3-2-1
1. Please read Rana Foroohar's article, "The Recession Generation" from the 1/18/10 edition of Newsweek.
2. Post a comment that includes:
*3 important points
*2 things you found interesting
*1 question that you still have
3. Read through your classmates posts and post a second comment where you react to points made or questions raised.
Three Important Things:
ReplyDelete1. The people of this time spent more than they earned because they thought that everything could only go up from where it was. The time was so depressing and awful, they needed things to stay positive.
2. One tough year in early adulthood is enough to change peoples' cores and behaviors. It was once thought that people who tend to have bad childhoods are the ones who are more giving and caring. But apparently, the research has shown that only ONE year in early ADULTHOOD can change how you are.
3. The worse the economy got, the greater the social activity grew. The attendance at church was at a higher rate, and clubs and community centers also had more of a population. The depression didn't just depress wages, it depressed the people and the children involved in this situation. The activities were a break from all the stress.
2 Things I Found Interesting:
1. I think it was interesting that the depression makes people leave the community and their town when they are laid off, and that children drop out of school. I would think that depression would make you want to stay home, but I also understand that they are looking for new opportunity.
2. I think the fact that people think that when you are doing good, it's all luck and no effort. They tend to work less, as the article states. I think it's very weird that people work less because they think that luck is what brought good fortune. It's sort of common sense that working gets you where you want to be.
One More Question I Might Have:
1. Why do people still think that luck will give you money and not work?
That question below was mine! Taylor S, Period 5!
ReplyDeleteThat question below was mine! Taylor S, Period 5!
ReplyDeleteThe Important Things:
ReplyDelete- If the ''generation recession'' continues the U.Sb may be headed into another depression
-we could create one million more jobs if the dollar's value decreased by then perccent
-the ''new normal'' has already gone into play adn we already have four time the amount of savings
The Things I foung Interesting:
-i thought it was interesting that the economy since the depression hasn't really recovered fully so there will always be a high unemployment rate and it is the hightest that we have had in decades
-i also found it interesting that our dollar was weakening just becuase i always thought that we had the highest currency adn i thought that as long as the economy stayed in the same range that value would stay the way it was but apparently i was wrong!
A Question I Have Is:
-can the u.s dollar get so weak that it is worth nothing? if so, what will we do for currency or to negotiate trade?
Lauren N. 5
taylor,
ReplyDeletei deffinately agree with you when you said that its wierd that people think that luck brings you all the good fortune. but i thought about it and i think its the same way we think hard work gives us fortune and i bet to them they think its weird that we think that hard work brings us fortune.
Lauren 5
3 Important Points
ReplyDelete1. The idea that those with bad childhoods are more giving isn't completely true. People with ONLY ONE bad year in their ADULT live can alter their core values and how they behave
2.Even though markets are up, unemployment is at it's highest level in decades
3.After being laid off many people tend to withdraw from their communities which ends up scaring their neighbors into working harder and then they ultimately do the same thing and withdraw from the community.
2 Interesting Things
1. We could possibly create approximately one million jobs if the value of the dollar decreased ten percent.
2. The economy hasn't recovered fully so there will be high unemployment rates for quite some time.
1 Question
1. In order to be successful in life, don't you need both luck AND effort? To be the best at anything don't you need to have both the work ethic to improve but still catch a lucky break that will get you ahead in life?
Caitlyn L Period 5
Taylor,
ReplyDeleteI think the reason that people say luck is what makes you successful is because even those who constantly try their best and put in an honest effort don't always get ahead in life because they can't seem to catch a break, whereas some people who don't have that same work ethic do end up making it. In my opinion it takes an equal part of both in order to make it ahead and be successful in life. But i do agree with you about it being weird that people only think luck is what it takes to make it in today's society.
Caitlyn L Period 5
Important Points:
ReplyDelete* "...recession babies not only invest more conservatively, they tend to make less money, choose safer jobs, and believe in wealth redistribution and more government intervention."
* "...the American consumer will no longer be the single dominant force in the world, even if the US economy continues to recover" and may be overtaken by emerging markets like China and India.
* "...statistics show that for every percentage point in higher unemployment, new graduates take a 6% pay cut- an effect that lasts for decades."
What I found interesting:
* Habits of previous generations are shaped so strongly by their environment, like those of the Great Depression being thrifty.
*Even though we technically are over the recession, our behaviors will continue to be influenced by our past events. Even though our circumstances have changed, our decisions have not.
My Question:
How come there isn't there a way, or a promising plan, to bridge the financial gap between the poor/unemployed and the rich?
Taylor, I was just as shocked as you that just one year of your adulthood could have such a profound impact on the rest of your life's decisions. But after thinking about it, I realized that it's because people make mistakes so they can learn from them. If they had even one horrible year, they would probably rationalize that it would be in their best interest to prevent anything like that from happening to them again.
Sreedevi D, Period 6
3.) One thing I found important in this article is the difference between the American and European mentality about employment. While Americans rely on hard work to earn money Europeans believe in luck. I think this is a major difference between our two societies and lifestyles. Another important point that was made was the affect of unemployment on children. Children often repeat grades, struggle in school, and have anxiety disorders. I think it is important that we recognize that unemployment affects everyone, not just adults. Lastly, I found it important that the article mentions that a majoirty of people surveyed said that they will not invest their money in the stocks. This shows how the economy molds and shapes the way people treat their money. While stocks may have been a popular concept years ago, people are becoming more skeptical of the stock market and cautious when handeling their money.
ReplyDelete2.) One thing I found interesting was the fact that the generation you grow up in affects your personality and mindset. Another thing I found interesting was that young people are giving up careers in something their interested in because there is not market for it. They are taking lower paying jobs in fields that don't interest them because they need employment. This makes me wonder how many people how many people are truly unsatisfied with their jobs.
1.) One question I have is, if Americans work hard and Europeans simply rely on luck, why does it seem like The United States is always having economic problems while Europe has little?
Sophia G. Period 5
Caitlyn,
ReplyDeleteIn response to your question, I think that that sucess is a combination of hard work and luck! While people might catch a lucky break from time to time, it is still important to keep a strong work ethic.
-Sophia
Three things that are important:
ReplyDelete1. The children of the 1950s thought that things could only get better from where they were.
2. Banks are more interested in funding each other than things that actually matter.
3. Unemployment in 20-24 yr. olds is at 15%. That's insane, we have so many people that need jobs.
2 Things I found interesting:
1. I think it's interesting that this recession could change how our generation does things financially. It's really cool to see how this affects our mental processes.
2. The weakening of the dollar and big productivity gains made could actually be our countries salvation.
1 Question I still have:
Why do we have to just settle for things? We all have dreams, and yet we've dug ourselves such a deep hole is hard to get out of even with our dreams. Just why?
that last comment with the question why? was from Sarah period 6
ReplyDeleteCaitlyn, I definitely agree with you that success takes and equal amount of effort AND luck. I actually think it take more effort than luck but that's me. Luck can be very helpful at times. I also know that just one year of bad happenings could change a person forever, it doesn't have to be your whole life, which is what most people would think. I definitely agree with you tho! :)
ReplyDeleteSarah p. 6
Three Important Things:
ReplyDelete1. The personal savings rate has more than quadrupled from its 2008 low to the current rate of 4.5 percent. Soon though, Americans hope to save 15 percent of their total income.
2. The division between capital and labor encourages permanently high rates of unemployment and depresses wages and people. As a result, research shows that many who are laid off from their jobs tend to leave their communities and societies.
3. Parents who are fired from their jobs also have a large impact on their children. Children with parents who have lost jobs tend to fall behind in school, repeat grades, and exhibit anxiety disorders.
Two Things I Found Interesting:
1. Researchers from the NBER (National Bureau of Economic Research) have data from 1972 to 2006 that shows that even one tough year is enough to change peoples core values and behaviors.
2. Recession babies not only invest more conservatively, they also make less money, chose safer jobs, and believe in wealth redistribution and more government intervention.
One Question I Have:
1. How would wealth redistribution and increased government intervention help our current economic situation?
Sam B. Per. 5
3 Points I Have:
ReplyDelete1. Economic research tells us that our lifelong behaviors are determined in large part by the seismic events we have in our youth, whether they are good or bad.
2. One really tough year experienced in early adulthood is enough to fundamentally change people’s core values and behaviors.
3. The dollar will continue to weaken and American labor will continue to face competition from abroad, while foreign markets will continue to emerge and become more powerful.
2 Things I Find Interesting:
1. The children born in the baby boom era of the 1950s often spend more than they earned because they have a truism that times can only get better.
