Have you seen unemployment rates rise, home values plummet, and people changing the way that they spend their money? If so, then you are a witness to the economic recession that is taking place right now.

            The recession has changed the lives of many people worldwide and caused some to make serious cutbacks in their spending. The unemployment rate has also greatly increased as more and more people are laid off. According to CBS news in 2008, 7 million people were unemployed in the United States, but currently there are 8.5 million people who are unemployed.

There are foreclosures, lay-offs and a decline in the housing market. According to Financenewspro.com, these events are taking place because of one factor: inflation. Inflation occurs when the price of goods and services rise, which happens when the demand is high. Inflation then becomes a bad thing when the prices get too high and the demand decreases because not as many people can afford the more expensive items provided. Eventually this will result in lay-offs because stores don’t make as much as they once did and they don’t need as many workers. This chain of events leads to an economic recession.

            Many different opinions about the economy exist. Some people say that it’s getting worse, but others such as my uncle believe differently, “I think that the economy is starting to show signs of improvement, and the level of unemployment seems to have stabilized. The foreclosures and the real-estate market appear to have hit rock-bottom. There has been an increase in the number of houses sold, and the rate of inflation seems to be stable.” This shows how other people have different perspectives on the economy. For example, someone else could see the economy as getting worse day by day and never improving.

            The recession not only affects adults; it also affects teens when they try to get jobs. According to Pat Driscoll who is the head of Girls Inc., an organization that usually finds jobs for about 60-70 girls in Lynn, Massachusetts, this year she was able to find jobs for only about 25 girls. Many teens have been unsuccessful in finding jobs, as some places don’t need anymore workers and are laying people off or hiring older, more experienced workers. It doesn’t only affect how they get jobs; it also impacts their daily lives and the way they live their lives. Many teens had to make changes such as having to buy less food, having to change schools because parents can no longer afford to pay for private schools, and maybe even having to sell some of their stuff in order to help their families. Parents also have to cut back on things that they do with their teens or have to change their daily routine. The current state of the economy could change the extravagant lives that some people live into more humble lifestyles, at least until the economy improves.

            Teens are also affected emotionally because their parents lose their jobs in this difficult economy. “The recession has caused cutbacks in the real-estate industry and has caused banks to merge.” Children also don’t want to see their parents unhappy because of not being able to provide for their families. “I do a lot less shopping, and my mother doesn’t give me an allowance anymore.” (Jillian)  The world can only hope that the economy will improve soon so that people, businesses, and the real-estate market can recover and people can soon return to their normal lives.