Working Together for the Economy Essay - 1084 Words

Throughout its history, the United States has gone through many economic cycles which involve economic peaks and recessions. With these recessions comes a time of recovery and rebuilding; jobs are lost, money in the economy does not circulate, and industries fail. However, all industries and markets must work together in order to lead the economy back to recovery and stability. Currently, the United States is undergoing a recession and signs of industries and markets working together can be seen, such as the housing and labor markets. The housing market is setting mortgage rates at record lows while the labor market is increasing employment. By stimulating consumers into the economy and generating income for consumers to spend, the†¦show more content†¦Those who are employed are more likely to have a mortgage approved; therefore, the current unemployment is causing the housing market to lose consumers (Gopal). The lack of response to low mortgage rates shows that no one indu stry or market will be able to stimulate economic growth, other industries and markets must join in. The labor market has taken initiative and has made changes, such as adding jobs to the economy in order to lower the unemployment rate. When the United States economy first went into its recession in the years 2008 and 2009, 7.4 million jobs were lost. Since then, there have been over 7.2 million jobs created, which is a 97 percent recovery of â€Å"employed persons† in the economy; furthermore, unemployment is at a five year low, sitting at 6.7 percent (Green). These changes in the labor market are crucial for success. Increasing employment throughout the United States, will increase household incomes dramatically. With this increase in household income, comes confidence which will guide consumers to spend the money they make in the economy, instead of saving it. During recessions, there is a sudden increase in savings which stop the flow of money in the economy. However, now the saving rate, the amount of income not spent but set aside, has continued to drop. In December 2013, the saving rate was 3.9 percent, a large decrease from 4.3 percent in November of that same year. The average rate for the entire year was 4.5 percent, the lowest savingShow MoreRelatedCompare And Contrast Martin Luther King And Malcolm X1101 Words   |  5 Pagesalso assassinated three years later when he was thirty nine. Even though Malcolm X and King had same goal, their strategies were distinct and every different. In my opinion, Malcolm Xs methods were more desirable than Kings ideas in education, economy, and collaboration perspective. Both Malcolm X and King discussed about education for the younger generation of Blacks. One believes that Malcolm X’s idea of separation between Blacks and Whites is better than King’s idea of integration. 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