The Great Depression is an economic crisis that started in 2008. The effects of this crisis are starting to be felt in its full force this 2012. Majority of Americans who participated in a survey still believe that the United States is still in an economic crisis despite news and figures that the economy has been shaping up. Some of the reasons behind the disagreement of those who were surveyed are the obvious facts of high unemployment rates, decline of home values, and the continuing foreclosures of businesses.
The economic crisis is felt strongly by the ordinary workers who earn their salaries on appropriate amounts enough for their needs. Thus with the soaring prices of food, gasoline, shelter, education, health, and other basic needs and services – many individuals are still convinced of an economic depression that is just masking behind press releases of booming businesses, new infrastructures, and recent job openings.
The piling debts of the United States to the different monetary institutions such as the World Bank, IMF, and powerful economies such as China and Japan continue to soar. In fact, a certain website has a US National Debt Clock showing the increase of the US debt in every tick of the clock. According to the same website, the US debt increases by $3.93 billion per day since September 28, 2007. If this will continue, then there will be no doubt that the Great economic Recession will still be in effect for years to come. The same situation is true for many other governments around the world. The lambasts of economic turmoil is felt through increase in poverty rates, diminishing education, health, and social welfare services, and lack of job opportunities for the labor sector.
Political events in the United States and other countries are also contributing factors to the Great Depression. Civil wars, changes in leaderships, and transitions of governments are some of the events that could greatly enhance the economic depression being experienced in many parts of the world, particularly in the US. According to economic analysts, if the US continues to experience economic recession, then, it is likely that other countries will also duplicate the pattern having the US dollar as a main international currency that affects trades among different countries.
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