2. People are now embracing the ideal that success is more about luck than effort.
1 Question I Have:
1. Why would you spend more money than you have on an ideal that states that everything can only get better?
Jessica C P6
1. A National Bureau of Economic Research (NBER) paper released this past September looking at data from 1972 to 2006 shows that even one really tough year experienced in early adulthood is enough to fundamentally change people’s core values and behaviors.
ReplyDelete2. Jim O’Neill says that it will happen this time, not only because of the mega shock of the financial crisis, but also because the global landscape has simply shifted in such a way that they American consumer will no longer be the single dominant force in the world.
3. People who buy into the idea of luck over effort tend to work less hard, and that lowers productivity, which of course can lower economic growth.
1. I found it interesting that “there’s an entire body of research to show that recession babies not only invest more conservatively, they tend to make less money, choose safer jobs, and believe in wealth redistribution and more government intervention.
2. It’s likely that the generation coming of age today will also realize that things that seem too good to be true from jobs that come with free lattes and signing bonuses to subprime derivatives probably are.
1. What do we need to do as a generation to allow us to become more successful than our parents?
Austin C. Per. 6
Hey Sophie,
ReplyDeleteI am just as confused on your question as you are, but it is so true. It always seems that we are worrying about a recession and an economic downturn, while the only economic troubles I have heard in a while about Europe is that Greece went bankrupt. I feel that since most of the countries in Europe are part of the European Union, that they may be controlled and regulated better because it involves so many countries and economies, and if one country starts to turn sour, they all are hit hard. I feel that we need to work harder and not just rely on luck. Your question was great and much thought provoking.
~Jessica P6 :)
3 Important Points
ReplyDeleteI think that the first important point made in this article is when the author explained how experiences in early adulthood shape the way people behave for the rest of their lives. I completely agree with this because when people face hardships, they are affected forever. "Recession babies" are said to chose jobs that require a minimal amount of work; this also brings a lower wage.
The unemployment rate is higher than it has been in decades. Because of the Recession, many people find it difficult to create a stable lifestyle and maintain a consistent profession. According to this article, parental unemployment is a tremendous impact on children. They are said to have a higher chance of falling behind in school and have anxiety disorders. However, during the Great Depression in the 1930s people had ways to cope with their misfortunes such as going to church, clubs, and community centers. Nowadays, these places are not as popular.
The article says that if America continues to function the way it has been, the country is on its way to another Depression. This is because there are more jobs in public service than private sector. Many people are not working to their full potential because they continue to believe in luck over hard working qualities. This could result in another depression, mirroring the way many people were forced to live in the early 1900s.
2 Interesting Topics
The first thing I found interesting in this article is the European notion that success is a result of luck, not effort. I could not grasp the concept of achieving success without putting in hard work. I also am not able to understand why the author associates this theory with people who have faced a tough time in early adulthood. I think it is interesting that they are more likely to choose easier jobs, as well.
I found a very interesting quote in this article. Rana Foroohar says "the Generation Recession will have to deal with the growing divide between the fortunes of big American firms and the average American worker." When I read this statement, I was immediately brought back to The Grapes of Wrath. It reminded me of the relationship the farmers had with the government. Steinback showed a timeless scenario between common people and big businesses.
Question..
Why does the author seem so convinced that America may face another depression?
Amanda M period 5
3 Important Points
ReplyDeleteI think that the first important point made in this article is when the author explained how experiences in early adulthood shape the way people behave for the rest of their lives. I completely agree with this because when people face hardships, they are affected forever. "Recession babies" are said to chose jobs that require a minimal amount of work; this also brings a lower wage.
The unemployment rate is higher than it has been in decades. Because of the Recession, many people find it difficult to create a stable lifestyle and maintain a consistent profession. According to this article, parental unemployment is a tremendous impact on children. They are said to have a higher chance of falling behind in school and have anxiety disorders. However, during the Great Depression in the 1930s people had ways to cope with their misfortunes such as going to church, clubs, and community centers. Nowadays, these places are not as popular.
The article says that if America continues to function the way it has been, the country is on its way to another Depression. This is because there are more jobs in public service than private sector. Many people are not working to their full potential because they continue to believe in luck over hard working qualities. This could result in another depression, mirroring the way many people were forced to live in the early 1900s.
2 Interesting Topics
The first thing I found interesting in this article is the European notion that success is a result of luck, not effort. I could not grasp the concept of achieving success without putting in hard work. I also am not able to understand why the author associates this theory with people who have faced a tough time in early adulthood. I think it is interesting that they are more likely to choose easier jobs, as well.
I found a very interesting quote in this article. Rana Foroohar says "the Generation Recession will have to deal with the growing divide between the fortunes of big American firms and the average American worker." When I read this statement, I was immediately brought back to The Grapes of Wrath. It reminded me of the relationship the farmers had with the government. Steinback showed a timeless scenario between common people and big businesses.
Question..
Why does the author seem so convinced that America may face another depression?
Amanda M period 5
3 Important Points
ReplyDeleteI think that the first important point made in this article is when the author explained how experiences in early adulthood shape the way people behave for the rest of their lives. I completely agree with this because when people face hardships, they are affected forever. "Recession babies" are said to chose jobs that require a minimal amount of work; this also brings a lower wage.
The unemployment rate is higher than it has been in decades. Because of the Recession, many people find it difficult to create a stable lifestyle and maintain a consistent profession. According to this article, parental unemployment is a tremendous impact on children. They are said to have a higher chance of falling behind in school and have anxiety disorders. However, during the Great Depression in the 1930s people had ways to cope with their misfortunes such as going to church, clubs, and community centers. Nowadays, these places are not as popular.
The article says that if America continues to function the way it has been, the country is on its way to another Depression. This is because there are more jobs in public service than private sector. Many people are not working to their full potential because they continue to believe in luck over hard working qualities. This could result in another depression, mirroring the way many people were forced to live in the early 1900s.
2 Interesting Topics
The first thing I found interesting in this article is the European notion that success is a result of luck, not effort. I could not grasp the concept of achieving success without putting in hard work. I also am not able to understand why the author associates this theory with people who have faced a tough time in early adulthood. I think it is interesting that they are more likely to choose easier jobs, as well.
I found a very interesting quote in this article. Rana Foroohar says "the Generation Recession will have to deal with the growing divide between the fortunes of big American firms and the average American worker." When I read this statement, I was immediately brought back to The Grapes of Wrath. It reminded me of the relationship the farmers had with the government. Steinback showed a timeless scenario between common people and big businesses.
Question..
Why does the author seem so convinced that America may face another depression?
Amanda M period 5
I think that it is really interesting that there is such a large difference between European and American schools of thoughts. It is quite shocking that Europeans just rely on luck. I also found it very surprising that unemployment can affect the children to such a large scale. It is shocking the huge difference having stably employed adults in your life can apparently make. Last, I also found it shocking that most people would not invest in stocks anymore because of the economy they experienced. It seems that stocks are a huge part of our economy, and just taking them out of the picture because people are afraid to invest their money could cause an even larger change in our already down economy.
ReplyDeleteOne thing I found quite interesting is that the economy people grow up with can shape and mold their future lives and personalities. Another thing I found that made me think was that people will actually turn down pursuing something they're actually truly interested in for something they know will provide stability in the future.
My question is that throughout this article, I was wondering how many people truly don't enjoy what they do, but only enjoy the paycheck that is inevitably waiting for them because of the profession they chose.
Sophie - I think that although Europeans rely on luck, they have an inherently stronger work ethic than we do, and when coupled with the luck they supposedly "rely" on, it produces much better results.
-Carley W p5
Lauren, I also found it quite shocking that our country has not fully recovered since the Great Depression, since we do claim to be the strongest country in the world! In regards to your question, I do not think that the US currency will ever get so low that it is worth nothing; however, there is always the possibility that our US dollars will be worth much less than others in the world. -Amanda
ReplyDelete$*CON MO*$
ReplyDelete*3 important points
- A quote that i found that was an important point was the quote, "Will there be, in effect, a "generation recession" of young people whose behaviors will be permanently shaped by the downturn?"
- A study by the National Bureau of Economic Research shows that people living on the era between 1972 and 2006 who has experienced one really tough year in early adulthood "is enough to fundamentally change people's core values and behaviors."
- The quote " There's a broad feeling that Americans' psyches and behaviors will be somehow permanently altered by the crisis" was a very important point.
*2 things you found interesting
- I found it interesting the cottage industry is advancing so much due to people being more careful with their money due to the recession.
- I found that the people who grow up in a recession tend to invest in their money more conservatively, "they tend to make less money, choose safer jobs, and believe in wealth distribution and more government intervention." This interests me because I have experienced the hardships of our recession myself and I also believe in wealth distribution and government intervention
*1 question that you still have
I question why many people today but President Obama to blame for our economy. The bush administration was the one who messed it up in the first place. I apologize for that being somewhat irrelevant.
