It is obvious that the economy is currently facing the problem of recession. There are
reasons why the country’s economy is currently facing these problems. One reason why is that the U.S. is in an abundance of debt. This includes the federal economic system, countries and individual citizens in general. The second problem is the issue with health care. Many American citizens are without a sufficient amount of health care. The sad matter is that several other health care systems in other countries are even better than the United States (Newman, 2009). Several of these matters contribute to the problems that the United States is facing and it needs to be addressed and improved before the matters becomes worse.
Citizens of America desire an ideal structure of dreams, wants, and pleasures. However, the dreams that they might invest in may not be what they can be able to afford. This has happened to several individuals in the mortgage system. Several individuals have invested into homes which they could not afford and are an abundance of debt leading to a mortgage crisis (Varzi, 2007). This abundance of debt mortgage crisis has led to several foreclosures as a result. Some mortgage brokers have embellished the income of the prospective homeowners. Consequently, this led to debt problems which escalated to foreclosures taking place. Also, many individuals who have invested in the housing market increased overextended their investment by refinancing their homes which resulted in being under value. In essence, with the decrease of 20% in home value in 2008, the equity of several homes are below the value spent (Standards & Poors, 2008).
In regards to the economic system, the United States is undergoing an abundance of debt through the money that has been borrowed as well from other countries. The U.S. on average borrows approximately 2.5 billion dollars daily from several countries abroad (Varzi, 2007). This includes borrowing money from countries from Far East in reference to trade and commerce. This abundance of debt has been an issue in the United States in the economic issue of the current recession.
Another issue that the economy is encountering is the case of health insurance. Several individual American citizens are lacking a sufficient amount of health care. In 1965, Medicare was established to provide healthcare among the elderly and the poor in a form of Social Aid to benefit Americans (Patterson, 2008). However, although there are approximately 16 million individuals insured by Medicare, this is small amount that is given to pay for medical bills (Universal Health Care, 2008). Along with this issue, there are also several Americans who are underinsured and also not insured at all (Kalvantz, 2009). In addition, there are those who are insured but their claim is denied. In a study of a documentary film, Sicko, by Michael Moore, it was discovered that several companies were required to deny at least ten percent of the claims (2007)....