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In chapter one of Joseph E. Stiglitz, book; “The Price of Inequality:How today’s Divided Society Endangers Our future.” He talks about America’s one percent Problem in which he includes the 2007- 2008 financial crisis and the Great Recession America went through that affected millions of American families. As a result a lot of families lost their homes, lifetime savings, and jobs. During the Great Recession the middle aged people were greatly affected as many were straight out of college with a lot of debt on them that they could not pay off because jobs were so scared making it very difficult to find employment. Many families who had lost their jobs, and homes had to move in with family members or friends in order to be able to survive this …show more content…
As said before many people lost their homes, earning and jobs, which lead to a lot of homelessness. Stiglitz portrays this through the following statistics, “Full-time employment declined by 8.7 million from November 2007 to November 2011,40 a period during which normally almost 7 million new persons would have entered the labor force.”People worked in jobs that did not offer them insurance,so if they got hurt the employer was not responsible for it, and with unemployment those people who did have insurance, lost their insurance so if they were sick they could not get treated because they did not have money. As a consequence, there was economic insecurity, meaning that many people had to go into their retirement savings in order to pay for things, while others completely lost all their retirement saving when they lost their jobs. Thus causing people’s standard of living to decline as times were so hard and money was very hard to obtain. During this time people were not getting married, or moving out of their parents' home, in addition, many women had to start working in order to help maintain the household. Povertywas seen during this to a massive extent , there was people surviving with one or two dollars a

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