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 __________.

Answer 1

Answer:

The correct answer is: downward mobility.

Explanation:

Downward mobility can be understood as passing from a given social level to a lower one.

Its when people lower their socio-economical status due to certain circumstances such as economic recession, having children, societal crises, etc.

This new found status can be particularly stressful to certain individuals acostumed to certain lifestyles.

In this particular case,  in the 2008 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 Downward mobility.