Buy essay on Scarcity of Government Support and Personal Bankruptcies

The recent economic recession has revealed the full extent to which average citizens are vulnerable to the poor government support for the scarcity of government support put many people on the edge of bankruptcy and unemployment. At the same time, the recent economic recession had precursors, which indicated clearly to the scarcity of government support, which many Americans needed badly. In this respect, it is possible to refer to the upcoming crisis in the farming industry associated with the scarcity of farm workers and rising unemployment in urban areas, the housing crisis and the scarcity of houses to cover actual needs of the US population, especially in such large cities as New York, and, as an effect, personal bankruptcies of average individuals as well as celebrities, including sport superstars. In such a way, the failure of the government to take right and effective decisions caused the scarcity of government support of risk groups, whereas individuals failed to take the right decision being deprived of the government support and proper economic policies.
Individuals and households
In actuality, many Americans feel being insecure in face of the economic recession and its negative effects. In this respect, it is possible to refer to the case of Michael Vick (Lieber, 1), who run bankrupt and faced considerable financial and professional problems. To put it more precisely, the outstanding quarterback has proved to be unable to confront his current financial problems and has run bankrupt, although he has been quite successful just recently, whereas his financial position has seemed to be unprecedentedly stable. The major source of his problem was the economic recession and a deep crisis in the housing industry, which affected his financial position consistently to the extent that the sport superstar has proved to be unable to pay off his debts and he has run bankrupt.
However, the failure of the sport superstar is just one of the examples of the bankruptcies caused by the recent economic recession, while many thousands, if not to say millions of average Americans had to do the same because they could not afford paying off their debts and cover their housing costs (Bernard & Anderson, 2). For instance, argues that the housing crisis put under a threat of bankruptcy many Americans, whose houses were their main assets. To put it more precisely, citizens invested their savings into the purchase of their houses. They had to take bank loans to complete their purchases but, as the economic crisis has struck, they proved to be unable to pay off their debts and they had to run bankrupt.
Governments
In such a context, the role of the government can hardly be underestimated because precursors of the profound crisis in the housing market could be traced in 2000 (Lambert, 1). The early 2000s were marked by a consistent downturn in the development of the housing market in New York but the local government has failed to develop an effective program of the government support of the local population. Instead, the government did it best to stimulate the development of housing industry in response to the scarcity of houses for many New Yorkers. However, the development of housing industry in New York in the early 2000s failed to provide the government support for those in need and citizens that did not own houses. Such policies have provoked financial speculations in the housing market. As a result, instead of providing the local population with houses, the scarcity of government support of those Americans, who needed houses, led to financial speculations in the housing industry, which, in their turn, provoked a profound economic recession.
At the same time, such irresponsible policies from the part of the government are not new because similar irresponsibility could be traced back into the late 1980s, when the scarcity of farm workers put under a threat the development of the farming in the US, while the urban population suffered from unemployment (Anonymous, 4). The government attempted to attract farm workers but it failed to provide them with sufficient wages. As a result, Americans were just unwilling to move to rural areas, where they could count for scarce earnings solely.
Conclusion
Thus, the government support is crucial for the prevention of bankruptcies of individuals. However, the US suffers from the scarcity of government support and Americans often have to cope with their problems on their own. As a result, today, it is possible to trace a large number of personal bankruptcies.