Question

How does the decisions made by US government during the Great Recession of 2008 affected you now and in the future?

Answer 1

The recent failure that affected the financial system globally was the financial crisis of 2008. For businesses, the recession resulted to changes in worker compensation and expansion plans. And for individual Americans like me, it led to a future postponed, as fewer buy houses and start families. The net worth of the my household shrunk by about 20 percent, joblessness lasting six months, household income decline nearly 25 percent or more, lack of educational opportunities for my children. When financial crisis and recession of 2008 deepened, the measures by US Government with an aim to revive economic growth were implemented on a global basis. The United States, like several other countries, enacted fiscal stimulus programs that used different combinations of tax cuts and government spending. Such programs included the American Recovery and Reinvestment Act of 2009 and the Economic Stimulus Act of 2008. These programs helped to start my own venture however have to struggle hard to make it a success; however today as well as in the future I will be very vigilant in investing housing.

In today's scenario there has been an improvement in the demand conditions, sales of both new and existing homes that have continued to move up, on net, in recent years. Construction of new housing units has also trended up over the past few years. Thus we can say that the American Dream like the mythical Phoenix rising from the ashes.