The continuation of the recession in the United States has had many lasting ramifications, so that even when we’ve reached the point where it is considered safely in the past, its effects will still be felt.
The threat of unemployment strikes fear in the heart of any working individual, especially if they have a family to provide for. The recession has forced many businesses to cut back benefits, lay off employees and mandate hiring freezes. Some employees have been forced to transfer to other company branches located in other cities or states. Yet, even when faced with a long commute, the majority consider that to be favorable as opposed to having no job at all. Businesses find themselves caught in a rough and seemingly never ending cycle. Budgets tighten, and consumer spending has dropped, as families do whatever they deem necessary to make ends meet.
Some Americans feel that the former president George W. Bush is to blame for the economic struggles, and much hope has been formed on the current administration of Barack Obama. With the current presidential term just past its halfway point, questions still remain of if there is time for the country to be pulled out of the depths of recession before the leadership changes in the year 2012. While many agree that Obama has taken great steps to improve the county’s economic condition, no one can argue that there is still much work to be done, and a lot of progress yet to be seen.
The upcoming holiday season should provide many telltale signs regarding the overall health of the economy whether or not a brighter outlook is ahead. If consumer spending shows signs of improving through the year’s final quarter, that is a promising indicator for the weeks and months ahead that comprise the close of this year and beyond.