Local Impact of Global Economic Crisis
For instance, the compulsory affordable health care tax imposed by the authorities comes directly from the sweat of the innocent citizens. Such a policy causes a profound ripple effect since it raises other contributions such as property tax and company plan (Thorhallsson& Kattel, 2013). More and more families end up living below their means. This means fewer vacations, washing cars by hand, selling old clothes instead of giving them to the less fortunate. Businesses Closing and Downsizing The impact of a falling economy is also manifested by the number of businesses which have been closed in the last few years. The findings in the study showed that the fall in the value of houses and increased debt amongst many Americans was caused by austerity policies implement by the political governments.
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