Research Paper on the Recession of 2007-2009 free essay sample

Many people were left unemployed and were unable to provide for their families. There were lower class people that were already unemployed and the recession just made their situation worse. The increase on gas and food prices affected these lower class people who were surviving day by day. Even thought the middle class could be said to have stayed a little stable throughout the recession, they still had issues as well. Middle class were still employed but even the people that were in the professions of doctors and lawyers were experiencing a change in their income. They saw their incomes drop from as much as forty percent.Middle class people still had their lives in jeopardy and it was hard for them to look towards the future when their present was not so bright. The upper class may not seem to have been so affected by the recession but they were in many ways. We will write a custom essay sample on Research Paper on the Recession of 2007-2009 or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page At one point President Obama stated that people that earned $250,000 and up were considered as upper class. He has been talking about raising taxes on upper class Americans for a while now. Upper class Americans had problems with real estate because they own multiple properties and the prices of houses had been dropping so they were not worth the same amount of money.Education has also been a problem for them because since they earn an income of $250,000 and up they have to pay for their children’s college out of pocket because they do not qualify for any type of financial aid. Since there are promises to be tax cuts for everybody except the upper class that is a huge problem too. Based on everything stated in this paragraph, it is shown that upper class is struggling just as much as the lower and middle classes are. There are no happy campers during a recession no matter how much money they have.As shown previously, the Great Recession of 2007-2009 was a major issue for the United States. Everybody was affected by it and the country is still working on getting back on its feet and making a superior economy. The recession was an issue that brought with it so many other issues like unemployment and bankruptcy. Successful businesses that were unlikely to have big downfalls fell into bankruptcy and were destroyed forever. Middle class doctors and lawyers experienced big drops in their incomes even though they work in the most needed professions.Even upper class citizens who seem to have no problems and seemed not to have been affected by the recession were affected. This shows that no matter what economic status a person is, a recession affects everybody. Even if it is a small effect or a big one like becoming homeless, everybody was affected by the Great Recession of 2007-2009. Even though the recession was terrible, it showed the citizens of the United States that the country is strong and even though there were many struggles, the country is moving up and becoming stronger. Works Cited