The United States was already suffering a well documented economic slowdown when the sub-prime mortgage powder keg exploded on Wall Street. Regardless of any stopgap legislation passed in Washington, serious aftershocks will flow through the economy for months. Financial difficulties nearly always lead to emotional strain and could cause an increase in diagnosed mental health conditions.
Economic Slowdown
Back in January CNN/Money reported the national foreclosure rate was up 57% and anyone watching the headlines knows that the real estate market hasn’t improved much in the last 8 months. When this information is married to the August report from the Bureau of Labor Statistics indicating 9.4 million people are unemployed in the United States, it paints a pretty bleak economic picture.
Still the public rhetoric during that period encompassed themes of personal responsibility, or lack thereof, exercised by individuals when they borrowed money.
Then failed financial institutions caused the Dow Jones Wilshire index to go up and down like a yo-yo scaring the wits out of anyone with a 401k, and the country entered into a crisis.
The Wall Street Bailout
Rescue plan, Wall Street Bailout and the other terms being used to describe Washington’s intervention to save the financial markets are extremely accurate. It is not a full fledged solution to the problem but a temporary measure to prevent utter financial chaos. The long term impacts of this crisis will play themselves out over a number of months or even years, Wall Street bailout not withstanding.
Psychological Effects
People who have been struggling for months in the decelerating economy are likely to feel resentment toward the mainstream media and the government for waiting until the problem reached Wall Street to declare it a crisis. The economic slow down is certain to discourage couples, who were considering having children, from starting families. Setting aside how this trend can compound the current economic crisis, the choice to start a family is very personal one. For some people starting a family is a goal they work toward for years and putting it on hold due to circumstances beyond their control breeds feelings of disappointment and resentment.
The failed financial institutions have already left tens of thousands of people unemployed. As far back as 1985 the National Institute of Health (NIH) established a correlation between unemployment and incidences of depression, anxiety, and somatization.
The NIH has also documented that people under pressure to meet basic expenses are more likely to put off visits to primary care physicians for routine medical care, especially those who have lost their health insurance because of unemployment. As an outcome, small health conditions can become aggravated closer increasing the overall stress level. In the most severe cases where these issues compound each other, financial pressures, serious health conditions, depression, and increased anxiety are all common risk factors for suicide.
The emotional impacts of this crisis will reach just as far as the financial turmoil. However, the difficulties ahead will be significantly more stressful for people who don’t make their own health and well being a top priority.
