The housing market also plummeted leading to negative equity, which the majority of the working class could not afford resulting in the repossession of their houses combined with the drastic increase in unemployment Britain was in a mess. However Major did have some success, he abolished poll tax, which was very popular among the public, he increased spending on the NHS and introduced transport subsides to keep travel fares low.
The Tariff placed high taxes on imports leading to a decline in international trade. The United States held many loans with European countries that began to default. Reduction in international market spending in the US, coupled with the high tariffs placed on foreign countries led to unemployment abroad and foreign countries were forced to impose their own tariffs on other countries (Kelly, n.d.). The Great Depression was perhaps most devastating to the individual and family. The Depression was recorded to have decreased the marriage rate which helped lead to a decline in the birth rate.
In times of disaster, it is clear that America's poor are more so poor in regards to their social class, than their ability to survive as human beings. Even poor families, who are overcrowded by U.S. standards or face temporary food shortages, are likely to have living conditions far greater than that of the world average. The poor of America do have a hard time
The poor and homelessness is on the rise because of falling wages, lack of affordable housing , and people loosing their jobs. Homelessness persists because of falling incomes. Low wage workers have been left behind as the rich and poor has mushroomed. To compound the problem, “ the real value of the minimum wage in 2004 was 26% less, than in 1979”. ( The Economic Policy Institute ).
During 1906 to 1914 the Liberals passed reforms to try and improve the lives of the British people. Booth and Rowntree impacted the way people viewed the poor, they conducted a report which identified two areas of poor. Primary poverty was due to low wage, unemployment, sickness and old age. And secondary poverty was the source of laziness and citizens wasting money by spending it on drink and gambling. When the report was released, people began to see the true extent of poverty and that the British people couldn’t fulfil their basic needs and provide for themselves food, water, clothing and shelter.
Research has shown that depression and anxiety is very prevalent among retirees, and it affects their quality of life (Drentea, 2002). These psychological distresses are influenced by deprivation that is experienced in retirement (Drentea, 2002). Retirement is associated with an individual having a low sense of control (Drentea, 2002). This may be so because the income of an individual in retirement is dependent on others (Drentea, 2002). They are not actively working for the income, instead they must wait until it comes in the mail or deposited into their accounts by others (Drentea, 2002).
The Economics of the Poverty What is Poverty? Poverty in America is the state of being poor, and one lacks the means of providing material needs or comforts. Unfortunately, I have to say that this is still happening in many parts of the world. Poverty is said to exist when people lack the means to satisfy their basic needs. Poverty has been associated, for example, with poor health, low levels of education or skills, an inability or an unwillingness to work.
Poor people live in poor neighbor hoods so it explains that there is a lot of risk associated with living in these areas. The violence levels and theft levels are very high in the said areas do to the fact people do not have enough money to purchase thing they need, and usually are angry at others
The high interest rate of 1979 and 1980 had a negative impact on Massey’s sales performance. The cost of short-term debt and expense rose dramatically. High interest rate depressed the market and decreased the demand of farm and industrial machinery which shrank the company sales. 2. Why would the Canadian government have any interest in helping Massey-Ferguson refinance its debt?
Globalization is also the cause of inequality in the worlds economy, considering the fact that globalization has benefited the rich much more than the poor. While poverty rates have fallen as a result of our world becoming globalized, the workers are still getting an incredibly low income, which might cause social instability and conflict. Globalization has had a positive impact. One of the main advantages is that based on per capita GDP