21st Economic Crisis
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Submitted by cnelson on May 24, 2008
- Category: Business
- Words: 816
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21st Economic Crisis
Our economy is like Wall Street; what goes up, must come down. People most affected by recession are those in the middle and working class families.
Because of the unstable economy, companies are threatens to downsize their employee work forced and closing doors are their next options. Many companies are laying off their employees. The loss of a job threatens many working class and middle class families with the threat of bankruptcy, because of the increasing accumulation of consumer debt. (Whiting, Sept. 1998) Jobs were hard to find; in addition, most people by without the choice, but were forced to sell their homes; many of them moved to other states. Most of them took low paying jobs to support their family. The unfortunate ones took from seven months to a year before they could find a decent job; however, "we have every reasons to maintain confidence in the US economy" according to Treasury Secretary Paul O'Neill. Others who are fortunate could sit and wait or started their own business, and the rest either take out a home equity loan or refinance to lower their mortgage payment.
In many cases, the measured responses to cost changes appear to correspond with outsourcing theories that are based on searched and customization cost. Swenson, D. (2004) Economic Indicator, Congressional Budget Office. U.S companies that outsourced the most jobs in 2003 also offered well above average pay increase up to 46% to their CEOs who outsource jobs according to new study released Tuesday from Forbes, Ackman, D. (2004). Many of them moved their businesses out of the U.S.A to other countries nearby or in the pacific where people are willing to take low paying jobs. The Dot-Com popularity is almost extinct. The recession hit California very hard with this. "On the basis of the most recent statistic, US economy cannot be classified as being in a recession. There are, however, worrying signs" Feldtein, M. K. (2001)...
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