First, economic instability changes American family structure. According to Barbara Kingsolver in the essay “Stone Soup,” the multigenerational families accelerated during the recession and the end of World War II (143). She points out several significant incidents that happened in 1950s, such as the returning soldiers who served in the Second World War, the booming economy, the emergence of nuclear families, and the suburban families. Therefore, the economic upturn and downturn trigger to the transformation from the extended families to the traditional families. Kingsolver says, “In the last three decades, that amorphous, adaptable structure we call ‘family’ has been reshaped once more by economic tides” (143).…
In “35 Soul-Crushing Facts about American Income Inequality”, the author, Larry Schwartz, makes it clear that the ever-increasing income and tax cuts the wealthiest Americans receive, as well as the decline in labor unions, results in the rest of the nation’s citizens to fare worse economically than those of previous generations. The writer shows that economic inequality, the difference between incomes across a population, has currently reached peak levels unprecedented since the Roaring Twenties, the period right before the Great Depression. Schwartz does an excellent job of supporting his claims by providing a vast amount of statistical evidence and historical background, which shows how dire the current situation of economic inequality is in the U.S.A. Despite the fact that the middle class has been taxed at an equal rate…
In Edward Chancellor’s “Devil Take the Hindmost” he references and describes the process for a mania to take place. Specifically, in the third chapter, Chancellor highlights Charles Kindleberger’s theory for the development of speculative manias. This economic theory claims that first displacement occurs in the form of an exciting new investment opportunity, positive feedback quickly ensues resulting in a euphoria, new risky financial products are created, corruption takes place, and then, finally, the corruption is exposed and expectations are not met resulting in a market crash. Chancellor then goes on to supplement this economic model with both a social and a political condition. I believe this model is closely replicated in the 2008 subprime…
Emma Soffler Mr. Nolan 27 October 2017 U.S. History 11H-4 Document Based Question: What Caused the Great Depression? Isaac Newton once said, “What goes up must come down.” Although Newton uses this to explain the laws of gravity, the quote is fitting for many different events. The economy, for example, is a cycle which continues to rise and fall throughout history. In the year 1929, the United States’ economy prospered tremendously.…
The Great Recession was caused by a number of different factors and the effects were abundant. With so much disagreement on what truly caused the recession, it is apparent that it cannot be pinpointed to one single event or action, but rather a number of factors that set off this devastating economic event. The recession can be blamed on a combination of factors such as deregulations by politicians, AIG, the S.E.C, and many others. The effects of the recession were felt by homeowners, banks, and many working Americans as the economy declined, leaving numerous drowned in debt.…
Major Life Decisions Student loan debt, like all forms of debt, can influence various decisions such as starting a family, buying a house, and retiring. Since children are one of the largest expenses one can have, many people wait to start a family until they are financially stable. This is one of the reasons why the average age of first time mothers has increased from 21.4 years in 1970 to 25.6 years in 2011, according to the National Vital Statistics Report released by the Centers for Disease Control and Prevention (CDC) (Martin, Hamilton, Ventura, Osterman, & Matthews). In addition to couples having children at older ages, smaller families are becoming more common. American women are producing a historically low rate of 1.9 children during…
The Aamerican people were in poverty, living in places called Hhoovervilles. Standing in lines for just small portions of food while the children were out begging on the streets for food. Franklin Roosevelt was elected as president. The New Ddeal was just made. The Roosevelt Aadministration was ineffective in helping the people deal with the Ggreat Ddepression.…
America's Economy “We are becoming a society in which the poor tend to stay poor, no matter how hard they work;” (Document A), to countless Americans this sounds like a rigid caste society, the polar opposite of America. Yet, a considerable amount of Americans firmly assert this is the reality of America today. In reality, the economy works relatively the same as it did half a century ago, however, people today are not working as diligently nor as much. The economy, as well as the opportunity of social mobility, is still truly alive but the work ethic needed to achieve it is dead.…
In 2005 over 1,283,000 family homes were sold throughout the U.S. housing market according to U.S. Statistics. This was a larger number of houses sold compared to previous years with a range of 609,000 houses being sold per year. This was expansion, with lower interest rates, economic booms, and most people living in houses they couldn’t really afford if you looked into their finances. This is what later created negative home equity balances, and forecloses along with many evictions. Before the collapse of the housing bubble more and more people thought at least that they were “living the American…
Devon Kaminski Soc-309 Essay 4 Ch. 2 1. What factors lie behind rises in income inequality in the U.S. in recent decades? While many factors play a role, the few that strike as most pertinent are declines in earnings growth, which is a rise in workers that make less money and an ever growing gap between the higher skilled and lower skilled workers, an economical shift from production of goods to production of services, shifts in demand for high/low skilled workers which opened up temporary positions with little to no benefits, a change in the working age group (thanks to the baby boomers), a rise in uneducated and less-expensive labor in the form of immigrants, declining unionization, downsizing in industries (which could mean cutting less skilled workers), globalization and of course government policies like minimum wage changes, budget cuts and tax reforms.…
"The Financial house of cards collapses, a financial panic grips the world. Practically overnight an economic blizzard swept the world. It is always the unemployed, the soup kitchens, the grinding poverty, and the despair” (Unidentified Man). This quote perfectly explains the hardships America had to trouble through during the 1920s. America was hit with it’s worst economy ever known to United States history.…
The 1950’s was the decade after World War II and is synonymous to being a golden age for capitalism, family, and overall life. 1950’s America was and is still looked at as the poster child for good living. When comparing this era to present day, the admiration is lower in some areas and higher in others. Between these two times, people believe there are major differences that make them polar opposites.…
During the 1920’s America had experienced an economic growth in which not only did it made the Nation rich but the people were able to obtain more luxuries such as cars, jewelry, events, and even afford buying a house. By the time it had become popular for people to possess items of high value and even value them more than anything. The time during this period was suitable; People were earning more money and consuming more, which also meant that people were investing great amounts of money into stocks, but on October 29, 1929 the stock market took a downturn in which eventually led to the events of the Great Depression. As the stock market crash not it only did it affect millions of Americans, it affected the economy as well. This tragedy is historically known as “The Stock Market Crash of 1929,” were it focuses on the events that led to the stock market’s collapse and its aftermath, The Great Depression.…
(Jack Quinn) The cost of living has gone up tremendously and I can’t imagine how an…
The topic that is widely discussed in big cities is gentrification. When my peers were asked, what they defined gentrification as, they described it as “rich people coming into cheaper neighborhoods.” According to their definition, gentrification has not been a positive effect to the majority, the lower classes. Gentrification is the occurrence when wealthy classes come into affordable neighborhood. As a result, this usually raises prices as store and homeowners see an opportunity to gain more money.…