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What Is Really Happening in Our Economy

In: Business and Management

Submitted By kwood610
Words 907
Pages 4
Macroeconomics 11/30/2010
What is Really Happening in Our Economy?

Before getting into what I think is the root of the problem, I’d like to give a little insight into some of the opinions of my family members. Every night, my family sits down at the dinner table to eat together. Sometimes I miss out on this because I work nights, but I always have at least one night of the week home. I raised the question, “what do you think is going on in our economy?” and received a variety of responses. I started first with my 11 year old sister, who comically replied “I think that the inflation will cause everyone in the country to form an angry mob”. For an 11 year old, I’d say her assessment is pretty spot on.
Next my father, a 47 year old scientist, furrowed his brow a little and then responded by saying “I think the housing market is the problem.” Because unemployment and underemployment are so high, it is becoming increasingly difficult for a larger percentage of people to buy homes. More people are living with their parents well into their twenties, since, to put it quite simply: “the rent is too damn high”. With home sales at an all-time low, new housing construction is at a standstill. This negatively affects all the people that work in the housing industry. On top of that, home foreclosure is at an all-time high. All of these factors combined are causing the collapse of the housing market. I then referred the question to my other sister, who is 17 and a senior in high school. She shrugged her shoulders and replied “I’m not sure what’s going on, but I can’t find a job”. She hasn’t gotten her first job yet, and just got her full license. This is frustrating because without a job, she cannot afford a car. With the unemployment and underemployment rates remaining high and stagnant, it is harder than ever for teens to find their first...

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