Sarah,
ReplyDeleteThat’s a really good question and I also wonder that, I think that people chose to settle for things simply because they do not want to put the work in to get a better outcome. Some people today don’t want to go the extra mile to gain a better reward; they rather do less than they do. Our society needs to wake up and start working hard to make things better as a whole. If people continue to not work diligently then I see ourselves with this same problem in a few years but if we all together put the work in our situation can only improve.
Austin C. Per.6
How would wealth redistribution and increased government intervention help our current economic situation?
ReplyDeleteSammy Bibbs,
I understand your conservative aspect of looking at things, by personally i believe that gov. intervention has already helped our economy. Correct me if I'm wrong, but I seem to remember Obama giving Chrysler money to get them back on their feet. If Chrysler had crashed, millions of people would have lost jobs (people working for Chrysler directly, and people selling Chrysler products indirectly.
Much love, Connor Mo
I thought these points were important:
ReplyDeletea)That economic events in our youth will effect our lifelong economic behaviors
b)That every time the economy tanks, America is expected to turn over a new leaf and be more efficient and less wasteful, and that every time since WWII it hasn't happened
c)That the significant difference in community and social strength between the Great Depression and now would cause such difference in the country’s ability to recover and not fall prey to bad politicians
I found these points interesting:
a)recession generations take the safer and more (govt.)controlled route economically, but don’t like “public institutions”
b)it’s possible that difficult economic (and other) times make us nicer to each other
I still have this question:
Why would banks rather invest in each other and get money in the short term than invest in businesses and get more money over the long-term as the economy improves due (partly) to their investing?
Gretchen G per5
3 Things of Importance:
ReplyDeleteNUMERO 1: "Every time we've had a major downturn, there have been predictions that Americans will permanently change their ways and embrace frugality...Since World War II, it hasn't happened." - Reich
NUMBER 2: "Unemployment among 20 to 24 year olds in the U.S is more than 15% ... and stats show that for every percentage point in higher unemployment, new graduates take a 6% pay cut..." (holy cow good luck getting a job after college, class of 2012)
NUMBER 3: People these days seem to believe that success is based on luck and not effort. This is unfortunate because these people are living in an age of big governments working with more powerful international public institutions and all.
2 Points of Interest:
NUMBER 1: "Happiness research shows that fewer choices tend to be more satisfying than endless ones." Your initial reaction is probably "YOU'RE GOING TO CUT DOWN MY FREEDOM OF CHOICE? I'M GOING TO BE MISERABLE WITHOUT A LOT OF CHOICES! You're wrong!" Okay, chill. This study is probably right. An example would be high school: you've got about a hundred choices you could make class wise. But within the first week of school, I'd estimate that about 50% of kids make a class switch, thus meaning they were unhappy. With less choices, you learn to like what you have and you won't complain about it. And you're happy.
NUMBER 2: "...that simply thinking about money made subjects less sensitive to pain, and less likely to help each other or want to connect with strangers." This sincerely ticks me off because I'd hate to think we're becoming an impersonal generation. Technology is impossible to avoid. But an obsession with money COULD. If we focus on good feelings and happiness we could better ourselves as a whole. I know that may sound like "peace and love brother man" but that's what I believe in. And I think that enjoying people instead of dolla-dolla billz would improve the state of our lives and decisions we make. So, Wu Tang, looks like you were right. Cash does rule everything around us.
QUESTION: How in the world did these colleges and places conduct the "study" to prove that, say, more kids failed school because they were depressed because of the economy? Or that people act meaner when they think about money? Just curious.
- Therese per. 5
3 Things of Importance:
ReplyDeleteNUMERO 1: "Every time we've had a major downturn, there have been predictions that Americans will permanently change their ways and embrace frugality...Since World War II, it hasn't happened." - Reich
NUMBER 2: "Unemployment among 20 to 24 year olds in the U.S is more than 15% ... and stats show that for every percentage point in higher unemployment, new graduates take a 6% pay cut..." (holy cow good luck getting a job after college, class of 2012)
NUMBER 3: People these days seem to believe that success is based on luck and not effort. This is unfortunate because these people are living in an age of big governments working with more powerful international public institutions and all.
2 Points of Interest:
NUMBER 1: "Happiness research shows that fewer choices tend to be more satisfying than endless ones." Your initial reaction is probably "YOU'RE GOING TO CUT DOWN MY FREEDOM OF CHOICE? I'M GOING TO BE MISERABLE WITHOUT A LOT OF CHOICES! You're wrong!" Okay, chill. This study is probably right. An example would be high school: you've got about a hundred choices you could make class wise. But within the first week of school, I'd estimate that about 50% of kids make a class switch, thus meaning they were unhappy. With less choices, you learn to like what you have and you won't complain about it. And you're happy.
NUMBER 2: "...that simply thinking about money made subjects less sensitive to pain, and less likely to help each other or want to connect with strangers." This sincerely ticks me off because I'd hate to think we're becoming an impersonal generation. Technology is impossible to avoid. But an obsession with money COULD. If we focus on good feelings and happiness we could better ourselves as a whole. I know that may sound like "peace and love brother man" but that's what I believe in. And I think that enjoying people instead of dolla-dolla billz would improve the state of our lives and decisions we make. So, Wu Tang, looks like you were right. Cash does rule everything around us.
QUESTION: How in the world did these colleges and places conduct the "study" to prove that, say, more kids failed school because they were depressed because of the economy? Or that people act meaner when they think about money? Just curious.
- Therese per. 5
3 Things of Importance:
ReplyDeleteNUMERO 1: "Every time we've had a major downturn, there have been predictions that Americans will permanently change their ways and embrace frugality...Since World War II, it hasn't happened." - Reich
NUMBER 2: "Unemployment among 20 to 24 year olds in the U.S is more than 15% ... and stats show that for every percentage point in higher unemployment, new graduates take a 6% pay cut..." (holy cow good luck getting a job after college, class of 2012)
NUMBER 3: People these days seem to believe that success is based on luck and not effort. This is unfortunate because these people are living in an age of big governments working with more powerful international public institutions and all.
2 Points of Interest:
NUMBER 1: "Happiness research shows that fewer choices tend to be more satisfying than endless ones." Your initial reaction is probably "YOU'RE GOING TO CUT DOWN MY FREEDOM OF CHOICE? I'M GOING TO BE MISERABLE WITHOUT A LOT OF CHOICES! You're wrong!" Okay, chill. This study is probably right. An example would be high school: you've got about a hundred choices you could make class wise. But within the first week of school, I'd estimate that about 50% of kids make a class switch, thus meaning they were unhappy. With less choices, you learn to like what you have and you won't complain about it. And you're happy.
NUMBER 2: "...that simply thinking about money made subjects less sensitive to pain, and less likely to help each other or want to connect with strangers." This sincerely ticks me off because I'd hate to think we're becoming an impersonal generation. Technology is impossible to avoid. But an obsession with money COULD. If we focus on good feelings and happiness we could better ourselves as a whole. I know that may sound like "peace and love brother man" but that's what I believe in. And I think that enjoying people instead of dolla-dolla billz would improve the state of our lives and decisions we make. So, Wu Tang, looks like you were right. Cash does rule everything around us.
QUESTION: How in the world did these colleges and places conduct the "study" to prove that, say, more kids failed school because they were depressed because of the economy? Or that people act meaner when they think about money? Just curious.
- Therese per. 5
<3> of the important things mentioned in the article are:
ReplyDelete<1> . Dollar value is weakening because of the financial crisis and there are other countries with emerging markets that will be competing with the U.S for more powerful economy of their own countries..
<2> . Some of the behaviors of Generation Recession/New Normal are: personal savings rate has more than quadrupled from 2008; less people are investing in the markets.
<3> . There is a growing divide between the fortunes of big American firms and the average American Worker.
........<2> Interesting Pts.:
<1> . Even though there are a lot of people who say that "Generation Recession: of young people will be permanently shaped by the economic downturn, I agree with those who say that "downturn simply hasn't been bad enough, for long enough, to create the next Depression generation." I personally believe that the Depression generation people that are very old now are very conservative because they grew up in a radically transforming America; one that was more agrarian to more developed and industrial. The children of the 50's are optimists because there was a new universal belief that with hard work, anything is possible; you don't have to be born rich yourself to live a nice steady life. Today, there isn't enough of radical, sweeping strong enough transformations to change the mindset of the work-seeking generation. There are people who might have been severely impacted by the Recession, but to generalize for the whole country isn't appropriate.
