High Wire Essay

The living standards of an individual in whatever country depend on numerous factors. The sparing conditions of that country, is nonpargonil of the just close important factor which influences the lives of the race living and working in the country. The changes in the stinting conditions of country have a huge clash on the lives of people, as they affect their earning and outgo capacity. One such country which is experiencing wide changes in its economy is America.America was regarded as a country where one can achieve his/her dream of an affluent and prosperous lifestyle solely the recent sparing situation in America tells another story. The record word of honor high school Wire The Precarious pecuniary Lives of American Families by tool Gosselin deals with the economy of America and the changes it has undergone since 1970s. The designer brings forth the affects of these changes on the monetary lives of Americans. The changes in the stintingal policies of America have led to a situation in America where Americans argon being deprived of fiscal security.Through his book, Gosselin throws ignition on the fiscal life of Americans which is becoming more and more unsafe, owe to the shift of risk from the employers to employees, from the indemnity companies to their clients and from the federal government to the American people. Financial Lives In the book High Wire The Precarious Financial Lives of American Families by Peter Gosselin, the indite focuses on the financial lives of Americans in the familiarize times. He begins his book by pointing out the difference in the scotch conditions in America and the financial lives of its people in the past and in the give way times.In the period that followed World War II, Americans led a life of prosperity and affluence, owe to the favorable economic conditions in their country. The first off is that for most of the past quarter century, the United States has enjoyed the return of a bouncing and growing prosperity that once seemed lost. (Gosselin 1). But in present times, the financial lives of Americans have been affected by the changing economic scenario in their country. eventide if they atomic number 18 leading a life of prosperity, they are insecure regarding their financial lives.The second fact is that many of us, even the affluent among us -those with family income political campaign into the hundreds dollars-have arrived at the youthful century increasingly uneasy, with a gnawing sense that our mint are changing in ways that impart us little secure. (Gosselin 2). The lack of security is having a huge jounce on the lives of Americans. subsequently citing the economic situation, in which the Americans are leading their lives, the author goes on to poll the reasons for this insecurity that is gripping Americans.The foremost reason he mentions in his book is related to the new-sprung(prenominal) economic policies which places the risk on the individuals i nstead of government. In its place, wrapped in the economic doctrine of free markets and the moral rationale of personal responsibility, stands a new first principle Each of us is now expected to forge our own future, free to rise or fall as our talents or luck may dictate. (Gosselin 4). In uphold of his claim, Gosselin provides numerous examples which prove the shift of risk from government, employers and insurance companies to the people.Insurance companies are taking advantage of the new economic policies and reducing the payments which are claimed by their clients. In such circumstances, American people are forced to agree their medical expenses, without any substantial support from their insurance companies. The concept that individuals or companies are responsible for their own financial conditions has led to the collapse of even big companies. Within days, in September 2008, another investment bank, Lehman Brothers, was on the brink collapse..But Paulson under intense poli tical insistency from Conservative Republicans in Washington to invoke moral hazard and let the company fail. (Inside The Meltdown). Another factor that has greatly influenced the financial lives of Americans is the picture a business enterprise loss has on the work life of an individual. The unemployment benefits that a worker receives later on a job have reduced drastically in the comparison to the times before a couple of decades ago. The author also brings forth the fact that a job loss leads to a greater drop in wages in present times.A worker, who has lost his job, is compelled to work on fewer wages on his beside job, thereby leading to a drastic reduction in his/her spending capacity. Effects on Individuals The effects of the drastic changes in the socio-economic policies of America on individuals working and leading their lives in America are presented by Gosselin. He writes in his book that in present times, American people are more concerned about the problems they w ill face in their financial lives than the national problems.Indeed, it has not been public events that sometimes awaken us and leave us tossing in bed. Instead, fleetingly, solely recurrently, we have been night stalked by questions about our private lives. (Gosselin 2). They are worried about their medical expenses, the exist of education of their children, the tinct a job loss would have on their family. The author cites the examples of some individuals in his book to bring forth the impact the changed rules in American economy is having on American people.He writes about real people whose financial lives have been largely impacted owing to the new economic policies in their country. Individuals like Debra Potter had to bear the medical expenses on their own, as their insurance companies, taking advantage of the new economic policies, refused to pay them the proper amount of benefits liable to them. People received benefits from their insurance companies but they were insuffic ient enough to cover their medical expenses.A job loss turned the life of an individual upside down, like coss who had to manage with meager unemployment benefits after losing his job as the Vice chairman of a reputed bank. As Coss-tall, taciturn, with short-cropped almost military, hair- recounted what it was like to go from earning several grounds dollars a week to collecting a few hundred in unemployment benefits. (Gosselin 6). With the aid of statistics, Gosselin proves his claim about the growing insecurity among the Americans regarding their financial lives.The changed economic conditions has created such a situation in America where financial lives of its people lack the security which is needed to stabilize them when they are effected by a job loss, medical expenses or college education. The government is not providing a security net where people can cope with the changes that new economic policies are having on their financial lives. People have to deal with these change s on their own. Instead of joining together to solve problems, that affect the whole society, the heralds of the new approach say, more responsibility should be placed on individuals and families. (Gosselin 5). veritable(a) though the number of people whose financial lives have changed owing to the new economic situation is less, these effected people are less in all probability to return to their former financial positions. As with so much else about the present economy, the dangers are like rifle shots, hitting fewer targets but doing more lasting damage. (Gosselin 54). The financial lives of Americans are being influenced by a number of factors. Through this book, Gosselin brings forth these factors and the impacts these factors are having on the way the Americans are managing their work lives and family expenses.Conclusion The author has put forth the current economic situation and the impact it is having on the financial lives of Americans in his book High Wire The Precarious Financial Lives of American Families. Being an economics reporter, the author has succeeded in presenting the real picture of American economy and the insecurity undergo by American people regarding their financial lives. His book differs from other books written on this topic, for Gosselin has presented an accurate depiction of American economy in present times.He also brings forth the reasons which have led to insecure financial lives for the Americans. He holds the government and the companies responsible for this situation in America. But he fails to consider the other factors that are influencing the economic situation in America. He focuses only on the economic policies of American government and American companies, and ignores the impact of other countries on the American economy. The book has aided me in catch the present economic condition of America and the risk its people are facing regarding their financial lives.It also made me aware of the negative impact the new p olicies are having on American economy. My thinking that the new economic policies were assisting in the economic development of the America was proved wrong after reading this book. The book can be helpful for economists as good as the common people of America, for it will inform them about the reasons for their insecure financial lives, and this information will assist them in voting for catch candidate during the Presidential elections.