America was once the wealthiest, most powerful country in the world. In July 2008, we were warned about a growing outstanding debt in our economy due to the dramatic decline in the housing market, overpriced oil and food. Many saw the warning as a joke or prank. What they failed to realize is that over the years, loans given to unfit buyers had forced the country into this debt.
In December of 2008, it was announced we were officially in a recession. Recession is defined as
at least two quarters of decrease in gross national product (GDP) , which is the value of all goods and services produced in a given period. Due to this happening, our country showed massive decline in unemployment, overwhelming bankruptcy, extensive liquidation, and ongoing foreclosure. The recession is so horrible it has begun to take global effect. Country's such as New Zealand, Italy, and Hong Kong have all been driven into a current recession.
In December of 2008, it was announced we were officially in a recession. Recession is defined as
at least two quarters of decrease in gross national product (GDP) , which is the value of all goods and services produced in a given period. Due to this happening, our country showed massive decline in unemployment, overwhelming bankruptcy, extensive liquidation, and ongoing foreclosure. The recession is so horrible it has begun to take global effect. Country's such as New Zealand, Italy, and Hong Kong have all been driven into a current recession.
In the United States, the recession has affected household incomes in the 50,000 or less bracket have been affected by nearly 30%. The 75,000 or more bracket is being harmed by a whooping 74%. This proves that most affected are those whom make more.
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