Question

In 2008 the united states, as well as the rest of the world, felt the effects of the recession. After the collapse of the housing market, people lost their jobs and they quit spending money. Many people could not afford their mortgages anymore and their homes went into foreclosure. For many people, it was a time of __________. Group of answer choices

Answer 1

Answer:

2008 time period

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Answer 2

Downward Mobility

Explanation:

• Most people aspire to step up the social ladder, which is technically possible through hard work, preparation and connections. Often however, people move down social levels due to a so-called downward mobility phenomenon
• The reduction in mobility means a drop in the social status of one. Many people are going down due to market failures, lack of jobs or ailment. The lack of education, job loss or divorce, or the decrease in social mobility, will result in loss of status/income, hence it is downward social mobility.