2008 Recession

Amazing Essays
In today’s society, survival revolves upon the amount of money in your pocket and how high your debt has stacked up against you. When those two aspects are unbalanced amongst a large amount of citizens, the economy will start slowly eroding into a crisis. The most memorable occurrence of this was when the economy seemed to have completely disintegrated in 1929 during the Great Depression. Most people’s best bet at getting by was to be prepared for the long wait at the soup lines. Although the more recent recession in 2008 wasn’t as severe, it still had the most significant downturn in the economy since the Great Depression. The bursting of an $8 trillion housing bubble was the first domino to fall, leading to the recession. The loss in revenue …show more content…
The blame to everyone’s struggle usually goes to the ones who are supposed to make sure society runs smoothly, the government. Suggestions as to how to change their policies and actions for the betterment of the economy were published all over in hopes that one of those proposals would actually be applied, and work. Paul Krugman wrote a book dedicated to the causes and the rebuilding of the economy after the recession of 2008, entitled End This Depression Now! The impact and source of the recession can be exemplified through the use of hip-hop media. Although most rappers are wealthier than a middle class citizen, most came from humble backgrounds and are able to speak upon the injustice of ignoring the increase in poverty and unemployment. Cities reached a peak of 12.2% unemployment in California in 2010, according to the Bureau of Labor Statistics. The power of the music that is published can be illustrated through the effect of expenditure cascades. Listeners are inspired by the flashy lyrics and luxuries that the artist speak about in their song lyrics. It can also express the inequality in wealth between the working middle class and the millionaire …show more content…
It is easy to recall when it was common for rappers to carry unnecessarily large chains around their necks, and the price of the jewelry on the artist, defined the artist. Although, during the same period of time, it was also common for poverty, unemployment, and homelessness to fill the statistics of the United States economy. There was also an increase in inequality of wealth amongst citizens; as the rich got richer, the poor got poorer. Evidence of expenditure cascades was also shown through the debt increase between 2007 to 2009, which almost doubled every year, stated by the U.S. Department of Treasury. This may have been a repercussion from the lyrics that were published that could have influenced the listener to attempt to spend audaciously, like the millionaire artist. As Paul Krugman stated in his book, End This Depression Now!, “‘The rich have been spending more simply because they have so much extra money... So this second group too, spends more, which shifts the frame of reference for the group just below it, and so on, all the way down the income ladder. These cascades have made it substantially more expensive for middle-class families to achieve basic financial goals.’” (Krugman 84). The wealthy hold the power to pressure less-fortunate individuals who aspire to live the life the artists aggrandize into spending, although they may not be

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