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The Economy And Families Essay

1010 words - 5 pages

After the recession following the 9/11 attacks, the United States appeared to be enjoying a period of prosperity. Home values were rising and interest rates were radiatively low. Unemployment was below 5 %. However, there were sounds rippling that those were mainly low paying jobs being created during this period. During the late summer of the 2008 presidential election, John McCain declared that the fundamentals of the economy were sound. By the Fall, this proved not to be the case. America was headed for the worst economic period since The Great Depression. This economic downturn ,
called The Great Recession, would have devastating effects on many American families. Low wage ...view middle of the document...

It can be said that had a positive ripple throughout the economy. Many families, who were homeowners already, took advantage of this boom and the variable interest rates low at the time and refinanced their homes. Maybe they did some remodeling or took that dream family vacation. So during this period it may be argued the economy had a positive affect on the family. But the housing boom proved to be more a house of cards. Many poorer families found they could not afford their house payments, especially after those with variable mortgage rates began to rise and values began to fall with the glut of new housing on the market. Families lost jobs, housing and saved wealth (401K's for example) in just a matter of months. Many have never recovered. It was not only the poor affected but many middle class families have felt some devastating affects of the economic downturn. An economic downturn precipitates many social problems on the family including spousal abuse, substance abuse, more government assistance and homelessness just to name a few.
Reflecting on the past, besides recent years, I can only think of one time that the economy had a direct impact on me. It was during the recession of the early 80's when I was in my early 20's. It was here in Morganton, and I could just not find any work for the first several months of 1982. Luckily, my girlfriend I lived with at the time, supported me and a personal and national period of prosperity were just around the corner. Today, like many others, I've seen my income fall drastically from from pre Great Rescission levels. Yet, I see it as just more of the ebb and flow. My current job for the last 11.5 years as a national sales rep for a cigar company is in decline prompting me to make the decision to back to school. Of...

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