caused many areas of the economy to struggle, one of the biggest was the unemployment rate. In December of 2007 the unemployment rate was 5%. From that point this number grew until it had reached 10% in October of 2010. Due to the unemployment rates steady rise, the national output decreased.

Countries have always competed with one another economically, to be the richest country. Society has pushed the notion that the more money a country possesses, the more successful that country is. Politicians argue over the national debt and the ways to reduce that. People’s lives revolve around money now and it is costing people their happiness and well-being. The government pushes for higher Gross Domestic Product, hoping that they will become the richest country. During an economic crisis, countries want to recover and have stability. All of this means that employees must work longer and harder. However, there are consequences when countries push their citizens too much. When employees work too much, they can become too stressed, ultimately damaging their health. People’s mental health begins to decrease and large epidemics begin spreading throughout nations. When people work too much, their social and family lives start to strain. As countries demand higher GDP, their people begin to suffer causing numerous deaths from overworking or suicide due to stress. Karoshi and karojisatu are Japanese words for the epidemic spreading throughout the world, where people are worked to death or commit suicide from overworking. In the United States, the word “workaholism” is similar to these epidemics. Instead of focusing on the population’s well-being, countries are only concerned with the economy, pushing employees to work long and stressful hours.

Economic recessions have been around for years and are very unpredictable for anyone can be affected by these economic downfalls. They had an impact on society for decades, and the effects of these economic recessions are still felt to this day. There have been more than forty seven known recessions that have occurred in this country over the years, and are a major part of American history. Although economic recessions are a natural hardship that the government and its citizens will encounter at some point in time lasting about only six months, the most famous and well- known recession that had happened in this country would be The Great Depression. The Great Depression, one of the worst economic depressions in the history of the industrialized world, lasted from 1929 to 1939. It began when the stock market crashed in October 1929, which resulted in millions of investors losing their jobs. As a result, consumer spending and investment had dropped, and by 1933 the country was at its lowest point and millions of Americans were left unemployed also half of the country's banks had failed. During this time of crisis, average American citizens had undergone many obstacles just to survive and to feed their families. With that being said, living everyday life was a struggle for most Americans.