Economic Collapse
Is America headed for an economic collapse?
By: John Shepherd
America’s collapse
Is America headed for an economic collapse?
Research indicates the possibility of an economic collapse because of the exorbitant national debt, loss of jobs, and the falling stock market.
History can tell a story that many people overlook. People tend to repeat their mistakes and if we take a look at what is in the past we can predict what the future may hold. In the 1930’s the United States faced an economic emergency that had never been seen prior to that time. It was called the great depression. It wasn’t known as the great depression until after it had occuirredoccurred and was beginning to pick up again. During the great depression the employment rate had hit double digits, banks were closing and the stock market crashed.
Those unfolding events are certainly a cause for concern, especially given the similarities between today’s headlines and the 1930s. ( Shoen, 2009).
Bank foreclosures and stock market instability can be seen on the evening news and have made the newspapers. The economic state we are in is still being called a recession.
Some would argue we are already in the early stages of a depression. The recession officially started in 2007. The nation's 11th recession of the postwar era began in December 2007 and could easily could become the longest since the Great Depression. (Shoen, 2009). The government refrains from using certain terminology in order to keep the citizens from being in a panic and possibly causing a more severe eeffect on the economy.
If the majority of people knew just how bad the economy really is they would stop shopping and sell off stocks which could in turn cause the markets to crash and stop the flow of money into the system. When people stop spending then businesses in turn stop hiring and could close which would devastate the economy more than it already is.
The president has tried to offset the economic state by implementing
By: John Shepherd
America’s collapse
Is America headed for an economic collapse?
Research indicates the possibility of an economic collapse because of the exorbitant national debt, loss of jobs, and the falling stock market.
History can tell a story that many people overlook. People tend to repeat their mistakes and if we take a look at what is in the past we can predict what the future may hold. In the 1930’s the United States faced an economic emergency that had never been seen prior to that time. It was called the great depression. It wasn’t known as the great depression until after it had occuirredoccurred and was beginning to pick up again. During the great depression the employment rate had hit double digits, banks were closing and the stock market crashed.
Those unfolding events are certainly a cause for concern, especially given the similarities between today’s headlines and the 1930s. ( Shoen, 2009).
Bank foreclosures and stock market instability can be seen on the evening news and have made the newspapers. The economic state we are in is still being called a recession.
Some would argue we are already in the early stages of a depression. The recession officially started in 2007. The nation's 11th recession of the postwar era began in December 2007 and could easily could become the longest since the Great Depression. (Shoen, 2009). The government refrains from using certain terminology in order to keep the citizens from being in a panic and possibly causing a more severe eeffect on the economy.
If the majority of people knew just how bad the economy really is they would stop shopping and sell off stocks which could in turn cause the markets to crash and stop the flow of money into the system. When people stop spending then businesses in turn stop hiring and could close which would devastate the economy more than it already is.
The president has tried to offset the economic state by implementing
References: Schoen, J. (2009, January 22). Recession or depression? too early to tell . Retrieved from http://www.msnbc.msn.com/id/28698830/ . Costello, B. (2010, October 23). America at debt 's door: a primer. Retrieved from http://www.americanthinker.com/2010/10/america_at_debts_door_a_primer.html Kasun, K Scalinger, C. (2009, February 04). Parallels with the great depression. Retrieved from http://www.thenewamerican.com/economy/commentary-mainmenu-43/756 . Caruba, A. (2003, June 23). The decline & fall of the us economy. Retrieved from http://www.americandaily.com/article/1889 . Sears, S,M,. (2010, August 11). Seeking an options shelter for falling stocks. Retrieved from http://online.barrons.com/article/SB50001424052970204719404575423423503444504.html. Levine, L. (2009, June 19). The labor market during the great depression and the current recession. Retrieved from http://assets.opencrs.com/rpts/R40655_20090619. Hagenbaugh, B. (2002, December 12). U.S. manufacturing jobs fading away fast. USA Today, Scott, RE Sowell, T. (2010, August 17). Dismantling america. Retrieved from http://www.realclearpolitics.com/articles/2010/08/17/dismantling_america_106772.html.