People can say a lot of different things about how this economy downfall started, but with the research that has been researched about it, people in the “The Union” have said that it started in 1977. It was a time that Democrat Jimmy Carter allowed poorer people to buy homes, that they couldn’t afforded, hoping that they would pay it back somehow. The in 1995, Democrat Bill Clinton came up with a cheaper way to give loans.
Now, spending has been cut and oil prices have went sky high, so how are people affording it? They are affording it by cuts in the Medicaid Program with a $1 million cut with 4.7 million customers; prisons closing with 200,000 workers, and a $1.5 million in aid to the public schools with 10% of states operating budget. Just in 2010, people have increased spending by 4.1%, and government has CUT spending by 2.4%. "Economy Downfall." Google Images . Web. 21 Mar 2011.
It is sad the economy has been a downward trend for decades, and the current generation has to take the brunt of the downfall. The American way has now become, "Buy what you want now, and pay for it when you can." My questions are, "What role does credit cards have to do with the debt shown in this chart? Is credit, in the form of loans, included in your search for the downfall as well?"
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