In the past decade, many of us have fallen on hard times. We have fallen on hard times as a country, yet some don't seem to be as affected. Whereas some are impervious to the economic breakdown, others have lost homes, jobs, and their lives. A Houston Bankruptcy Lawyer reported that his business has skyrocketed since 2000. His city is just one of thousands that has been hit badly by the latest economic slump. There were rallies to, in Houston, stop foreclosure on houses, but it was a futile effort. Everyone wants to escape this fate, but it has proven to be much harder than we thought. There are multiple factors that contributed to this downfall, and we have to tie up all the loose ends. This is a time to start over, tear everything down and build up a new system.
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One of the biggest causes (and many people would say the entire cause) of the economy's current state is oil prices. The oil prices from the Middle East have risen, causing our gas prices to shoot up. As our gas prices rise, we fall into frenzy. Almost every American family owns at least one car, if not more, so each one of us is spending more money than we are used to on gas. In addition, when gas prices rise, the price of everything else rises. Products are shipped to stores using gas, and manufacturers get their supplies using gas. Since it costs those establishments more money to get us what we want, it is going to cost us more to buy what we want.
So we are spending more money than ever before, but we are making the same amount. Actually, many people are making much less. Businesses have had to make major changes to deal with the new economy. Since everything is so expensive, many people are cutting back on things, which causes lots of businesses to suffer. To deal with their loss of business, there have been lots of pay cuts and layoffs. So, most of us are making less than we ever have before during a time where we need to be making much more. There is a huge unbalance in the economy, that can't be easily fixed.
The only positive to situations like this is the aftermath once the problem is resolved. Hopefully, this recession serves as a learning experience for this country. If we fix this issue the right way, we can rebuild and reinforce our countries system so that something like this doesn't happen again. The reasons for this recession are clear, so there should be changes made to the areas or policies that allowed this failure to occur.
Also, this leads to changes on the individual level. People will learn new ways to handle their finances. New precautions will be taken to assure a household from losing everything. It is a shame that it takes something this terrible for people to learn a lesson, but it is a lesson that couldn't hurt to learn.
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