High interest rates. Foreclosure. Bankruptcy. The divide between the very rich and the very poor is getting wider. In 'Maxed Out', documentarian James Scurlock points the finger at predatory lenders for this phenomenon and breaks down exactly how many Americans are sucked into this vicious cycle of escalating, insurmountable debt.
Joe Blommel Debating American Family Life Michael Hillary The American Family: Dynamically Adaptive or Consistently Declining? There has been much discussion concerning the contemporary American family and the ever-increasing complexity by which it is arranged. Some would argue that by simply drawing mainly on U.S. Census data, we could easily sketch the conclusion that there has been an extraordinarily steep declination associated with the American family since the 1960’s. Folks like David Popenoe are quick to identify the consequential attributes of this decline, characteristics, which he believes greatly contribute to many of the societal issues we face as a country today. Others, however, would argue that the American family
In Fed We Trust demonstrates the challenges the American Society were faced with in dealing with this economic crisis different from any other, how monetary policy was transformed, and how the Fed converted from Greenspan to un-Greenspan. Throughout the Great Panic the Federal Reserve tried to bail out big companies that were going under, and the Fed became known as the "lender of last resort." The Lehman Brothers were going under and the fed had a difficult time trying to help them out. The Fed and Paulson tried to find a company to buy out the Lehman Brothers and found a bank in Britain called Barclays. The British Financial Services Authority wouldn't allow Barclay to purchase Lehman which resulted in the company failing because the Fed didn't have a backup plan if this deal didn't go
Many may argue that the falling economy and the wealthy not wanting to share their shares is to blame for the raising rates of poverty here in the states. Poverty of course, has a lot to do with money and income but underneath that it is has a deeper story. Stories of how different people are suffering from it and how they are managing to live day by day. It almost seems as if it’s a foreign nation of its own and you only understand the concepts if you are in it. There is no doubt that here in America we are dealing with one of the greatest economic downfalls.
Tracy Wooten Mr. Hollingsworth February 20, 2013 Eng-105 Affluenza: An Unhappy Relationship with Money Affluenza can be defined as the want or need to keep up with the “Joneses.” It is a growing epidemic that causes stress, debt, and problems in relationships. It seems in today’s society that it is not enough to just be comfortable; we are in constant need of things and we need them now. There is no such thing as being patient and waiting until we have the means to pay for those things. This drives us into to debt, because we think “Oh it’s just a swipe of a card.” Forgetting that we no longer have the money in the bank to pay for those maxed out cards. We don’t shop to survive anymore we, we survive to shop.\\We don’t eat to live anymore, “we live to eat.” We have become a society that likes to spend lavishly on goods and services just so that we can show them off.
The U.S Auto Industry: Factors to Consider in a Bailout With continued uncertainty in the economy, and U.S. businesses collapsing all around, another tough decision game recently for the federal Government: Do we, or do we not provide taxpayer dollars to bailout the failing American auto industry? With supporters both for and against an auto bailout, Congress had to make a decision based upon what was best for today’s tough economic times. Recently, two publications, The Nation, and The Pew Research Center, took a closer look at the potential bailout. They examined, very differently, a few of the many factors involved in an auto bailout, but ultimately left the decision up to the reader. I seems that the most heavily weighted subject of the auto bailouts is the concern about the enormous numbers of jobs that would be lost if a bailout is not approved.
The squeezed society’s neglecting of investment has put both the rich and the poor in a society with low quality infrastructure. Additionally, a recent research shows that throughout the U.S, areas with the highest income inequality have longer commute times, higher rates of divorce, bankruptcy and squandered talent. For example, nowadays, because of being unable to attain fundamental financial needs, several people from the less wealthy classes can hardly own a house but instead choose to rent it. Consequently, house borrowers have to loan houses at higher interest rates on account of subprime mortgage. In this mortgage
Seems like a scam to me! As you can see consumerism is what drives our economy. Right now shopping may even seem patriotic, it's without a doubt helping our economy pull out of the recession. On the other hand it's also partly the blame for the recession mixed with greed and want. Every year around tax season many Americans splurge instead of paying off current obligations.
It has also been pointed out by Richard Dreyfuss, writer for the Manhattan Institute, that “...pension obligations now threaten to outstrip the government’s ability to pay, since the investment risk and any resulting deficits are the responsibility of the taxpayer”(2). Dreyfuss’ point helps to highlight the fact that the entire economy will be impacted by the impending pension crisis. Taxpayers will be forced to make up the difference that remains once the government decides it cannot afford to
Credit card debt is one of the key factors that have brought our country where it is today. If you compare lifestyles of the 1950's and lifestyles of today, there is an immense difference. College grads are leaving school with double amount of debt than before. As well, many people are told that in order to buy big ticket items like a home or car, they must take out a credit card to build their credit. This attitude has caused people in biting off more than they can handle.