The Great Recession was one of the most crucial chapters of the economic history of the United States. . Like all other states, this Great Recession had caused huge upset in the economic structure of Tennessee as well. The entire economic base had crumbled in the United States. All the states had suffered a huge blow in the course of their economic development. In this paper, the economic crisis caused in Tennessee will be discussed and the funding of the state during the time of this economic emergency will be evaluated.

Impact of the Great Recession

The significant impact caused by this Great Recession was the loss of jobs for most of the people in the country. Therefore, the situation was getting out of hand in this scenario. The Federal Reserve Board had dropped the rates of interest during these times. It did not seem like the fact that the crisis has already been settled. It must be said that the impacts of this economic crisis in America have been running for a long time (Schneider, 2015). The scenario had changed so much that the employees had the will to do any kind of work so long they had their jobs. The negative impacts of the Great Recession had ruined the socioeconomic structure of the United States entirely.

The complications were rising and research suggest that one out of the five employees had effectively lost their jobs. These complications in the employment market seemed to be a massive problem for the economic growth of the country. States like Tennessee were no exception. The situation was so bad that most of these jobless people had failed to recover from this scenario (Schneider, 2015).. The recession and inflation of the prices of daily commodities had been recorded at an all-time high (Wolff, 2016). 

Funding in Tennessee during the Great Recession

Many people in Tennessee found new jobs after losing the old ones. All of the people from Tennessee were very essential to creating progress with the economic growth of the country in different ways. This financial crisis of 2007-08 tended to impact on the lifestyles of these people in different ways like they could not live luxuriously or eat expensive food. The tradesmen and industrialists were finding it very difficult to cope up with this situation (Wolff, 2016). 

There were many opportunities and challenges for people of Nashville. They had all these challenges in these critical conditions The situation had become so abrupt during that time that most of the people lost their jobs and were unable to find one in their chosen field. They used to earn on an hourly basis (Elsby, Shin & Solon, 2016). These changes in the job sector highlight the opportunities for jobs for eligible people. People had to manage side incomes so they could thrive properly. Many people had to change their patterns of jobs also. However, the government of Tennessee stood by their people and arranged for funding in new booming sectors (Althouse et al., 2014). Thus, new opportunities were created after the negative impacts of the Great Recession were gone.

The investors were already running at a loss so it became quite unnerving to make new investments in this financial crisis. The state funding board of Tennessee had begun process of the debt obligations since most of the public entities had been in debt for most of the times. Therefore, the state funding board decided to take some strict steps through which the situation could be revived. Amidst these issues, the Tennessee government had to drop down the interest rates. The Debt Management Policy and Derivative Policy had been restructured so they could provide better opportunities to all the entrepreneurs (Elsby, Shin & Solon, 2016). The negative implications of the financial crisis during this time would be very much important to look into the problems that the country had been facing.

The government of Tennessee had ordered all the public entities to submit Debt Management reports at the particular times. Through all these steps, the Tennessee Government had managed for the funding of the various business entities within the registered government projects (Goldstein & Peters, 2014).

Conclusion

The conclusion of the paper can be drawn by saying that the situation became very critical for all the people in Tennessee as well as other states in America. Many people had lost their jobs and they were trying to overcome these difficult times with the help of Tennessee Government. They faced several struggles in their livelihood. The government tried to make some arrangements through which common and poor people can deal with these hardships in the future.

References

Althouse, B. M., Allem, J. P., Childers, M. A., Dredze, M., & Ayers, J. W. (2014). Population health concerns during the United States’ great recession. American journal of Preventive Medicine, 46(2), 166-170. doi.org/10.1016/j.amepre.2013.10.008

Elsby, M. W., Shin, D., & Solon, G. (2016). Wage adjustment in the Great Recession and other downturns: Evidence from the United States and Great Britain. Journal of Labor Economics, 34(S1), S249-S291. doi/abs/10.1086/682407

• Goldstein, J. L., & Peters, M. E. (2014). Nativism or economic threat: Attitudes toward immigrants during the great recession. International Interactions, 40(3), 376-401. doi.org/10.1080/03050629.2014.899219

Schneider, D. (2015). The great recession, fertility, and uncertainty: Evidence from the United States. Journal of Marriage and Family, 77(5), 1144-1156. doi/abs/10.1111/jomf.12212

Shoag, D., & Veuger, S. (2016). Uncertainty and the Geography of the great recession. Journal of Monetary Economics, 84, 84-93. doi.org/10.1016/j.jmoneco.2016.11.002

Wolff, E. N. (2016). Household Wealth Trends in the United States, 1962 to 2013: What happened over the great recession?. RSF: The Russell Sage Foundation Journal of the Social Sciences, 2(6), 24-43. doi.org/10.7758/RSF.2016.2.6.02