How has the recession affected you and your family

The report also draws on data from the U.

How has the recession affected you and your family

Speak Out How does the recession affect state and local governments? In Philadelphia, large retail stores and small boutique shops are going out of business.

How has the recession affected you and your family

High rent leaves those storefronts and properties vacant. This is echoed in the nearby suburbs and across the state of Pennsylvania, where large companies — such as the Pittsburgh-based Alcoa Aluminum - are also instituting sweeping layoffs.

Likely, you or someone you know has been affected by employers cutting their budgets. When the economy is in a downturn and businesses are doing poorly, that filters fewer tax dollars to the government; businesses that close cannot pay business taxes, people who are out of work cannot pay income taxes, and they cannot shop as much, which means less sales tax.

Executive Summary

And a decrease in tax revenue means a decrease in state or municipal services. In Philadelphia, drastic cuts have had to be made to city services such as libraries, pools and snow plowing. Cuts were also imposed on the state budget, where legislators have instituted a hiring freeze and eliminated pay raises as a means of dealing with the recession.

What is a recession? These happen from time to time and are thought to be normal features of the economic cycle we last experienced one in the United States from Economic growth is measured by many factors, including rates of employment and the cost of goods.

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But the Gross Domestic Product GDP is the primary measure; the GDP is a gauge on the health of the national economy that represents all the goods and services produced over a period of time.

Essentially, the GDP is the size of the economy. When the national economy is in a recession, it generally means: Fewer jobs are being created and more people are losing their current jobs.

Factories and industries are not producing as many goods as they were in prior months. Banks lend less money to customers. This leads to difficulty in getting loans for homes, cars and other expensive items. Those industries begin to suffer as well.

As other businesses begin to feel the crunch, the GDP declines, and the growth of the economy slows. When the economy is in a recession, you might find it harder to find a part-time job.

9 Effects of the Recession on Families and How to Cope

Not only are many companies trying to cut costs, more people are unemployed and looking for work. If you do have a job, the prices of goods will likely go up, meaning that your dollar will not go as far as it did in the previous months A State Perspective: In order to cut costs, Gov.

Rendell drafted a budget that eliminates pay raises for state employees during and imposes a hiring freeze across the board, leaving some 5, open positions vacant in various departments across the state.

Rendell plans to seek aid from the federal government as well, but the one of the biggest ways the state hopes to save money is through cuts in specific programs and overall state agencies.Mar 01,  · How has it affected: Your job Your family life Your spending habits Your living situation Your children Your hobbies/interests Please be as helpful as possible.

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The Great Recession, fueled by the crises in the housing and financial markets, was universally hard on the net worth of American families.

But even as the economic recovery has begun to mend asset prices, not all households have benefited alike, and wealth inequality has widened along racial and ethnic lines. The long awaited tax reform H.R.1 was finally passed December , but how will this affect the trucking industry?.

Knowing the facts: How truckers, carriers and fleets are affected by Tax Reform bill. Because of the new Tax Reform bill, corporations will see huge decreases in their taxes in order to bring business back to the United States and to also reinvest in their workers. The value of the dollar today is much less than it was in the past.

When the dollar loses value, it's called's when prices rise, so your dollar buys less than it used to. Inflation has three, the federal government creates more money, making each dollar less valuable.

The financial crisis has had a profound effect on communities around the world. The International Labor Organization says worldwide job losses could reach 50 million by the end of As more.

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