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T he past ten years have been hard for all of us. Though some people aren’t suffering, we have fallen on hard times as a country. Whereas some are impervious to the economic breakdown, others have lost homes, jobs, and their lives. A Houston Bankruptcy Lawyer reported that his business has skyrocketed since 2000. Houston is an example of thousands of cities that are suffering. There were rallies to, in Houston Stop Foreclosure on houses, but it was a futile effort. Even though we all want to fix this problem, it is taking a lot more than we expected. We have to address all the factors that helped contribute to our current state. This is a time to start over, tear everything down and build up a new system.
One of the biggest causes (and many people would say the entire cause) of the economy’s current state is oil prices. The Middle East has been charging us more for oil, causing a rise in gas prices. As our gas prices rise, we fall into frenzy. Almost every American family owns at least one car, if not more, so each one of us is spending more money than we are used to on gas. Once the price of gas starts to rise, the price of everything else rises. Manufacturers make their products with gas and send it to stores using gas. It will cost us more to buy these products since it is costing them more to make and ship them.
Our incomes haven’t increased but our outcomes have. In truth, lots of people are taking pay cuts. Big changes have been put in place to adjust to the changing economy. Since everything is so expensive, many people are cutting back on things, which causes lots of businesses to suffer. To deal with their loss of business, there have been lots of pay cuts and layoffs. So, most of us are making less than we ever have before during a time where we need to be making much more. There is a huge unbalance in the economy, that can’t be easily fixed.
Once recessions are over, the positive side is rebuilding the economy. Hopefully, this recession serves as a learning experience for this country. If taken care of correctly, the country will have the opportunity to rebuild and correct the economic system from before. The reasons for this recession are clear, so there should be changes made to the areas or policies that allowed this failure to occur.
A recession also should teach individuals to change. People will learn new ways to handle their finances. New precautions will be taken to assure a household from losing everything. It is bad to think that such a terrible recession is what it takes to teach people to be careful, but at least their learning.