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The Effect Of Global Economic Meltdown On The United States

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There is a large global economic meltdown effecting everyone, especially small business. One of the most effected countries is The United States. This county’s debt is consistently rising due to the large drops in the retail sales and student loans. The global economic position is one of the worst to hit so far. This crisis is due to the amount of money the United States is always having to borrow from other countries, more specifically, Asia. This is a large-scale problem because the United States is unable to pay the money borrowed from the foreign countries back, due to the large about of debt that they are now in. The United States will be like this for a long period because the debt keeps growing and will continue to grow and change daily due to the side effects from this crisis. …show more content…

Small businesses used to be the backbone of this country now they are in great danger. Small businesses are highly affected by this global financial meltdown because they fall into great financial dept. Many things come into play in this situations. Most small businesses greatly depends on banks to fund their business because most small business owners are every day people looking for the American dream. Due to the financial dependency on the banks small businesses keep asking for more loans from the bank to support their needs for their business and the employees. Banks are less likely to approve the loan requests from the business because of the economic melt down and the business have taken out so many loans to support their business and keep it running. In 2007 the amount of loans approved went down by

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