TODAY'S ECONOMIC CRISIS
It has been compared to the devastation of Pearl Harbor. The current financial status in the U.S. is the worst economists say they have seen in many years. We are in a recession, which means a period of reduced economic activity. Some experts claim that the current recession started when gas prices reached an all time high in June of 2008. For much of the 1980’s to the early 2000’s, gas was relatively cheap. However, in 2008 gas prices around most of Georgia are up to $4 per gallon and are continuing to increase. Many experts have tried to come up with many reasons for this large jump in price but the bottom line is that the demand for gas much higher than the supply of gas being sold to the United States.
Another result of high prices in gas is high food prices. Because it costs much more to ship food to our local stores, food companies are charging stores such as Publix and Kroger more for their products and in turn these stores their customers more as well. Consequently, the costs of some of Georgia’s primary agricultural products have increased dramatically as well including poultry, eggs, peanuts, peaches, and apples.
So what is going to happen next? While this sounds pretty scary the United States has been in several recessions since the Great Depression of the 1930’s and eventually things have gotten back to normal. For this current recession the United States government is stepping in to help both citizens and major corporations make it through these economic hardships.
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