Effects of the Great Recession on Families

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 jobs, part time work, underemployment, and growing poverty would become what some are calling the new normal. There is no denying that the economy affects families in many different ways. Long time unemployment has discouraged many from even seeking work. Minorities are often hit even harder during bad economic times plunging further into poverty. Even sadder is when families loose their homes and become homeless, sometimes living out of their cars or even on the streets. Children are especially vulnerable during bad economic times.

Considering what I read in the text, I do not think there can be any denying that the economy affects families. Where there may be some disputes is in the hows and whys. My understanding is in a capitalistic economy there are always ebbs and flows. One man's loss may very well be another man's gain. Let's look at home ownership. Maybe it's true, part of the American Dream is owning a home. During the housing boom many families were able for the first time to purchase a home. Banks and mortgage companie...

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...ve to endure non standard work hours, possibly working two part time or taking a job that they are over qualified for, this just may be the way the family will have to deal with the “new normal” in the future. One thing we do know is that things never stay the same very long. Families may just have to adapt.

Since man first formed society in caves, there have been haves and have nots. When you factor in human nature, I doubt a pure utopian society will ever be reached. There is no doubt that the economy will continue in the future to have it's impact on families and society as a whole. The question might be how to make sure the ups and downs of the economy have have the least negative consequences? Perhaps if more people and families took the old Aesop fable, The Ant and The Grasshopper, to heart, then possible economic downturns would not be felt as harsh.