<2> . One point I found most interesting is the attitude of recession victims. They invest conservatively, chose safe jobs, thus make enough money only for a standard living. Struggling with high chance of unemployment, they are more likely to be depressed and disconnected from communities. They expect government intervention, are cynical about public institutions and strongly believe that I can see how the attitude is this vulnerable like; it's because these people were trying to make a living by themselves unemployment/firing rates are high. I don't feel that way because my living depends on my parents who deal with financial trouble without my involvement in it.
<1> question I have is at one pt. in the article, there’s a mention of something about Americans having high tolerance for inequality. I wonder about type of inequality it was talking about and why the high tolerance?
-Anjita P- 6
3 important things:
ReplyDelete1. Banks are more interested in funding each other, and developing complex securities, than in funding real businesses.
2. A weaker dollar will make all americans feel poorer by raising the cost of goods, bu the young generation graduationg and going to work now may acually end up poorer in real terms.
3. The US could create 1 million jobs if the dollar depreciated by just 10 percent.
2 things i found interesting:
1.The NBER study examining the attitudes of people ages 18 to 25 who began their adulthood in economic downturns from 1972 onward found that they all tend to believe that success in life depends more on luck than on effort, and they have less trust in public institutions.
2. Unemployment among 20-24 year olds in the US is more than 15%, compared with the nationwide average of 10 percent.
1 question:
Why are we still trading with China if it is such a high risk?
Leah S. Period 5
Amanda Dearest,
ReplyDeleteI noticed you brought up youth today going for jobs that are simpler. I think you'd also find it interesting to hear that people who are given cash-money rewards won't work as hard. They'll start cheating and cutting corners, taking the easy way out. BUT when you instead give them an opportunity to be creative, use their own way of thinking, and develop new ideas to better a project, they'll work harder. Becuase they know its THEM shining through. So I think since our society is so focused on money, we're becoming lazier and lazier. We think that everyone is the same. But if we got the opportunity to be "unique," we'd probably work harder.
And to answer your question, I bet the author was also obessed with his article getting sold so he could save up for that tenth 45-inch screen TV that he doesn't need.
Love, Therese
Amanda said:I found a very interesting quote in this article. Rana Foroohar says "the Generation Recession will have to deal with the growing divide between the fortunes of big American firms and the average American worker." When I read this statement, I was immediately brought back to The Grapes of Wrath. It reminded me of the relationship the farmers had with the government. Steinback showed a timeless scenario between common people and big businesses.
ReplyDeleteI totally agree. I didn't see it myself, but now that you pointed it out it's so obvious. Big business IS always trying to keep the public at bay, while wringing every last cent they cam from us. I think the reason for this is because they fear us. Also, in answer to your question "Why does the author seem so convinced that America may face another depression?" because a speculation bubble had just burst, causing the economy to tank. This was coupled with the bad farming in the mid-west to cause huge economic loses. Now, a smaller speculation bubble has burst, and we owe China A LOT of money. Also, our jobs are being outsourced to other countries and cheap labor, reducing the number of available jobs, making the economy even worse.
Gretchen G per5
Taylor,
ReplyDeleteI completely agree with your idea that people need to stay positive for positive things to happen. I love how optimistic you are! Also, i ask myself the same question... why would luck give you money and not work. It just doesn't make any sense.
Great job!
Love,
Leah S. period 5
@ Therese per. 5:
ReplyDelete"How in the world did these colleges and places conduct the "study" to prove that, say, more kids failed school because they were depressed because of the economy? Or that people act meaner when they think about money? Just curious."
-That was what I was asking myself; it kind of sounds stupid that academics is related with depressed economy. Even if it was,I'd think that kids would work harder in school than ever to make a brighter future for themselves, living in a hard time. As for people acting meaner when talking about money, how COULD you do a study on this. Maybe it's because talking about money makes poor people feel offended??
-Anjita P-6.
Hey Guysssss.
ReplyDeleteSome of the important points I came across in this article were that (1) "... this past September looking at data from 1972 to 2006 shows that even one really tough year experienced in early adulthood is enough to fundamentally change people's core values and behaviors". Another point I found interesting was (2) that America is no longer the only "dominant force in the world. The fact that other countries like China and India are advancing in marketing, shows us that the USA is going to have to struggle even more. A reason for that being that the dollar is becoming more and more valueless. Lastly, I another point I found was (3) every time there's been a downfall in our economy, Americans think we will all change our ways for good, but this has yet to happen.
Something I found interesting was (1) going back to my first point, it's only talking about young adults there, but that's also how older adults become as well. I don't think that there should be an age range on how you're effected by a bad economy. Knowing my parents and our friends, I know everyone these days are "buckling down" and trying to go for the cheapest things they can buy. I know someone that even considered dropping their cable, home phone, and renting out a room to someone. And as for kids, it effects them a lot. Especially, if they know people that are better off or if they know their parents and relatives had it better when they were kids. We all want want want, and kids get jealous of each other and jealous of the way other people had it "better" back then. It's not always easier for younger people to understand, but no matter what age you are a bad economy effects anyone. Another thing I found interesting was (2) the idea of Success = Luck and Success = Effort. I think that this idea is definitely debatable. It really depends on YOUR life. Say you try so hard for what you want and for some reason you just never achieve it. Sure, don't give up, but at some point you might start to wonder, "What is it I'm not doing right?" and you wonder if it's just a matter of luck. And the people that are so set on effort wonder "What is luck anyway?" and they continue to work for what they want, and sometimes they get it. Ultimately, it depends on your life and with people coming out of a recession, they might be swayed to think about it all being about luck. It's easy to figure that it's luck, after all Europe isn't too shabby, it makes us questions ourselves and what we do.
And finally, questions I have are: Why is it that Americans have a "high tolerance for inequality"?
Olivia N 6.
Hey Guysssss.
ReplyDeleteSome of the important points I came across in this article were that (1) "... this past September looking at data from 1972 to 2006 shows that even one really tough year experienced in early adulthood is enough to fundamentally change people's core values and behaviors". Another point I found interesting was (2) that America is no longer the only "dominant force in the world. The fact that other countries like China and India are advancing in marketing, shows us that the USA is going to have to struggle even more. A reason for that being that the dollar is becoming more and more valueless. Lastly, I another point I found was (3) every time there's been a downfall in our economy, Americans think we will all change our ways for good, but this has yet to happen.
Something I found interesting was (1) going back to my first point, it's only talking about young adults there, but that's also how older adults become as well. I don't think that there should be an age range on how you're effected by a bad economy. Knowing my parents and our friends, I know everyone these days are "buckling down" and trying to go for the cheapest things they can buy. I know someone that even considered dropping their cable, home phone, and renting out a room to someone. And as for kids, it effects them a lot. Especially, if they know people that are better off or if they know their parents and relatives had it better when they were kids. We all want want want, and kids get jealous of each other and jealous of the way other people had it "better" back then. It's not always easier for younger people to understand, but no matter what age you are a bad economy effects anyone. Another thing I found interesting was (2) the idea of Success = Luck and Success = Effort. I think that this idea is definitely debatable. It really depends on YOUR life. Say you try so hard for what you want and for some reason you just never achieve it. Sure, don't give up, but at some point you might start to wonder, "What is it I'm not doing right?" and you wonder if it's just a matter of luck. And the people that are so set on effort wonder "What is luck anyway?" and they continue to work for what they want, and sometimes they get it. Ultimately, it depends on your life and with people coming out of a recession, they might be swayed to think about it all being about luck. It's easy to figure that it's luck, after all Europe isn't too shabby, it makes us questions ourselves and what we do.
And finally, questions I have are: Why is it that Americans have a "high tolerance for inequality"?
Olivia N 6.
Hey Guysssss.
ReplyDeleteSome of the important points I came across in this article were that (1) "... this past September looking at data from 1972 to 2006 shows that even one really tough year experienced in early adulthood is enough to fundamentally change people's core values and behaviors". Another point I found interesting was (2) that America is no longer the only "dominant force in the world. The fact that other countries like China and India are advancing in marketing, shows us that the USA is going to have to struggle even more. A reason for that being that the dollar is becoming more and more valueless. Lastly, I another point I found was (3) every time there's been a downfall in our economy, Americans think we will all change our ways for good, but this has yet to happen.
