Today's Split Economy

      As America's economy finds its way out of the Great Recession there has never been a bigger gap between the rich and the poor. Although America's Great Recession lasted from 2007 to 2009 our economy is still feeling it's lasting effects. It is important to note that the recession began with an 8 trillion dollar housing bubble. but the real estate business is now beginning to boom again. The bubble created a loss of wealth throughout the whole country and led to a massive decrease in consumer spending. Once consumer's stopped spending money businesses had to lay-off employees and what once started in the housing industry became a vicious cycle throughout the whole U.S. economy. 

      The aftermath of the Great Recession includes unemployment issues and the ever-growing gap between the rich and the poor. Experts suggest that the recovery will take more than 4 or 5 years, while previous recessions with sluggish recoveries (early 1990's recession, early 2000's recession) have taken 2-3 years. Our economy is suffering from a corporate take over which has in turn split the economy into an Upper and and a Lower section. Before the recession America's economy was working as a single entity which results in a more prosperous country. Experts suggest that this gap between the rich and the poor can explain the sluggish recovery from the Great Recession. 

      The Great Recession hit lower and middle class families very hard; it was the greatest job loss in American History since the Great Depression. Congress needs to start figuring out ways to keep decreasing the unemployment rate and to start decreasing the gap between upper and lower classes in America. Some suggest that Congress should not give tax breaks the rich anymore because the working class is suffering because of them. The rich keep spending while the poor cannot take care of their basic needs; this is a huge problem in America and we all need to work together to fix it.