What were the social effects of the Great Recession of 2008 on households? 🔊
The Great Recession of 2008 had profound social effects on households across the United States. Many families experienced job loss, reduced incomes, and increasing financial insecurity, leading to heightened stress and anxiety. Home foreclosures skyrocketed as individuals struggled to meet mortgage payments, contributing to a significant decrease in wealth for many households. The recession disproportionately impacted marginalized communities, exacerbating existing inequalities. Additionally, shifts in employment patterns encouraged people to pursue unstable work arrangements or multiple low-paying jobs. Overall, the Recession challenged the American Dream, leading many to reconsider their financial aspirations and long-term stability.


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