Free Essay

The Economy's Downfall

In: Social Issues

Submitted By atorre22
Words 1371
Pages 6
The Economy’s downfall – “Our” Responsibility
April 1, 2010
ENGL – 1304

The Economy’s downfall – “Our” Responsibility
There are those individuals that ignore and enjoy hurting the economy than trying to fix it, while there are those who won’t quit in trying to find any possible solutions to help the rest of Americans and their government. To fix an economy in a recession is a step by step resolution. To cure in wound in your flesh is like trying to fix an economy in a recession. There are different ways to fix the economy with different legislations, low and high budgets, and leadership. To fix a wound you have to identify its past conditions, and then examine the event that occurred. Following that you create options to choose from to try and decide/fore see which will have a better solution.
To first explain economy in American history we know that the economy was continuously up and down in the United States. In the growing years of 1990’s much effort was made to put the economy in the most efficient state possible (staying away from a recession and inflation). In the years of 1993, “President Clinton and Vice President Gore launched their economic strategy: 1) Establishing fiscal discipline, eliminating the budget deficit, keeping interest rates low, and spurring private-sector investment; 2) Investing in people through education, training, science, and research; and 3) Opening foreign markets so American workers can compete abroad. After eight years, the results of President Clinton’s economic leadership are clear” (The Clinton Presidency). These actions made a boom in our economy where over 22.5 million jobs were created, where inflation was 2.5 percent and unemployment was at its lowest in more than 30 years at 4% (when in a stabilized economy, Inflation can be expected to be at 7% while unemployment is in between 4-5 percent). With the leadership of President Clinton, the United States had 7 Million Fewer Americans Living in Poverty, meaning that only 10% of Americans were under that category compared to 15% in other historic times.
While the economy sounds good and perfect during the Clinton years, there was a huge deficit that began to build up that George Bush had to deal with during his term in office. President Bush did work with the surplus problem, ‘and there were various tax cuts for the very wealthiest Americans, but in 2002, there were no regulations in place’ (Bynum). After this episode, President Bush had the urge to spend billions on an unnecessary war putting money and American lives to waste.“Bush and the Republican controlled Congress also set up the deal to send thousands of American jobs to Asia because there were no regulations for companies in foreign countries” (Bynum).
The blame on this economic recession is on the Republican Party that controlled congress. Neither both presidents have any power to change how money is being dealt with, but only create legislations to help and destroy the economy and the United States. The fault is not within the presidents but within congress where they didn’t do anything to prevent a recession, but only refuse because it didn’t hurt them. “It began in 2002 when the regulations on the banking and financial industry expired and were not renewed so commercial banks and federal reserves could continue to manipulate the American public out of hard earned money” (Bynum).
Our Current president, Honorable Barack Obama, has seen and identified the cause of the situation we have as of today. With hard work and dedication, President Obama is looking for methods to create a better financially stabilized country, methods to create opportunities, methods to create hope, and methods to recover “our” America. Obama created and focused on the $787 billion stimulus plan that has been designed as a way to relive the economy, being able to keep companies open, opportunities to provide employment, and provide various tax breaks to Americans. The President’s stimulus package was a success within his first month in office, and willing, he knows that it won’t be the only solution (Andrieski). America, under President Obama’s leadership, has been facing the troubles that Bush and Clintons Administration in congress would not dare to face. One of those problems is the Housing closures. ‘Obama has made a $50 billion plan to help stem foreclosures — in Arizona, one of the states hardest hit by the mortgage defaults that are at the center of the nation's economic woes’ (Andrieski). “More than 2.3 million homeowners coast-to-coast faced foreclosure proceedings last year, and by 2007 there was an increase of 81 percent. Analysts say that number could soar as high as 10 million in the coming years, depending on the severe hit of the recession” (Andrieski). The president is going to do whatever is necessary to get our economy back to a stabilizing cycle.
Another bill that will create a difference is the new American Recovery and Reinvestment Act of 2009. “This bill was passed by congress on Feb 13 and will help to save and create more jobs, get our economy moving again, and transform it for the long term growth and stability. This act is calling for $506 Billion in deficit-financed spending. This money will not be spent in a matter of months, but in years. The reason for this bill is to create more spending, turning the economy around with its $286 Billion in tax cuts and credits. This will give a jumpstart in our economy, create 3.5 Million jobs, give 95% tax cut, and begin to rebuild America’s infrastructure (Pelosi).
At this time, throughout all the situations that government is dealing with, congress is still hard headed, is acting dull, and is ignoring any other situation that doesn’t include them and their money. The president prepares and tries to present various bills to fix our economy. House Bill 349 is an excellent example that should be approved by congress. Even though those individuals that refuse to hear that government’s involvement with the economy, they should understand that it benefits Americans. For example, House Bill 349 is “the result of months of negotiations between labor and business leaders” that will help Kentucky workers and their work benefits. Their goal is to increase the state’s unemployment insurance trust fund by $732 million. ‘Several sacrifices need to be made, but still, everyone is facing the obstacles of the recession and trying to have a successful and face other issues’ (Steitzer).
So far there have been no bad plans to fix the economy, only the effort that the rest of America has put in (which is none). Individuals such as the president, the vice president and members of congress are trying to do what’s possible to pass the bill that can save us all, while the rest of us are just sitting around. At this pace, we won’t go forward, only backwards towards a deeper recession. As Americans we should try to save our economy because it will save us from another depression. We have the power to make decisions so we should choose what is going to help us, move on forward with every American we can.

