Economy & Situation

Hector Ramirez
31 August 2012
The Economy & The Situation

Imagine having worked at a company for over 30 years, this company provided practically your whole life, with this job you had ahigh position in the company, had your house paid, had your vehicles paid, and had nothing to worry about. But then one day on September 28, 2008 the economy takes an unexpected turn and the companiesthat once provided everything for you lays you off, like the millions of Americans being laid off at the same time. (Haden) The whole country changed after that day, hundreds of banks across of Americawould shut down, thousands of Americans are left without jobs and forced to have their vehicle repossessed and also having their homes repossessed. According to James F. Davis, an internationalbanker for over 20 years, the downfall of the economy in 2008 was caused by financial bailouts and that the government does nothing to support the stop of these bailouts. This economy has changed the livesof millions of Americans including my families, the effects of this economic downfall has been several which include the person’s income, the home values of American homes, and most importantly theunemployment rate and the jobs of hard working Americans.
My father came to the United States as the first person in my family’s history to come. My father struggled, he only came with a bit of moneyand an industrial engineer degree, a couple of years later my father opened a temporary personnel business. Back in 2006 my father was making over $600,000 but as soon as the economy dropped in 2008his income went down over 50 percent, that year he went down all the way to $200,000 but that’s not the worse he has seen, my father income kept on dropping and in 2009 he hit the lowest he had everseen since opening his business, $125,000. According to the Congressional Budget Office the average American household had a decrease $5,800 in their annual income, not only this but this economy has...