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 Reagan administration were against abortion, and cut many programs to assist mothers, children, and minorities. Reagan’s administration was mainly made up by white males. Reagan hoped that Sandra Day O’connor to the Supreme Court during his time in office would help increase his popularity and likability with the female voters, but it did not say much to the women of america. During the late 1970’s and most of the 1980’s, the United States was in a deep recession. Prices were peaked at their highest, inflation was high, and many americans were out of work.
The Labour economy policies are also a reason why they lost. Gaitskell promised to increase public spending without increasing taxes. This put his credibility under question. Another reason is that although voters were happy with the nationalisation of electricity, gas, atomic energy and airline industries they thought public ownership of coal and the railways had been a failure when they were last in government and there was little enthusiasm for further nationalisation which Labour was committed to by Clause Four of the Labour Party Constitution. Another reason why Conservatives won is that in there manifesto they promised to stabilise the cost of living which would close the gap between rich and poor and double everyone’s standard of living.
Individuals are losing jobs and the government have to spend more money of benefits. They collected back less from taxes and VAT. Businesses are cutting back on productions but for some customers is good if they have money because the prices are falling as well as inflation. At the boom stage the GDP (Gross Domestic Product) are the values of
There was also a smaller gap between the wealth of all social classes. Overall, the Great Depression forced America to come together to defeat its hardships, which, after over a decade of struggle, it eventually
In “How Class Works,” Wolff points out that class segregation, income inequality, and the trends of industrialization and outsourcing terminate the income growth for middle class Americans and put them in credit crisis (Wolff). Since most of the resources are held by the richest ten present, the rest of the Americans become lacking access to services and goods (Wolff). However, financial shortages seems never decrease people’s demand. Since 1970s, middle class Americans started to rely on credit and mortgages, even though they knew they were unable to pay the money back in time. Failing to make payments in time, growing number of houses face foreclosure, creating homeless citizens and, ironically, empty houses.
The unemployment was on the rise, and the job market was declining at a high rate. This was going on before he got in the White House. I feel like it is up to the owners' to stay or leave. Companies are taking their businesses overseas to have employees work for lower salaries, paying lower tax rates, better tax credit, or to have more money in the their pockets. Some businesses feel like they are not making money here in the United States.
Businesses also suffer when massive layoffs occur. When spending by households decreases, incomes decrease for the businesses. Governments are not immune from the effects of massive layoffs of employees either. When households spend less, and businesses are selling less, there is less sales tax to be collected by the government. Also, when employees are laid off there is less income tax to be collected and to make things even worse, former employees can collect unemployment benefits from the government.
Her attempts to restructure the country seemed to be good in principle, however in reality seem to have caused more harm than good. There was too much emphasis on the world of finance and not the welfare of the whole population, the workforces of the nation suffered incredibly due to the new competitive nature of the private businesses. The unemployment of the 1980's has taken many years to correct, and the economic focus of her time in power, and lack of morality has left many with a very strong opinion about her and the decisions she
McCain struck home with the average American citizen’s dependence on oil in their everyday lives. This especially appeals to the lower class, which strays away from the majority of his audience, wealthy Caucasians and elderly people. The reason for this is because he was giving his speech in a recently devastated area, causing the majority of people in a lower economic bracket. To reiterate upon, John McCain supported his claims and evidence through the use of appeal to emotion, character, and needs. He took opposition to Barack Obama, the Democratic presidential candidate, and the beliefs that he and his party stood for.