Over the last years, the American economy has suffered severe recession especially considering the Great Depression. Unemployment rates have continued to rise with the economic crisis that hit the American economy in 2008. They are events that will never be forgotten in the American history.
The instantaneous shocks to stock, labor and housing markets unquestionably affected households in America. The events had great influences and consequences that changed the lives in the American society. (Hurd, 2010, p. 1).
After the financial crisis, our family experienced a serious financial distress for at least ten months. My father lost his job, but he kept on telling us he was on leave and that all was going to turn well. However, after one month, spending patterns changed drastically, that is, everybody was careful on what to buy and what to ignore. The number of times that we used to go for shopping reduced as well since the family had to rely on the available stock. There was strictness in the house especially in matters concerning food and other bills such as water bills. Additionally, my father could not use his credit cards since a tight access was already being exercised.
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For such reason, my father was stressed, and the atmosphere in the house changed. There was shouting and reduced talks as we all hoped for the best. However, the economic crisis led to many advice from my father. It was different comparing to how he was parenting me before the economic crisis.
Hurd, M. D., & Rohwedder, S. (2010). Effects of the financial crisis & great recession on American homes. (No. w16407). National Bureau of Economics
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