Works Cited
Andrieski, Ed. Obama: Stimulus lets Americans claim destiny. MSNBC, 17 Feb. 2010. Web. 27 Mar. 2010. <http://www.msnbc.msn.com/id/29231790>.
Bynum, Ron. Republicans and George W. Bush are responsible for the economic problems in America today. Examiner, 21 Jan. 2010. Web. 27 Mar. 2010. <http://www.examiner.com/x-31532-Modesto-Political-Issues-Examiner~y2010m1d21-George-W-Bush-and-Republicans-are-responsible-for-the-economic-problems-in-America>.
Pelosi, Nancy. American Recovery and Reinvestment Act. MSNBC, 13 Feb. 2010. Web. 27 Mar. 2010. <http://www.speaker.gov/newsroom/legislation?id=0273>.
Steitzer, Stephenie. Bill to fix unemployment fund in jeopardy. Courier-Journal, 19 Mar. 2010. Web. 27 Mar. 2010. <http://www.courier-journal.com/apps/pbcs.dll/article?AID=20103190372>.
The Clinton Presidency: Historic Economic Growth. White House, 2000. Web. 27 Mar. 2010. <http://clinton5.nara.gov/WH/Accomplishments/eightyears-03.html>.…...

Similar Documents

Premium Essay

Downfall of Chrysler

...hate the most is surprises. Surprises are not good. The company owes it to the employees to keep them informed on what’s going on because it has a big impact on them. You have a lot of employees walking around thinking everything is okay and the next day they are called into meetings to be told they are losing their jobs or the company is about to file for bankruptcy and they never saw it coming. In a situation like this it is so unfair. A lot of families suffer from this because there was lack of communication. Some people have just purchased brand new homes or brand new cars and come to find out they can’t afford these new things. If only the company had kept the employer informed they could have better prepared themselves for the downfall. Around April 30, 2009 America learned that Chrysler was filing for bankruptcy. Some of the headlines include statements like Chrysler was king of the hill with its 300 series just a few years ago. Oh how the mighty have fallen. Now the company may go bankrupt after a string of uninspired products destroyed its reputation. (www.money.cnn.com) While an administration official promised there will be no immediate job cuts for the company's 39,000 employees or plant closings, Chrysler announced that most manufacturing operations will be temporarily shut down on Monday, May 4. Normal production is not due to resume until the transaction with Fiat is completed. (www.money.cnn.com) Now when you have a closing of some......

