Why did the US economy go into such a recession and are we still in a recession? These are a couple very significant questions that affect pretty much everyone in this wonderful country of ours. The first one really affects us as college kids who are looking forward to the bright futures that lie ahead of us in which we need a solid economy that isn’t failing in order for us to have a solid chance in job placement. It affects all of our peers not in college and everyone else in the job market and or unemployed workers in hopes of a good job with high wages and a better life to look forward to. Which leads into the second question of are we still in a recession which obliviously affects everyone looking forward to what it’s going to entail for the country to pull ourselves out of it and be on better grounds and how long we’re going to have to wait till it’s over.
I think there are a couple factors that I know of but have to be many more that have to be contributors to the failing economy. One of the factors being that the insurance companies outstanding and unreal loans and mortgages they gave out to people knowing they were going to default on their payments and end up being foreclosed on. This ended up causing tons of companies to close in which put many workers out of a job. Once big companies started failing (not just in insurance companies but many other types of companies ex. Banks) it caused a domino effect of other problems throughout the economy causing it to collapse.
I plan to go in depth to why all of these companies started to go bankrupt which in turn leads me to why the economy started failing. Also this will hopefully give me a clearer view on if or when this economy might have a brighter future in its sights.
