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The US has been struggling with its economy since its start as a nation. However, all economies go through ups and downs- a characteristic of every nation. In the US, we have a capitalist system, which means that the market goes fairly unregulated, and the government is really only here to ensure no monopolies occur. There are many advantages to our system, like freedom and low prices, but with those good things come disadvantages like inequality and poverty (“How Capitalism Works”).
Also, with our market comes economic growth, where the poverty rate is low and prices are good, and recessions, and sometimes even, depressions.
So what is a recession and what is the difference between and recession and a depression? A recession is a period of time, usually lasting months, where the economy is at a low. Layoffs happen, prices go up, and unemployment is high. Even when a recession is over, it can have long-lasting effects on a country. A depression is like a recession, but worse.
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It usually lasts years and takes a toll on the majority of the working population. (“Depression Worse than Recession?”). Now, if there were to be a recession today, could the federal government, or even the state governments, handle it? Nouriel Roubini, a professor at NYU, and Senior Economist for International Affairs in the White House’s Council of Economic Advisers during the Clinton Administration states that “policymakers who must confront the next [recession] will have their hands tied while overall debt levels are higher than during the previous crisis” (Nouriel).
So as far, fixing a recession in the near future, it will be more difficult than before (Nouriel).
Since middle school, when we started learning about different countries and how they worked, I’ve always been interested in the different ways a country can be run and what effects those choices can have. We get so immersed in our lives that we often forget what choices brought us to the place we are today For example, who influences what job you are likely to have in the future, and why do our cities look that way they do? We are so used to the way things are people don't stop to think what other options there are, or why different places are different. All of the questions I just asked can be traced back to our economy. Specifically, workers’ rights, inequality, and opportunity for success have all been interesting topics to me. Since the economy was too broad a topic, I decided to narrow it down to when our economy is at its worst.
Since depressions are too rare, I came to the topic of recessions. From there I began wondering who gets blamed for issues with the economy, and what our government has done to stop a recession. From there I linked the ongoing problem to a present situation: Is the government ready in the event of an economic recession? My driving questions for this project are What has the government done in the past in response to a recession? Is the government ready in the event of an economic recession? What would be the best possible course of action in response to a recession?
Through this research project, I want to discover a better understanding of our economic system, who controls/influences it, and where recessions come from. Hopefully, after having completed my project, I will have researching skills, writing skills, and a knowledge of our country.
Out of the research I have done so far, my two most helpful sources have been “Recession Versus Depression and How to Tell the Difference” by Kimberly Amadeo and “We are due a recession in 2020 – and we will lack the tools to fight it” by Nouriel Roubini. Amadeo’s article gives clear cut definitions for the words depression and recession and goes into brief detail about the causes, the effects, and provides many links to other articles by Amadeo, each going into further detail about a certain aspect of a recession or depression. The article by Nouriel Roubini goes into depth about what may cause the next recession in the US, and how to government won't be ready for it. In the future, I will continue to research on the internet, finding reputable articles from reputable authors. For now, there doesn’t seem to be any shortage of information when it comes to my topic.
Research Related To Understanding Economic Recession and Depression. (2022, May 01). Retrieved from https://studymoose.com/research-related-to-understanding-economic-recession-and-depression-essay
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