Something I found interesting was (1) going back to my first point, it's only talking about young adults there, but that's also how older adults become as well. I don't think that there should be an age range on how you're effected by a bad economy. Knowing my parents and our friends, I know everyone these days are "buckling down" and trying to go for the cheapest things they can buy. I know someone that even considered dropping their cable, home phone, and renting out a room to someone. And as for kids, it effects them a lot. Especially, if they know people that are better off or if they know their parents and relatives had it better when they were kids. We all want want want, and kids get jealous of each other and jealous of the way other people had it "better" back then. It's not always easier for younger people to understand, but no matter what age you are a bad economy effects anyone. Another thing I found interesting was (2) the idea of Success = Luck and Success = Effort. I think that this idea is definitely debatable. It really depends on YOUR life. Say you try so hard for what you want and for some reason you just never achieve it. Sure, don't give up, but at some point you might start to wonder, "What is it I'm not doing right?" and you wonder if it's just a matter of luck. And the people that are so set on effort wonder "What is luck anyway?" and they continue to work for what they want, and sometimes they get it. Ultimately, it depends on your life and with people coming out of a recession, they might be swayed to think about it all being about luck. It's easy to figure that it's luck, after all Europe isn't too shabby, it makes us questions ourselves and what we do.
And finally, questions I have are: Why is it that Americans have a "high tolerance for inequality"?
Olivia N 6.
TMAS (Therese M)
ReplyDeleteLet me say your comment made me smile. I enjoy your way of explaining things from high school. I agree with a lot of the points you made. Also, your question was something I totally didn't think about and now I too wonder how this study was conducted... >_> <_<
Anyways, I really really enjoyed your post.
Love, Olivia N.
Sophia, girl,
So after reading your post I agree with every point you've made. Also, I love your question, because I was wondering the same thing too. It feels like Europe is never in the same boat as us, or no where near it rather. I also agree with you that children can not be disregarded in this situation. I liked your post a whole lot :)
Love Olivia N 6.
3 important things:
ReplyDelete“Economic research tells us that our lifelong behaviors are determined in large part by the seismic events-good or bad-of our youth”
“The key emerging markets will continue to emerge and become more powerful; the dollar will continue to weaken; American labor will continue to face more and more competition from abroad; and thanks to a new era of big government, reregulation, and (possibly) protectionism, money flows will stay tight.”
“McKinsey estimates the U.S. could create 1 million jobs if the dollar depreciated by just 10 percent”
2 things I found interesting:
“Even one really tough year experienced in early adulthood is enough to fundamentally change people’s core values and behaviors.”
“Recession babies not only invest more conservatively, they tend to make less money, choose safer jobs, and believe in wealth redistribution and more government intervention.”
1 question:
On page 44 of the packet, it talks about how “during the Great Depression such negative social consequences were partly buffered by a stronger civil society (such as) attendance at churches, clubs, and community centers.” Why do you think that not as many people attend church and go to club meetings and get out and do social activities anymore? Because we don’t, do you think society will begin to make a turn for the worse?
Julianne M 6
Important Points:
ReplyDelete1. “… European notion that success is more about luck than effort.” I believe that luck alone cannot be depended on for a consistent income.
2. "...statistics show that for every percentage point in higher unemployment, new graduates take a 6% pay cut- an effect that lasts for decades." These statistics show how people will need to adapt to spending less money in the down economy.
3. The U.S. dollar will continue to weaken. This will put our economy into an even bigger hole.
Things I found interesting:
1. I learned that the medium size businesses create the most new jobs in the U.S. At first, I was surprised and thought that large corporations would create the most new jobs. I was shocked that the article said that the medium size firms were being hurt the most by the economic crisis. If they are being hurt then very few new jobs will be created for the unemployed which would be a major problem.
2. Another thing I found interesting was the 43 percent of people that don’t think the economy will ever recover to prerecession levels. This statistic is both alarming and astounding. Its shows how little faith some people have about the American society and government. We need everyone to help fight the recession.
Question:
What is the government doing to fight the recession and how can they create more jobs?
Bob T 6
Sammy Bibbins,
ReplyDeleteLike you, i also thought that it was interesting how recession babies not only invest more conservatively, they also make less money, chose safer jobs, and believe in wealth redistribution and more government intervention. Overall, I think you did a great job!
Julianne M
"The Recession Generation"
ReplyDeleteI think it is extremely interesting that many experts believe that the recession can truly impact the next generation of America in a negative way. This recession might actually cause many young adults to learn about the economy and how not to hurt it. It might also teach American's how much the economy benefits from spending and how important some saving is. Also, I found it intriguing that the experts still believe that Americans will become more conservative when there are studies proving that is has not happened yet and hasn't started to. Unfortunately, it is significant that 43 percent of Americans don't think the economy will go back to normal even after the recession is totally gone.
I found it interesting that Americans want to save 15% of their earning but that the article says that they won't be able to. The article also said it in a bad way. The craziest thing I read was, "Americans generally have a high tolerance for inequality." I found this interesting because our country was founded on the principles of equality and many people that I know strongly dislike to be treated differently than others.
I am still curious about how our economy and currency's value can change so much when our money system is backed by Armericans' faith.
Steph E :)
Dear Therese,
ReplyDeleteYou bring about a good question about the capability and validity of how colleges and other research departments gather so much information on a topic. However, it is possible and they do it the same way places such as Quinnipiac conduct such large polling studies. Amongst these colleges are institutions of students or professors who conduct these studies using surveys, past studies or different research techniques, such as different observations to get their answers. Also, you mention how students are depressed from the poor economy. This is true, but not literally. The article means that kids are affected by their parent’s struggles during the times and it causes anxiety to the child by watching their parent not provide properly. It’s like in some instances, how kids react to a parental break up or divorce. Lastly, the article could mean people act meaner based on greed or insecurity over the topic.
-Ryan H. Per. 5
Austin, I completely agree with the idea that people who buy into the idea of luck over effort tend to work less hard. I think the Europeans are wrong if they only believe in luck for economic prosperity. In addition, like you I too was surprised at the investigation into recession kids investing money more conservatively. If I never read this article then I would have never thought there would be research that existed.
ReplyDeleteBob T 6
Three Important Things:
ReplyDelete1. The downturn in the economy simply hasn't been bad enough and for long enough, to create the next Depression generation.
2. If countries like China, India, and Brazil continue to become more powerful then the value of the dollar will decrease and money flows will stay tight.
3. Many people believe that success comes from more than just hard work and effort, but more out of luck. It is said that "People who buy into the idea of luck over effort tend to work less hard, and that lowers productivity, which can lower economic growth."
Two Things I Found Interesting:
1. I think it is interesting that it's said that this recession and "depression" that our country is in right now, is not NEARLY bad enough to become the next, modern version, of the Great Depression. Some people have no work right now, and they're fight for food and work is wearing thin. I can't even imagine how extreme and tough the actual Great Depression was.
2. It's very interesting, in my opinion, that studies show that one tough year in adulthood can change your values and behaviors. Even if the bad situation takes a turn-around, the struggles can still affect the way you think in the future.
One Question I Might Have
1. Why do some say that "you do better with less?" Has this opinion changed because of the current recession?
Allie B. 6
Soph:
ReplyDeleteI totally agree that unemployment hurts everyone and not just adults - it's a serious issue in our society today. Also, the fact that more and more people are taking jobs that they don't truly enjoy is outstanding. Unhappy people don't live as long as people who enjoy themselves! This might possibly lower the death age.
Steph E :)
Steph!
ReplyDeleteI think it's very interesting how you said "This recession might actually cause many young adults to learn about the economy and how not to hurt it." So many people are viewing this recession as a negative thing, and although it's had some very bad times, there could also be some positive outcomes of it as well. I don't think that people realize that! I agree with everything that you said, and I also strongly agree with when you noted that this can teach people how to save money in a more efficient way. Some people just throw away money as if it meant nothing. Great job :)
Allie B 6
3 key points that i found in this article were:
ReplyDelete1) This generation will be affected because the global landscape has simply shifted in such a way that america will not be the single largest consumer.
2) The dollar will continue to weaken, american labor will continue to face more and more competition from abroad and money flows will stay tight if we continue in this direction.
3) the division between capital and labor and the permanently high employment not only depresses wages, it depresses people; people tend to withdraw from their community when they get laid of and their neighbors, in fear, do the same.
Two interesting things to me were:
1)One really tough year experienced in adulthood is enough to fundamentally change peoples core values and behavior.
2)unemployment among 20 - 24 year olds is above fifteen percent while the nationwide is ten percent. and statistics show that for every percentage point in higher unemployment, new graduates take a 6 percent pay cut.
My question to go along with my second interesting point is :
why would teens get a 6 percent pay cut for every one percent of higher unemployment??
Jarrett Levesh
3 Important Things:
ReplyDelete-The economic conditions in which a generation of people grows up greatly affects their outlook on life.
-Nowadays, the U.S. economy is facing more and more competition from other countries with emerging markets such as China, India, and Brazil, and will no longer be the only dominant force in the world.
-Young people in our generation are more likely to make less money and save more.
