As many of you know there are political, social and moral issues that have plagued American since its inception, and as we transition into an age of unprecedented technology, there seems to be the growing question of how do we as Americans define ourselves in a modern age?
For example, one such issue that plagues American society today is the issue of homelessness. Today we see a homeless population that has tripled since reports like the one done by PBS in 2009 that attempted to explain the cause and origin of homelessness in modern America.
Locally, however, we see a homeless population that continues to grow at an alarming rate with little or no reasonable answers from local officials. What’s even more alarming is the attitude of indifference displayed towards the homeless population by most members of American society.
For example, it is no longer a shock to see American men, women and children begging for money and foraging for food on our city streets, and the acceptance of this way of life by many members of society only confirms the notion that America is on the verge of becoming a “second world” nation. Financial deprivation seems to be the leading cause of homelessness in America, while mental illness and substance abuse remain major factors.
There was a time in America when financial security was considered a priority by most financial institutions who gave incentives to Americans who were financially curious. High-interest rates on savings accounts encouraged people to save and invest in their individual futures, while low- interest rates on home mortgages encouraged home ownership.
The best example of this practice can be seen in the Savings & Loans of the 1980s that later became riddled by scandal, fraud and abuse.
However, banks today provide more services than incentives when it comes to individual accounts. The reputation of trust and confidence that banks once held with the American people is now tainted by inconsistent practices and processing fees that exceed any interest an individual may incur.
One factor of homelessness can be attributed to the lack of economic confidence homeless Americans possess with regards to their financial futures that can be attributed to ruthless banking practices.