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Socially constructed (i.e. ideologies and mindsets) nature of the current economic recession - Essay Example

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The global recession that severely impacted the United Kingdom and other nations around the world started in 2008. The demise of the banking industry and the housing bubble were two of the factors that led to the recession. The U.K. is claiming based on economic theory that the recession is over, but it sure does not feel that way…
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Socially constructed (i.e. ideologies and mindsets) nature of the current economic recession
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Socially constructed (i.e. ideologies and mindsets) nature of the current economic recession

Download file to see previous pages... One of the biggest problems the U.K. economy is facing is the rise in the unemployment rate. The current unemployment rate of the United Kingdom is 7.9%. The unemployment epidemic is occurring throughout the entire world. There are approximately 115 nations that have an unemployment rate that is as high or worst than the United Kingdom with Zimbabwe being the worst victim with an astronomical unemployment rate of 95% (Cia, 2011). Zimbabwe is also facing hyperinflation. When people don’t have a job there are not able to cover their living expenses. There are other problems the British economy is facing. There are millions of British people living in extreme poverty. For instance the amount of homeless people is huge. There are approximately 400,000 people in the United Kingdom that do not have a roof over their heads. Extreme poverty is not just occurring in emerging economies. It is also a reality of a developed nation such as the United Kingdom. These figures do not make sense to me since the gross domestic product per capita in the United Kingdom is one of the highest in the world at ?22,241 (CultureGrams, 2011). The government has not done an adequate job to ensure British wealth is distributed more evenly. The government should raise the tax rates to 50% for any person that has an income above ?1,000,000 a year; also people who make between ?200,000 and ?999,999 should pay a higher rate of between 40-45%. The added revenues should be used to help out the poor people in the United Kingdom. The world has become a harsher place to live for underdeveloped countries since the global recession. More than half the world’s population is living with a daily income of ?1.60. The global recession hurt the developed countries which caused a chain reaction that lowered the donation money and other economic assistance that underdeveloped countries used to receive from the private citizens and governmental institutions of developed countries around the world. The United Kingdom is also facing other economic issues that are hurting the quality of life of the population. The prices of basic need items such as food and medicine are on the rise. When British citizens go to the supermarket or grocery stores they are paying more money to buy vegetables, milk, bread, and meats among other food products. The poor and lower middle class in the United Kingdom are paying the consequences of food inflation. The rise in food prices has affected the global population severely. Things have gotten so bad that nearly 25,000 people are dying everyday of hunger and hunger related causes (Poverty, 2011). The children are the biggest victims of this epidemic since there is nearly one billion children globally that are suffering from malnutrition. Another sector that is facing major inflationary forces is healthcare. The annual cost of healthcare per capita in the United Kingdom is ?1483. The added money that the government is spending in healthcare cost due to inflation could be used more effectively to help the poor people living in the United Kingdom A factor that is lowering the quality of life of British people is the rising cost of fuel. Gasoline is necessary to be able commute to work and to get from one place to another. The price of gasoline has gone down a little in 2011, but it is still way too expensive. The United Nations should impose ...Download file to see next pagesRead More
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