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The Dissection Of The Great Recession

1002 words - 5 pages

The Great Recession is the worst economic downturn since the Great Depression. Many people who are ignorant of economics have the tendency to blame financial institutions for the recession. Economists and writers, such as Robert D. Putnam and David Colander have adopted their own hypothesis as to why the recession occurred and have offered their solutions on how the economy is able to recover. The decline of the American economy was caused by specific aspects, such as gentrification and unemployment.
Robert D. Putnam’s New York Times article “Crumbling American Dreams,” helps the reader understand the economy from a cultural perspective.“ In the last two decades, just as the traditional economy of Port Clinton was collapsing, wealthy professionals from major cities in the Midwest have flocked to Port Clinton…As the once thriving middle class disappeared, adjacent real estate listings in the Port Clinton News Herald advertised near-million-dollar mansions and dilapidated double-wides” (Putnam 2013 ). An example of Putnam’s argument is gentrification in the Southeast quadrant of Washington, DC. Michael Neibauer writes an article in the Washington Business Journal to explain this phenomenon. “There was a 275 percent surge in condominium construction in the 18 listed neighborhoods, a 100 percent increase in the number of large commercial office properties, and a $76.6 million boost to the District’s tax collections” (Neibauer 2013). To help oneself better understand gentrification, one must be able to understand both its negative and positive attributes. While it may make a certain area desirable to live in and create service jobs, it also displaces people, specifically people who are non-white. Gentrification also hurts the poor because they cannot afford to live where they currently live because of rising property value.
Another hypothesis about the The Great Recession of 2008-2009 can be found in the article “The Great Recession of 2008-2009 and the Blue-Collar Depression”of Andrew Sum, Ishwar Khatiwada, Joseph McLaughlin, and Sheila Palma. ”In the fourth quarter of 2009…accounting for 20% of all employed civilians... Blue-collar workers were overwhelmingly concentrated in construction (73% of all workers), mining (65%) transportation/warehousing/utilities (57%) and manufacturing (53%)” ( Sum, Khatiwada, McLaughlin, Palma 2010, 10). These statistics help us understand how the American Economy was structured. Most of our economy relied on blue-collar workers. However, blue- collar workers are not able to be globally competitive, specifically in foreign language and quantitative skills. With globalization, we have seen these jobs become exported to different countries, which is not considered a bad thing. Since our economies are interconnected with one another it leads to better global efficiency. The writers of this article believe that society should respond by instituting job programs. (Sum, Khatiwada, McLaughlin, Palma 2010, 6). If our...

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