SOCL 3505 Lecture Notes - Lecture 10: 2010 United States Foreclosure Crisis, Temporary Assistance For Needy Families, Underemployment
Document Summary
Catalysts for crisis: financial sector recklessness and interconnectedness. Toxic assets: bad bet in housing market, risky mortgage products. Broad impacts: the economy has been growing since mid 2009, job losses were unprecedented and pace of new job creation was slow, unemployment rate near post-war high, poverty highest level in nearly 2 decades. Safety net program response: tanf has not been responsive to rising need during recession, snap has responded quickly to recession, underemployment insurance has also been effective in offsetting impacts. Uneven impacts: most americans lost ground, but nearly held their own. Rural area jobs are still not back to where they were in 2008. Metropolitan area jobs shot back up in 2010. In sum: great recession had major impacts on the economic landscape of the nation, degree to which it has exacerbated existing forms of disadvantage and/or created new ones remains a critical question. Causes and correlates: race and ethnicity: key concepts, social construction of race/ ethnicity.