2 Things I found interesting
-Europeans believe that success is due to luck rather than hard work.
-If the U.S. dollar depreciated by just 10 percent, 1 million jobs could be created.
1 Question I still have
-How does the depreciation of the dollar result in the creation of new jobs?
Jenny L. 6
Therese,
ReplyDeletei did not think about it until you pointed it out but that is a great question. How would they know that people are meaner when they think about money? I mean how would they know that these people are thinking about money when they say they are?! i would really like to know how they did this test. Thank you for bringing that to my attention!!
Your good pal,
Jarrett Levesh
Julianne,
ReplyDeleteI think you had a really good question about why not as many people go to church or social activities now as during the Great Depression. I also wondered about that while I was reading the article. I also thought it was interesting how Recession babies tend to be more economically cautious then people born during times of positive economical growth.
Great post!
Jenny L. 6
Three Important Things:
ReplyDelete1. If our generation's recession continues to get worse, then it is possible that the US could end up in another bad depression.
2. The duration of unemployment is increasing; especially in young adults ages 20 to 24-years-old.
3. People tend to vet depressed and end up withdrawing from their community if they get laid off from their jobs. Eventually their neighbors bay end up following the same path.
Two Things I found Interesting:
1. I thought that it was interesting how the fact that countries like China, India, and, Brazil are going to become stronger is weakening the value of our currency.
2. The fact that a parent's unemployment can cause a child to slack in school, possibly having to repeat a grade and have possible anxiety disorders really suprised me.
One Question I Might Have:
1. Why is it that most people feel that our recession is going to fall into a depression but a few others are hopeful and feel that things are turning around?
Jess B. p.5
Three Important Things:
ReplyDelete1) "Economic downturns, after all, not only created the New Deal, but also the Third Reich."
This is important because it stresses that outcomes of economic downturns are not always positive.
2) "Studies show that even one really tough year experienced in early adulthood is enough to fundamentally change people's core values and behaviors."
This is important because it shows that stressful, hard times have long term effects on people.
3) "Yet paradoxically, they are also more cynical about public institutions and, arguably, about life, embracing the European that success is more about luck than effort."
I thought this was important because it shows the changing attitudes of the American people. The "American dream" is to become a success, and now people are doubting that this can occur.
Two interesting things:
1) "...In the New Normal more American workers will be holding wrenches and loading cargo..."
This was interesting to me because in the depression, the people who were in trouble were those who had laborious jobs. Mechanization put them out of work, and now it is being predicted that the opposite will happen.
2) "...simply thinking about money made subjects less sensitive to pain, and less likely to help each other or want to connect with strangers."
I found this interesting because it directly relates to Ma's quote about how poor people are the only people who will help.
One question I have:
1) Why are people giving up on the idea that hard work pays off when their attitudes only lower economic growth?
Katrice K period 5
Lauren-
ReplyDeleteYour question is really interesting. Imagine if we went back to the barter system and traded with shells like Native Americans...that would be crazy! Of course, I highly doubt that would happen hah. But imagine!
Sam-
I don't think that redistribution of wealth and more government intervention would help. I hope in class someone will argue that it would because I want to know why people think that.
-Katrice K period 5
Dear Allie,
ReplyDeleteI definitely agree with you on the fact that I really don't think we are in that bad of a position to go into another depression so I don't understand why people think that our nation is that bad. I also had the point down about nations like China getting more powerful because I think its crazy how that can weaken our currency. I also agree with everything else you wrote about.(:
Love, Jess B. <3
I found that article to be so eye opening! It definitley makes me question our economic futures...
ReplyDelete3:
-->I found at the beginning of the article 2 sentences that actual made me have hope for the future! It stated that the young kids of the 50s were "optimistic boomers who embodied an age of continual upward mobility and possibility." If the kids of the 50s could do it, so can we. I believe history can repeat itself.
-->I thought it was really important when the author mentioned that just ONE tough year can change someone's core values and behaviors (in the workforce). I think that is a truly scary thought, that someone who is suffereing for one year's motives can change forever.
-->My final important point is that the dollar will weaken. It is one of those things that we know is going to happen but we don't like to hear people say it. Just like the rest of the economy stuff, this to me is scary. The dollar value for other countries is SO MUCH higher than our own.
2:
-->I found it really interesting that the personal savings rate went up! I thought it would have decreased because people need the money to cover expenses, groceries, etc. I guess I just didn't think Americans would be saving.
-->I think it is pretty ironic how the firms who work from home are suffering the most. I found this so interesting because I remember hearing people mention how glamourous the job was because they got to work in their pajamas. I guess it isn't so glamourous anymore!
1:
The question that was racing through my mind as I was reading was: Will our generation be able to bounce back the economy like the children on the 50s could? Or will we all just be suffering?
*Kelly L, P5
Hey Katrice,
ReplyDeleteThe excerpts you picked from the article were really interesting! I really liked how you found points that relate back to the GOW. I also really liked your question because it also happened to be running through my mind as I read the article. I can't get over how some people don't believe that hard work pays off anymore. I truly believe that hard work pays off in anything you do and that wealth doesn't come from luck. I also liked how you mentioned that the American Dream may be fading away. Thoughts like these scare me at times, but I never really thought that until you mentioned it. Good points!
*Kelly L. P5
Three Important Points:
ReplyDeleteI felt that is article was very interesting. One important point that i found was interesting was they were talking about how the people in our generations life will be altered because of the recession that we are living in at the time. I am not sure if i fully believe this as drastic as the article made it seem. A point that i found was important was when they said that since the global landscape has shifted in a way that us as American consumers will never be able to live in the same way. I felt that this was a valuable point that was brought up since our environment is constantly changing. Another point that was made about the how small businesses were being affected by this situation the most, i feel that this is very true and is happening all around us today. This has a large affect on our living style and economy. The last point that i found to be important was the one about how the Social Security is shrinking, especially with younger people demanding more money for education and job training. I feel that this is was a very valid point. Younger people who just graduated are paying socially security that is paying for older people to be able to vacation in the sun while they are paying of student loans for many years. Social Security would be nice if by the time we were older we would even be able to get it, but I don't think that is gonna happen.
Two things that I found interesting were:
I found that the idea abbot english saying success was all about luck was quite interesting and not exactly the way i view things. Another point was how much impact the decrease of the dollar could have on our country. It would be interesting to see if this could really happen and have such a large affect on our country.
One question i still have:
The question i have is what is the idea of "the New Normal" i don't really understand the point it is trying to get across?
The post above is Grace N's Period 6!
ReplyDeleteHey Kelly!
ReplyDeleteI felt like you did a really nice job of breaking down the article. We had some of the same points, but yours were a little easier to understand and made me feel more optimistic about the future! I hope that we can bounce back from this recession as well and be like the 50's people. I especially like your comment on people going to work in their pjamas. Guess they haven't been keeping up with there US Weekly like i know you have been! Haha anyways i feel that your question was a very straight forward but good question that I know i was asking my self throughout reading the whole article and im sure other people were do! Good Job!
Love, Grace N
Period 6
3 Important Points:
ReplyDelete1. Increases in car sales, upticks in factory production, and a robust stock market suggests that the downfall of our economy hasn’t been bad enough or long enough to create the next Depression generation.
2. “New Normal” - Ever since the Great Depression, Americans have never changed their ways, history therefore repeats itself, economists and investors believe that this time around Americans will learn to change their habits, creating a New Normal.
3. Americans who begin their adulthood in economic downturns have a negative outlook on life. Putting less of their trust into public institutions and developing the European belief that success in life is based more on luck that on hard work.
2 Interesting Facts:
1. I was amazed that just one bad year in early adulthood can change a person’s life so much. It can alter a person’s core values and behaviors. People grow up having these values and behaviors instilled in them and its shocking how only one tough year can wipe away 20 years worth of everything a person has believed in.
2. “The personal savings rate has more than quadrupled from its 2008 low to the current rate of 4.5 percent.” Its interesting how in tough economic times Americans have the instinct to save a good portion of their money. If money is being saved and not being put back into the economy, then how will it ever get out of its slump?
1 Question:
1. How can researchers put a number on how bad and how long tough economic times have to last for in order to have an significant enough impact on adults and children?
Madison B. Period 5
Hey Steph!
ReplyDeleteI agree with you when you say that that too much spending can hurt the economy, especially when someone is spending money that they don’t have. Americans are taking out too many loans from banks to buy things that they really can’t afford. I don’t think the economy will ever go back to the way it was because the current generation of Americans is materialistic and may never be able to change their ways. It’s upsetting that Americans won’t be able to save 15% of their earnings most likely because they have to pay bills and taxes. Its definitely questionable that Americans have a high tolerance for inequality, what happened to justice and liberty for all? You did a great job!
