Argument essay 3

Individuals who did not work could not receive enough

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Unformatted text preview: s high, fewer apartments, houses, and condos were constructed; also, business buildings started to decline from the labor force shrinking. Individuals who did not work could not receive enough wealth to spend on goods and services, which causes businesses to close down and fire workers, and resulted into a decrease in the nation’s GDP growth. These instances were during what was called “The Great Recession” from 2007 to 2009. President George Bush administration caused so many people to go into foreclosure because of their lack of concentrating on the unemployment rate in the economy. “During the eight years of the Bush administration, the national debt has increased by more than 65 percent, to nearly $10 trillion”, so Bush’s administration contributed to the national debt increasing and this can be seen as one of the factors of why the economy remains in slow growth today ( Stiglitz, 2). Economist Joseph E. Stiglitz, professor at Columbia University, clearly provides evidence of how our economy has succumbed to a slow economic growth from the Bush administration. As a result, Bill Clinton’s administration was the pinnacle of the United States economy progress that lead to so many American’s with jobs and homes. His administration helped lower the unemployment rate and increased the housing market in the United States. On the contrary, George Bush administration caused the housing market to go into a downturn and increased the public debt, which lead to many people to go into foreclosure. The housing market crashed during George Bush’s time in office and the nations GDP started to decline; economist Stiglitz knows how his administration was the cause of the housing crises. The unemployment rate increased in the Bush administration and caused many American citizens out of work and unable to find jobs for a long period of time. This is why the unemployment rate is still high today in the United...
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