High Wire Essay

The nutriment standards of an individual in any ground depend on numerous constituents. The frugal narrow downs of that country, is one of the most important incidentor which influences the lives of the large consider living and working in the country. The changes in the scotchal conditions of country hold in a huge remain on on the lives of people, as they affect their earning and spending capacity. unmatchable such country which is experiencing massive changes in its parsimoniousness is the States.the States was regarded as a country where one outhouse strain his/her dream of an affluent and prosperous modus vivendi scarcely the recent sparing occurrence in America tells another story. The hold in High Wire The uncertain fiscal Lives of American Families by Peter Gosselin deals with the sparing of America and the changes it has undergone since 1970s. The cause brings onward the affects of these changes on the fiscal lives of Americans. The changes in the frugal policies of America lay conduct to a spot in America where Americans be be deprived of monetary security.Through his mass, Gosselin throws slatternly on the pecuniary life of Americans which is seemly more and more unassured, owe to the case of risk from the employers to employees, from the policy companies to their clients and from the federal establishment to the American people. fiscal Lives In the book High Wire The Precarious Financial Lives of American Families by Peter Gosselin, the author focuses on the fiscal lives of Americans in the stand for times. He begins his book by pointing give away the difference in the frugal conditions in America and the financial lives of its people in the past and in the present 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 number one is that for most of the past quarter century, the unify States has e njoyed the return of a resilient and increment prosperity that once seemed disconnected. (Gosselin 1). But in present times, the financial lives of Americans engage been change by the ever-changing economic scenario in their country. Even if they be leash a life of prosperity, they argon insecure regarding their financial lives.The second fact is that many of us, thus far the affluent among us -those with family income running into the hundreds dollars- seduce arrived at the impudently century increasingly uneasy, with a gnawing sense that our circumstances atomic number 18 changing in ways that leave us less secure. (Gosselin 2). The lack of security is having a huge shock absorber on the lives of Americans. aft(prenominal) citing the economic circumstance, in which the Americans are tether their lives, the author goes on to analyze the reasons for this risk that is gripping Americans.The foremost reason he mentions in his book is related to the modern economic pol icies which places the risk on the individuals instead of authorities. In its place, wrapped in the economic doctrine of step d deliver markets and the moral rationale of personal responsibility, stands a unfermented starting signal principle Each of us is at present expected to forge our own future, free to rise or fall as our talents or luck may dictate. (Gosselin 4). In support of his lay claim, Gosselin provides numerous examples which prove the slant of risk from political science, 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 bear their medical examination expenses, without any substantial support from their insurance companies. The theory that individuals or companies are trusty for their own financial conditions has led to the collapse of eve big companies. Within days, in phra try 2008, another investment bank, Lehman Brothers, was on the shore collapse..But Paulson under wild political pressure from Conservative Re universalans in Washington to invoke moral risk of exposure and let the company fail. (Inside The Meltdown). some other factor that has greatly influenced the financial lives of Americans is the fix a job loss has on the work life of an individual. The unemployment benefits that a doer receives subsequently a job have reduced drastically in the equation to the times before a distich of decades ago. The author in any case brings forth the fact that a job loss leads to a greater drop in honorarium in present times.A worker, who has lost his job, is compelled to work on fewerer takings on his next job, thereby leading to a drastic reduction in his/her spending capacity. Effects on Individuals The effectuate 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 concern intimately the problems they leave behind 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, but recurrently, we have been night stalked by questions head-nigh our private lives. (Gosselin 2). They are worried about their medical expenses, the cost of education of their children, the impact 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 solid people whose financial lives have been by and large impacted owing to the new economic policies in their country. Individuals the bids of Debra Potter had to bear the medical expenses on their own, as their insurance companies, taking advantage of the new econom ic policies, refused to pay them the proper amount of benefits potential to them. People received benefits from their insurance companies but they were insufficient enough to cover their medical expenses.A job loss rancid the life of an individual upside down, like Coss who had to manage with meager unemployment benefits after losing his job as the Vice chair of a re ensnareed bank. As Coss-tall, taciturn, with short-cropped almost military, hair- recounted what it was like to go from earning several thousand 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 part in America where financial lives of its people lack the security which is needed to steady them when they are constituted by a job loss, medical expenses or college education. The government is not pro viding a security terminal where people can cope with the changes that new economic policies are having on their financial lives. People have to deal with these changes on their own. Instead of joining together to forge problems, that affect the whole society, the heralds of the new start say, more responsibility should be located on individuals and families. (Gosselin 5).Even though the number of people whose financial lives have changed owing to the new economic situation is less, these effected people are less likely to return to their former financial positions. As with so much else about the present economy, the dangers are like rifle shots, smash fewer targets but doing more persistent 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 au thor 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 view of American economy and the insecurity go through 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 when 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 understanding the present economic condition of America and the risk its people are facing regarding their financial lives.It also do me aware of the negative impact the new policies are having on American economy. My thinking that the new economic policies were assisting in the economic development of the America was proved defile after reading this book. The book can be helpful for economists as well 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 appropriate candidate during the presidential elections.