Madison B. (:
Three Important Points:
ReplyDelete1. The post depression era were a group of people who held onto thier money, made less of it, and had better job security.
2. There is both evidence to back up the emergence of a recession generation and there is evidence that denies any emergence of a recession generation. To back it up, studies have been done and show that even one really tough year experienced in young adulthood is enought o change one's behaviors and habits for life. Those who deny the emergence say that the recession just statistically was not bad enough and did not hit home for enough people to create a recession generation.
3. Unemployment will shape the possible recession generation and a lowing value of the dollar will mkae people feel poorer.
Two Interesting Things:
1. I thought that it was really interesting that the Recession Generation will mirror the Depression Generation in several different ways.
2. I also found it interesting that in the new normal, that the lowering value of a dollar could be a good things as well because it could open as many as 1 million new jobs.
One more Question:
Is there anything that can be done to reverse this trend, or is it set in stone?
Jake, P6
Katrice,
ReplyDeleteI felt very similar to the article as you did. was drawn to many of the key points that you decided to talk about and I feel the same way towards the attitude of the people. I think that it is really dumb that because people are so willing to give up that it could hinder the economy when we are adults.
From Jake P6
3!
ReplyDelete“Economic research tells us that our lifelong behaviors are determined in large part by the seismic events-good or bad-of our youth”
"Economic downturns, after all, not only created the New Deal, but also the Third Reich."
“There's a broad feeling that Americans' psyches and behaviors will be somehow permanently altered by the crisis"
2!
I found it interesting that studies actually showed that one really tough year experienced in early adulthood had the ability to change the way people act and feel. Why I had found this interesting was because even with the healing of time over the years you would think someone would be able to mend what ever had been broken during his or her childhood.
I was surprised when I saw that people left their homes when the depression hit the country so suddenly. I feel as if you’d desire your own home for a kind of comfort to make it through the really hard times.
1!
Why was it that during this time our country was only full of negativity? I really think that the more optimistic people thought and encouraged other people to change people truly could’ve taken the time to turn things around completely.
Jenna L.
3!
ReplyDelete“Economic research tells us that our lifelong behaviors are determined in large part by the seismic events-good or bad-of our youth”
"Economic downturns, after all, not only created the New Deal, but also the Third Reich."
“There's a broad feeling that Americans' psyches and behaviors will be somehow permanently altered by the crisis"
2!
I found it interesting that studies actually showed that one really tough year experienced in early adulthood had the ability to change the way people act and feel. Why I had found this interesting was because even with the healing of time over the years you would think someone would be able to mend what ever had been broken during his or her childhood.
I was surprised when I saw that people left their homes when the depression hit the country so suddenly. I feel as if you’d desire your own home for a kind of comfort to make it through the really hard times.
1!
Why was it that during this time our country was only full of negativity? I really think that the more optimistic people thought and encouraged other people to change people truly could’ve taken the time to turn things around completely.
Jenna L.
Important:
ReplyDelete1. I think what the author pointed out about our own grandparents is important. They lived through a much worse time than we are in now, so we have a lot to learn from them in terms of how to get through our own struggles. They are proof that its not all "times can only get better" from here.
2. The dollar is weakening, and it could very well lose much of its value in our life time. the author warned us that we could be seeing a lot of inflation in our economy in the near future.
3. I think it is also very important as readers to remember that this author is clearly opinionated and passionate. She definitely sets a tone in this article that seems a bit synical to me. While her arguments do have a lot of merit, its a good thing to remember that figures and statistics are easily manipulated.
Interesting:
1. I like that the author connected a lot of what goes on in the economy to psychology. I never thought about how our economical environment affects our beliefs. And I've never heard about the difference between American and European attitudes: hard work vs luck.
2. It was interesting that the author mentioned banks in the same sort of tone that Steinbeck did in Grapes of Wrath. They both veiw them as a sort of abstract establishment that has a powerful influence, but doesn't tangibly exist: "the monster" as Steinbeck calls it.
Question:
I wonder why the author said, "Americans generally have a high tolerance for inequality." That is a very general statement to make and i don't agree with it at all.
Molly H. 5
Katrice, I love that you connected the quote in the article to what Ma Joad said in GOW. People who are so focused on money are, in a sense, less human. They don't Feel pain as sharply and they don't care as much about other people. I think that also connects to what Steinbeck says about the small farmers vs lage corporate farms. When a small farmer sees his crops die, its like a little death in him because he is connected to the land. But the big business farms only see a failed crop as a loss of profit. I think Ma Joad should have been a psychologist :)
ReplyDeleteMolly H 5
Three Important Points:
ReplyDelete1. It is estimated that the U.S. could create 1 million jobs if the dollar depreiciated by 10%.
2. Unemployment amoung young adults high compared with the national average.
3. Large businesses thrive where small and medium sized businesses struggle in this financial crisis.
Two Interesting things:
1. Edmund Phelps thinks that banks are more interested in each other rather than funding real business and helping the crisis.
2. It's interesting that one finanicially tough year in an adults life could impact theii core values.
One question i still have:
How is it that at any time people thought it was okay for wall street to be able to continue while main street struggles?
Shama K. Per. 6
Hey Jenny,
ReplyDeleteI think you had a really good question. I think the depriciation of the dollar results in the creation of new jobs because employers like to have a big labor force for many reasons, but they can't if it will cut into their profit. If the value of the dollar goes down, they can hire new people without losing a lot of money, losing in the sense of paying employees, because the pay can stay the same but it's just worth less now.
-Shama K. Per. 6
Three Important Things:
ReplyDelete1. Seismic Events can change behaviors in a person even when the event only lasts for 1 year out of a persons life.
2. America's market is becoming less powerful and the dollar is worth less.
3. Job satifaction is at its lowest level in two decades.
Two Things I Found Interesting:
1. The fact that our bad economy experience can change my generation's lives, core values, and behavior.
2. People born during the recession tend to make less money because they tend to choose "safe jobs."
One Question:
1. Why are people relying on luck in order to get them sucess in life?
- Alexis A. Period 6
Hello Shama, (:
ReplyDeleteI found your post interesting because you had different points and interesting facts then I did. When I read your post it made me see how corrupted our countries system is. Unemployment and financial struggling are problems that should be solved instead of ignored by those who can help.
- Alexis A. Period 6
to lauren
ReplyDeleteYou bring up a really good point but I also believe that the dollar is already weakening. Comparing dollars to euros, euros are worth much more. this is important because they rely on luck. we work hard for our money and yet it's little comparted to the amount we actually get.
to Lauren from Reema P5
ReplyDeleteThings I found important:
ReplyDelete•If a person has spent even one tough year in a poor economy and environment, it can effect there values and beliefs.
•“A weaker dollar will make all Americans feel poorer by raising the cost of goods, but the young generation graduating and going to work now may actually end up poorer in real terms.”
•Another important quote I found is, “…estimates the US could create 1 million jobs if the dollar decrepitated.
Things I found interesting:
•Living in a poor economy for a while now, has made many Americans believe that they will change their lifestyles. This is interesting because I believe that we still take things for granted. A lot of households are still living the way they did five years ago. It has effected the many of us but not to the extent of where people are ready to change their lifestyles. Many people have revised their plans but not enough. (“…but hope to save 15 percent of their incoming going forward [ ]they won’t be able to but… )
•The sentence under the title was also very interesting. Its trying to show how workers now will be aware of what could happen and how they're shaping their future now.
Question:
•Even though we aren’t nearing a crisis as big as the Great Depression, we are getting closer. Why aren’t we learning from our past? There are many countries that are emerging as great markets such as China, India and Brazil. Why don’t we learn something from them?
Reema P5
mrs baker, i typed a real long response yesterday 7th period and.....its gone. so im doing it again, but sense that really pissed me off this one probubly wont be as good. whatevaaaaaaaaaaa. anyways, here we go.
ReplyDeletethree-
1. "our lifelong behaviors are determined in large part by the seismic events- good or bad- of our youth (Foroohar 1). I agree, a good example of this is the fact that if you are abused as a child you are more likely to be an abusive parent.
2. With less jobs and income people are getting depressed. The article states how after being laid off people "withdraw from their communities and societies" (foroohar 3). This stress affecting the employee also affects their children "making them more likely to fall behind in school, repeat grades, and exhibit anxiety disorders.
3. "45% don't expect the economy to ever recover to precission levels" (Foroohar 3). I think this is important because it says to me that people are being to pestimistic. How are things soposed to get better when almost half the people in this poll argue that it will never get solved?
two-
1. "success is more about luck then effort" (Foroohar 1). This is interesting to me because it shows a different point of view. There isnt one way to get to the top. If you beleive that hard work will get you there, go for it. If you think prayr will get you there, then pray. If you think that it's a game of luck, then go clover hunting, i dont know. It is interesting to look at different peoples outlooks on what most want- success.
