"White Angel Breadline"By Dorothea Lange, San Francisco, California, 1933National Archives and Records Administration, Records of the Social Security Administration Copyright the Dorothea Lange Collection, Oakland Museum of California, City of Oakland, Gift of Paul S. Taylor.(47-GA-90-497) [VENDOR # 81]
With the economy rapidly sinking lower and lower into a recession, Americans are reminded of the horrible times of the Great Depression in the 1930’s. The question on everyone’s minds is: Can it happen again?
Although our current state is nowhere close to the Great Depression, this recession has people worried. Banks are failing, the stock market is falling, big businesses are crashing, and prices are falling. Many people are losing their jobs. The American stronghold on the economy seems to be slipping. It seems that the “quick fixes” for the economy are not working, and we are continuing to struggle. If these conditions worsen, is it possible for the powerhouse of America to slip into another great economic depression?
Our nation has progressed a lot in the last 80 years. Because of the Great Depression programs were put in place so it could not happen again. These programs are sometimes referred to as a “safety net”. Some of these programs include Social Security, FDIC, food stamps, welfare, Medicare and Medicaid. I think that these programs will make it almost impossible for America to fall into a depression of the same magnitude as the Great Depression. The “safety net” will keep us from falling to that same low.
However, some of these programs have been greatly scaled back in the last decade. Unemployment insurance does not give out as much, the welfare system is harder to qualify for, and other programs have been cut back. Will this smaller safety net be enough to catch us?
Sources
http://www.nytimes.com/2008/11/16/weekinreview/16greenhouse.html
http://www.policyalmanac.org/social_welfare/index.shtml
http://www.usatoday.com/money/economy/2008-11-03-economy-depression-recession_N.htm
Although our current state is nowhere close to the Great Depression, this recession has people worried. Banks are failing, the stock market is falling, big businesses are crashing, and prices are falling. Many people are losing their jobs. The American stronghold on the economy seems to be slipping. It seems that the “quick fixes” for the economy are not working, and we are continuing to struggle. If these conditions worsen, is it possible for the powerhouse of America to slip into another great economic depression?
Our nation has progressed a lot in the last 80 years. Because of the Great Depression programs were put in place so it could not happen again. These programs are sometimes referred to as a “safety net”. Some of these programs include Social Security, FDIC, food stamps, welfare, Medicare and Medicaid. I think that these programs will make it almost impossible for America to fall into a depression of the same magnitude as the Great Depression. The “safety net” will keep us from falling to that same low.
However, some of these programs have been greatly scaled back in the last decade. Unemployment insurance does not give out as much, the welfare system is harder to qualify for, and other programs have been cut back. Will this smaller safety net be enough to catch us?
Sources
http://www.nytimes.com/2008/11/16/weekinreview/16greenhouse.html
http://www.policyalmanac.org/social_welfare/index.shtml
http://www.usatoday.com/money/economy/2008-11-03-economy-depression-recession_N.htm
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