1 Understand how the ripple effect has impacted businesses and families Video The basic ideas are that everyone is affected by the recession When thebank manager lost his job they stopped going to restaurants Fewer people mean fewer tips for waiters Meaning they cut back on meat orders Lay off butchers The recession trickles down 2 What caused the recession as noted in the causes in a nutshell slide a Irrational expectations in the housing market led many people to buy houses they couldn t afford b 2006 bubble burst as housing prices started to decline Caught many homeowners off guard who took loans with little money down c As they realized they would lose money by selling the house for less theyforeclosed d Escalating foreclosure rates panicked banks and hedge funds realized they were facing huge losses e August 2007 banks became afraid to lend to each other because they didn t want toxic loans f Let to a 700 billion bailout and by 2008 employment was declining badly Once layoffs started it was just a domino effect g This led to the 700 000 000 000 bailout and bankruptcies or government nationalization of Bear Stearns AIG Fannie Mae Freddie Mac IndyMac Bank and Washington Mutual h By December 2008 employment was declining badly Once the layoffs started more people couldn t pay for their mortgage causing more defaults and foreclosures And the consumer stopped buying Construction halted on the building of new homes 3 Understand the specifics of Chicago s recession driven economic difficulties In 2010 Chicago s projected shortfall was 519 700 000 It was one of the top 7 foreclosure states in the US Their economic problems began with the housing collapse and excessive debt Families cutback on spending which decreased tax revenue 4 What factors have caused the city of Detroit to have such a difficult time financially Describe Detroit s unsecured debt specifies Video Factors higher taxes Burrowing more money and failing to act appropriately to the rising debt Detroit s unsecured debt specifies 11 billion in unsecured debt In 2013 the city of Detroit stopped making payments on debt to avoid bankruptcy 5 Understand looking back in terms of the middle class view of opportunity and security relative to the past Americans say that the middle class has less opportunity and security today than before Compared the middle class of your parents generation the American class has Opportunity to Get Ahead More 26 About the Same 21 Less 52 Job and Financial Security More 16 About the Same 17 Less 65 Expendable Income after paying for Expenses More 20 About the Same 18 Less 60 6 What factors that have cause many middle class people to go from working to homeless a Layoff for jobs with few opportunities b Multiple family commitments divorcees kids c Most people don t have enough savings for the rough patches d Perceived as overqualified for many jobs e Used to have good insurance Not anymore f Kids daycare expenses g Losing houses that they couldn t afford 7 How have companies contributed to the flat paycheck recovery What consolations were noted the article with respect to wages Companies contributed to the flat paycheck recovery because the companies have relied on part timers in a faster growing industries such as retail that don t pay very much anyways The consolations noted were in the wage outlook the improving economy is keeping workers on the job a little longer The average weekly paycheck has risen 1 7 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 The major finding by the researchers was that rather than causing Americans to put a greater emphasis on the importance of having a job the recession and high unemployment have instead shifted the workers focus toward home and family Men and women responded differently to the questions because there was a disparity in the way women and men have handled the pressures of work during the recession 9 Describe the salary disparity documents to exist in Florida Women in Florida far a little better that the US average earning 80 cents rather than 77 to the men s dollar White Man 1 White Woman 78 cents African American Woman 61 cents Hispanic Woman 57 cents 10 Why do male nurses often make more than female nurses Males men are more concentrated in the highest earning segments of the field they make up 41 of nurse anesthetist which make 148K on average Only 8 of practical nurses are men which only make 35k a year More Likely to have a Doctoral Degree More Likely to work Evening or Night Shifts More Likely to be Immigrants Female Compared to other professions female nurses far much better compared to the men Female nursed earn 91 cents to the males dollar More Likely to work in Doctor s Offices or Schools More Likely to be over Age 65 o This was a reflection of nursing s status as a female dominated profession until recently 11 Be able to identify the factors that have caused a gender gap to exist according to the 2013 report 1 Choice of Occupation 2 Development of Human Capital 3 Work Experience 4 Career Interruptions 5 Motherhood 6 7 Health Benefits Insurance 8 Overtime Industry 12 How is the gender age gap calculated What are the shortcomings of doing so this way The Gender Wage Gap Calculated as the Median Earnings of all Men and Women classified as Full Time workers According to the Bureau of Labor Statistics full time working women earned 81 percent of what full time working men earned in 2010 o This leaves a Gap of 19 percent between the sexes o That means that in order to make up for that under payment women would have to work through March 10 Shortcomings of the Gender Wage Gap The Wage Gap statistic does not 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 The Department of Labor s Time Use Survey found that the average full time working man spends 8 14 hours a day on the job compared to 7 75 hours for the full time working woman o Employees who work more likely earn more o Men working five percent longer than women alone explains about one quarter of the wage gap 13 Understand the less than desirable aspects of work that explain differences in pay Men often men take jobs that are less than desirable for higher pay Longer
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