2. "New Normal more American workers will be holding wrenches and loading cargo onto trains, a la the post depression genoration, rather then fiddeling with blackberrys" (Foroohar 4). This is interesting because we fuss so much over new technology and it is tought a lot in school, but what is going to help you in this new normal age is work that dosnt have anything to do with electeronics.
one-
Why does blogspot hate me?????
JACKIE G5
Lauren, I am also suprised by never getting back up to standards from the depression, as well as the dollar having a lesser value. I dont think that the dollar will ever completely lose value, just because though we are struggeling, we are still a powerful country and most other countries worry qabout the same thing. I think we're just used to having the best as Americans.
ReplyDeleteJACKIE G5
--3 points
ReplyDelete-unemployment is increasing, the unemployed are most likely to be more depressed and disconnected from society. Kids whose parents aren't employed don't do well in school and "exhibit anxiety disorders".
-“began their adulthood in economic downturns from 1972 onward found that they all tend to believe that success in life depends more on luck thank effort, and they have less trust in public institutions” People that believe that they need luck to become successful tend to work less hard and this can lower productivity and economic growth
-US is getting more competition in labor & markets, value of dollar is going down
--2 interesting facts
-“Half of those surveyed by AlixPartners have stopped investing in the markets altogether, and the majority say they won't put money into stocks for another three years; 43% don't expect the economy to ever recover to per-recession levels” (insecurity, doubt, pessimistic)
-“McKinsey estimates the U.S. Could create 1 million jobs if the dollar depreciated by just 10%” (hope)
--1 questions
- why are people so pessimistic, negative? (I think the economy will recover quicker if people had more hope and started investing instead of stop investing in the markets altogether) -- Ashley Y 6
Jenny
ReplyDeleteI agree with what you said about our country being pessimistic. It seems like no one is helping each other, “Perhaps rather than stepping over each other, 1980s style, on the climb to the top, we will stop to lend a hand”. People should be more optimistic, have hope and motivate ourselves because nothing is going to change if everyone is full of negativity. - Ashley Y 6
3 IMPORTANT QUOTES:
ReplyDelete"It's no accident that the psychlogy of entire generations is shaped by the milieu in which they grew up; economic research tells us that our lifelong behaviors are determined in large part by the seismic events--good or bad--of our youth." (42)
"But there's a broad feeling that Americans' psyches and behaviors will be somehow permanently altered by the crisis." (43)
"Parental unemployment has huge consequences for children, making them more likely to fall behind in school, repeat grades, and exhibit anxiety dosorders."(44)
2 THINGS I FOUND INTERESTING:
I found the fact that 43 percent of Americans who took the AlixPartners survey don't expect the economy to return to the state it was prior to the recession. I believe that the Great Depression was significantly worse than this recession. Even though it took several years, America was once again prosperous. I think with a little hope and with the right direction, America will once again be a strong economic power.
The article states that "Americans generally have a high tolerance for inequality." I found that to be a little alarming. This country was founded on the idea of equality for all men. Now it appears that as each generation starts taking control the focus is more on the well-being of the individual than that of America as a whole.
1 QUESTION:
We all go to school to get an education and that education was known in the past to guarantee us a secure future for ourselves as well as our families. However, with all this talk of the post recession generation not being able to "do better than their parents"(45),is waking up 5:30am five times a week even worth it anymore? We believed that if we study, make good grades, go to college, and get degrees that we were sure to have a steady and bright future, but as it seems now, that's not the case anymore. I still believe that whether or not we will have a secure future, knowledge is the only thing that will make us understand this world that we share and each other. Without it we will be ignorant and have low tolerance for one another. On the other hand, I would still like to know that all my hardwork now is going to pay off in the future so I can provide a better life for my children than my parents as immigrants were able to provide for me.
Treasure I p6
3 IMPORTANT QUOTES:
ReplyDelete"It's no accident that the psychlogy of entire generations is shaped by the milieu in which they grew up; economic research tells us that our lifelong behaviors are determined in large part by the seismic events--good or bad--of our youth." (42)
"But there's a broad feeling that Americans' psyches and behaviors will be somehow permanently altered by the crisis." (43)
"Parental unemployment has huge consequences for children, making them more likely to fall behind in school, repeat grades, and exhibit anxiety dosorders."(44)
2 THINGS I FOUND INTERESTING:
I found the fact that 43 percent of Americans who took the AlixPartners survey don't expect the economy to return to the state it was prior to the recession. I believe that the Great Depression was significantly worse than this recession. Even though it took several years, America was once again prosperous. I think with a little hope and with the right direction, America will once again be a strong economic power.
The article states that "Americans generally have a high tolerance for inequality." I found that to be a little alarming. This country was founded on the idea of equality for all men. Now it appears that as each generation starts taking control the focus is more on the well-being of the individual than that of America as a whole.
1 QUESTION:
We all go to school to get an education and that education was known in the past to guarantee us a secure future for ourselves as well as our families. However, with all this talk of the post recession generation not being able to "do better than their parents"(45),is waking up 5:30am five times a week even worth it anymore? We believed that if we study, make good grades, go to college, and get degrees that we were sure to have a steady and bright future, but as it seems now, that's not the case anymore. I still believe that whether or not we will have a secure future, knowledge is the only thing that will make us understand this world that we share and each other. Without it we will be ignorant and have low tolerance for one another. On the other hand, I would still like to know that all my hardwork now is going to pay off in the future so I can provide a better life for my children than my parents as immigrants were able to provide for me.
Treasure I p6
3 IMPORTANT QUOTES:
ReplyDelete"It's no accident that the psychlogy of entire generations is shaped by the milieu in which they grew up; economic research tells us that our lifelong behaviors are determined in large part by the seismic events--good or bad--of our youth." (42)
"But there's a broad feeling that Americans' psyches and behaviors will be somehow permanently altered by the crisis." (43)
"Parental unemployment has huge consequences for children, making them more likely to fall behind in school, repeat grades, and exhibit anxiety dosorders."(44)
2 THINGS I FOUND INTERESTING:
I found the fact that 43 percent of Americans who took the AlixPartners survey don't expect the economy to return to the state it was prior to the recession. I believe that the Great Depression was significantly worse than this recession. Even though it took several years, America was once again prosperous. I think with a little hope and with the right direction, America will once again be a strong economic power.
The article states that "Americans generally have a high tolerance for inequality." I found that to be a little alarming. This country was founded on the idea of equality for all men. Now it appears that as each generation starts taking control the focus is more on the well-being of the individual than that of America as a whole.
1 QUESTION:
We all go to school to get an education and that education was known in the past to guarantee us a secure future for ourselves as well as our families. However, with all this talk of the post recession generation not being able to "do better than their parents"(45),is waking up 5:30am five times a week even worth it anymore? We believed that if we study, make good grades, go to college, and get degrees that we were sure to have a steady and bright future, but as it seems now, that's not the case anymore. I still believe that whether or not we will have a secure future, knowledge is the only thing that will make us understand this world that we share and each other. Without it we will be ignorant and have low tolerance for one another. On the other hand, I would still like to know that all my hardwork now is going to pay off in the future so I can provide a better life for my children than my parents as immigrants were able to provide for me.
Treasure I p6
Three Important Points:
ReplyDelete*Economic research tells us that our lifelong behaviors are determined in large part by the seismic events - good or bad - of our youth. I fully agree with this statement because significant events, especially ones that occur while one is growing up and learning about life, shape morals and values.
*The value of the dollar is continuing to weaken, while the key emerging markets like China, India, and Brazil become more powerful. Also, if American labor continues to face more and more competition from abroad, money flow will remain tight and families will continue to live tightly.
*Parental unemployment has huge negative consequences for children, making them more likely to fall behind in school, repeat grades, and exhibit anxiety disorders.
Two Interesting Topics:
*Recession babies not only invest more conservatively, they tend to make less money, choose safer jobs, and believe in wealth distribution and more government intervention.
*The European notion is that success is more about luck than effort.
One Question I Still Have:
*Could it be possible that the Great Recession will positively benefit the "Recession Babies" and make them more driven to take on harder, better paying jobs so that they do not have to experience low wages, debt, etc.?
Alexis M, Period 5
Kelly L,
ReplyDeleteI think that, in time, our generation will able to improve the economy if we are driven, focused, and motivated. If we study the economy and what worked in the 50's to make it better, there could be improvement. However, if we all wait around for someone else to do something instead of taking the initiative, I don't see a bright future for America.
- Alexis M :)