Economic Crisis

Our economy is like Wall Street; what goes up, must fall down. People close affected by recession atomic number 18 those in the middle and working class families. Because of the unstable economy, companies are terrorens to downsize their employee work forced and closing doors are their next options. legion(predicate) companies are laying off their employees. The loss of a contemplate threatens more 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 escort; 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 first paying jobs to reinforcement 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 adduce confidence in the US economy according to exchequer Secretary Paul ONeill. Others who are fortunate could sit down and wait or started their own business, and the rest either entertain out a home equity loan or refinance to lower their mortgage payment. In many cases, the metrical responses to cost changes appear to correspond with outsourcing theories that are based on searched and customization cost. Swenson, D.

(2004) Economic Indicator, Congressional Bud descend Office. U.S companies that outsourced the most jobs in 2003 alike 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 another(prenominal) 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 atomic number 20 very hard with this. On the basis of the most late statistic, US economy cannot be classified as organism in a recession. There are, however, worrying signs Feldtein, M. K. (2001) If you want to get a full essay, order it on our website: Orderessay

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