1 Understand how the ripple effect has impacted businesses and families Know the video https www youtube com watch v UMqyi6s41iE a Family b Business i Banker w 6 figure salary laid off eat out at favorite restaurant 1 month instead of 1 week bartender serving less guests brown bagging less tips bartender not hire dog sitter anymore and goes out less i Less guests less meat orders from Allen Brothers Allen Bros lay off 5 of butchers and truck drivers c Overall Losing jobs domino effect i 800 people laid off every hour in US ii 500 k half mil laid off in month of January largest monthly iii Economists don t know when will end maybe reach double figures loss since WWII 2 What caused the recession as noted Know the first causes in a nutshell slide a Irrational exuberance in the housing market people buy houses couldn t afford b 2006 the bubble burst as housing prices started to decline caught many homeowners off guard who had taken loans with little money down c Realized they would lose money by selling the house for less than their mortgage foreclosure d Escalating foreclosure rates banks and hedge funds secondary markets panic realize they were facing huge losses e By August 2007 banks became afraid to lend to each other because they didn t want these toxic loans as collateral f SUMMARY Things started moving downhill get faster and bad things happen more quickly due to Impaired decision making 3 Understand the specifics of Chicago s recession driven economic difficulties a Decades of financial mismanagement b Everyone who can pay service has left c Deficit at 374 M by 2017 should be 1 3 B 4 What factors have caused the city of Detroit to have such a difficult time financially Described Detroit s unsecured debt specifics https www youtube com watch v 7rrovd0 8v4 a Largest city in the US but everyone with left town so it can t be serviced anymore i 8 mil people in 1950s now 700k on way to 500K people ii Owes 6 4 B Secured Debt iii Owes 60 B Other b Can t get out of the debt they created for themselves c 38 cents of every 1 in rev goes to debt services d City is Insolvent e Unsecured Debt i 11 8 B Unsecured notes to creditors 1 3 5 B pensions 2 5 7 B benefits 3 1 13 B general obligation bonds 4 1 43 B derivatives 5 Understand Looking Back in terms of the middle class s views of opportunity and security today relative to the past Know specifics opportunity to get etc a Comparing middle class of Parents generation to today s i 52 say less of an 1 Opportunity to get ahead ii 65 say less 1 Job and financial security iii 60 say less 1 Expendable income after paying for expenses 6 What are the factors that have causes many middle class workers to go from working to homeless a Layoff for jobs with few alternatives b Multiple family commitments divorce kids c Most people don t have enough savings for the rough patches d Perceived as overqualified for many jobs e Used to have decent insurance not now f Kids daycare expenses 50 a day don t do it g Gimme that house back the one that you couldn t afford in the first place 7 How have companies contributed to the flat paycheck recovery What consolations were noted in the article with respect to wages http blogs marketwatch com capitolreport 2014 08 19 your paycheck has been shrinking for 5 years tab print a Companies contribution jobs being created aren t like ones that were lost i 2 3 of jobs lost in recession were middle income jobs ii created since have been low wage sector jobs iii Also rely on temps and part timers iv People don t get paid more won t spend more b One small consolation in the wage outlook an improved economy is keeping workers on the job a bit longer average weekly paycheck has risen 1 7 overall since the recession ended adjusted for inflation 8 Major finding of the attached article were what How did men and women respond differently to questions posed by the researchers http www csmonitor com Business Latest News Wires 2010 1026 In US a job means less than it used to a Men s response reflective and remorseful thoughts driven by recession related job insecurity and its role in encouraging hostile work treatment i Not giving them what they thought it would and leaving them feeling stressed and like they weren t going anywhere b Women s thoughts triggered by conflicts between work and family obligations i Reported that job obligations have increased in recent years both in terms of time and energy resulting in fewer hours engaged in family life 9 Describe the salary disparity documented to exist in the state of Florida a Women in FL fare slightly better than the national average i Earn 80 cents rather than 77 cents to a man s 1 b Regardless of race women working full time in FL earn less than white male counterpart Compared to white man 1 i Hispanic women 57 cents ii African American women 61 cents iii White women 78 cents 10 Why do male nurses often make more than female nurses according to the research Know the factors a Male nurses more likely than women to i Work full time 1 Female nurses working full time earned 9 less ii Have a doctoral degree iii Work evening night shifts iv Be immigrants b Glass escalator men in female dominated careers rise higher and faster than women in male dominated fields c Men are more concentrated in the highest earning segments of the field i They make up 41 of nurse anesthetists who earn nearly 148 000 on average but only 8 of licensed practical nurses who make just 35 000 11 Be able to identify the factors that have caused a gender gap to exist according to the 2013 report a Choice of occupation b Development of human capital c Work experience d Career interruptions e Motherhood f g Health Benefits Insurance h Overtime Industry 12 How is the gender wage gap calculated What are the shortcomings of doing so this way a Calculated by b Problem i Taking all women and men working full time in an area state getting their pay and finding their median level of pay i Doesn t compare two similarly situated co workers of different sexes working in the same industry performing the same work for the same number of hours a day It merely reflects the median earnings of all men and women classified as full time workers ii 13 Understand the less than desirable aspects of work that explain differences in pay a Men often take jobs with less desirable characteristics hope higher pay i Work long hours and overnight shifts ii I E tar roofs in the sun drive trucks across country toil in sewer systems stand watch as
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