Great Depression Essay

877 Words Mar 4th, 2014 4 Pages
Depression & Recession
Have you ever noticed how history seems to repeat itself? Have you ever heard someone say that we study the past to prevent it from happening again? Well if you take a look at history we are repeating it, with the Great Depression right now we are in what is known as the Great Recession, there are some similarities along with differences. The Great Depression sent many Americans into an economic crisis unlike any the county has experienced before. With this downturn it put millions of hardworking people into poverty, and took about a decade for the market and federal government to restore wealth. The Great Recession was the 2nd worst economic situation to happen to the United States, which started with housing
…show more content…
The Great Recession was the 2nd worst economic situation to happen to the United States. There are many different reasons for this recession the one that I strongly believe the most is advancing technology to fast for the economy to keep up and adjust. Since the 1990’s the internet has been out to help others to communicate and trade. In the 2000’s the internet was used by everyone with it being social network sites or marketing online to buy product from other countries, one website that supports buying from other countries is eBay. With people buying from other countries the United States was importing more than exporting which increased the raise of unemployment because people were buying products from other countries costing less to make the product with no reason to pay Americans more to make the products in the states. With people losing their jobs to other countries they couldn’t afford their mortgages or bills. With mortgages not being paid this led to the housing market crash in 2006 and 2007, the beginning of the Great Recession. The current president Barack Obama inherited the failing economy in 2008. Since Obama has been president “two and a half million jobs, almost 45 percent of those people have been out of work for six month” (Jacobson). With the economy still low the 2012 election is around the corner Barack Obama was mainly running against

Related Documents