We Are Living In A Shared Economy Essay

1069 Words 5 Pages
Nine years have passed since the great recession and the GDP is still on stake. The USA ranks near the top of the most unequal countries all over the world, people are jobless, and unemployment is rising day by day. There are many things which screwed hard working middle class Americans like low wages, billing, education, health care, their basic necessities and much more. As Thomas Friedman, New York Times columnist said “we are living in a shared economy”. Really!! It might be true statement for him, but not for those peoples who are fighting for their survival. In the article “The Guardian” Moira Herbst said that “we are living in a zero sum society”. The numbers of consumers are getting more, but the workers are not earning enough money …show more content…
In 2008 recession caused a huge drop in demand of consumers. The real median wage fall by about 2.8 percent in 2009 and 2012. The worst thing was that the productivity was increased by 4.5 percent but still there was a drop in consumer’s demand. As journalist Reuters’ Felix Salmon gave the example of a hair stylist who earned $12 per hour in 2009 earned $10.91 per hour in 2012. Now the well-paid jobs are wiped out with low wages because unemployed people have little demands and companies hire them on lower wages. The low wage occupations have now grown three times quickly as higher wage occupations. The Federal Government cuts 835000 jobs over the past four years for their profits, while 100 million of middle class Americans are living in poverty or in stressed zone. Now they are thinking how to sustain their lifestyle to keep from falling backward in earning as they have already lost 30 percent of their purchasing power since 1968 (Paul …show more content…
The cost of college got 50 percent higher than it was 30 years ago and the cost of attending four year public institutions rose by 5.2 percent from the last decade. To fulfill their dream of study most students end up with loan debt. This is now reached up to $1tr. So should they stop their education? Or continue it in the same way? 97% Americans believe that colleges are affordable and it is important to improve their life. This optimism provided the justification for 60 %of student and they borrowed $42 billion from the U.S government this year to stay in the school. The fight for survival is not finished yet, upon graduation, students face a competitive job market or sometimes face close doors for decent jobs. Over the last two years, the default rate on student loans, according to the ‘New York Federal Reserve’s’ quarterly report rose from 8.5% in 2011 to 11% by September 2012. Going to college might be the best part of some one’s life, but millions of student 's life ends as a student loan debt

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