America 's A Financial Crisis Essay

972 Words Dec 5th, 2015 4 Pages
The system worked and some people were able to move from welfare into the working class. Through the early 2000s, America’s economy is doing well and the poor are taken care of. The nation is content with the progress they’ve made, and excited for the future.
Towards the ending of 2007 and the whole year of 2008, America suffered a financial crisis. A crisis that was considered so damaging, that it was often compared to the Great Depression. The housing market plummeted, some once successful businesses crashed, and a few banks had to shut down. A record high number of people were left unemployed and desperate. Then again the welfare system had to come to the nation’s aid.
In response to the crisis, the government had to increase their spending budget. They not only had to help the people, they had to also bail out a few failing companies. Companies such as Chrysler, Bank of America and numerous small business needed help. Funds were distributed to save many companies, that eventually found their way back to success.
Many of the working class joined the able-bodied but unemployed category. With the increased number of people with financial hardships again this time, many more people had to become recipients of the welfare system. They were provided with Medicaid, SNAP (supplementary nutrition assistance program), cash assistance, and help with locating new jobs.
So the nation had a reason to be on welfare, considering the economic depression and all. However, there are…

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