Words: 1994 - Pages: 8

Premium Essay

The Downfall

...Movie Review – Downfall It took place inside the bunker beneath adolf hitler and his men spent their final days with the other civilians. It shows the tear up of the nazi defenses of berlin. Our entry to this sealed world is Traudl Junge hired by Hitler as a secretary. and eyewitness to Hitler's decay in body and mind. She wrote a memoir about her experiences, which is one of the sources of this film, was a documentary about her memories. In a clip at the end of "Downfall," filmed shortly before her death, she says she now feels she should have known more than she did about the crimes of the Nazis. But like many secretaries the world over, she was awed by the power of her employer and not included in the information loop. Yet she could see, as anyone could see, that Hitler was a lunatic. Sometimes kind, sometimes considerate, sometimes screaming in fits of rage, but certainly cut loose from reality. Against the overarching facts of his personal magnetism and the blind loyalty of his lieutenants, the movie observes the workings of the world within the bunker. All power flowed from Hitler. He was evil, mad, ill, but long after Hitler's war was lost he continued to wage it in fantasy. Pounding on maps, screaming ultimatums, he moved troops that no longer existed, issued orders to commanders who were dead, counted on rescue from imaginary armies. That he was unhinged did not much affect the decisions of acolytes like Joseph and Magda Goebbels, who decided to stay with him, and...

Words: 818 - Pages: 4

Premium Essay

Downfall of Macbeth

...The downfall of Macbeth is most often attributed to either his own ambitions run amok or the influence of his wife's Machiavellian manipulations. The husband and wife work in tandem to bring about the prophecies of the Weird Sisters, and it is Macbeth's hand that does the greater evil deed against Duncan and the only evil against Banqo and MacDuff's family members; in essence the rise of the Macbeths to power is one of shared responsibility. Their downfall is played out on the same road as they travel in opposite directions to and from being responsible for their own fate. The belief in the occult is an element of the play that drives its tragedy; an element that may be lost on modern audiences looking to find motivation for Macbeth's murderous deeds. The belief in prophecy is particularly important in gaining a foothold on understanding the downfall of Macbeth and his Lady. When Macbeth first comes upon the Weird Sister and they roll out the prophecies for both Macbeth and Banquo, and by extension Duncan and his family, more is going on than just a foretelling of the future. The prophecies instill in Macbeth the realization of his dreams, of course, but they also portend that the darkest fears of Macbeth will be realized alongside his dreams. Without Macbeth's unquestioned belief in the occult and acceptance that the Weird Sisters have the power of prophecy, there would be neither a rise nor a fall. If the rise of Macbeth to king can be said to be a combination of belief in...

Words: 990 - Pages: 4

Premium Essay

The Downfall of Romeo and Juliet

...Surigao del sur State University Tandag City, Surigao del Sur In Partial Fulfilment Presented to The Faculty of the college of Arts and Sciences Surigao del Sur State University Tandag City, Surigao del Sur In Partial Fulfilment Of the requirement for the Degree Bachelor of Arts in Filipino JACKIELYN P. ALMEDILLA ROCHELLE I. CASSANO Literary Theme : Romeo and Juliet by William Shakespeare Analysis written by Jordan Ward Submitted By : RUBYLYN E. BALDOVINO BA- Filipino 2 Submitted To : SOL VERTUDAZO The Downfall of Romeo and Juliet In the Play Romeo and Juliet by William Shakespeare, he writes about two young adults who have fallen madly in love, Romeo and Juliet. They are from two very different families who are bitter rivals, the Capulets and the Montagues. In the play, it shows and depicts the problems that arise when they fall in love, and how their impatience in important events leads to the downfall of their marriage in the end. Romeo and Juliet are to blame for all the misfortune experienced in this book, due to the impatience and stubbornness of each; Shakespeare created this to show how important patience is during crucial events. Because of their impatience, their marriage is torn apart, and both end up dead as the play comes to a close. Romeo and Juliet sealed their own fate, and are the only ones to blame for all the misfortune they experienced during the play. The first major problem Romeo and Juliet create for themselves......

Words: 1424 - Pages: 6

Premium Essay

Ldr 531 Downfall of Enron

...Examining a Business Failure: The Downfall of Enron Team D: LDR/531 2012 Eric Heard In December of 2001, Enron was forced to file for bankruptcy after an investigation of their finances. This investigation uncovered a history of conspiracy, money laundering, and inside trading that led to one of the largest fraud scandals in history (Cernusca, 2011). As a result, businesses should examine exactly where this powerhouse faltered. The areas to be studied specifically are organizational structure, leadership, and management (Yuki, 2010). Once this is complete, business should learn from Enron's mistakes and be careful not repeat history. Organizational Structure's Part of the Enron Failure When looking at an organization, the structure which is defined as “how job tasks are formally divided, grouped, and coordinated” is important to fully understand the organization and how it can be an asset or in the case of Enron a failure (Robbins & Judge, 2011, p. 493). Since the fall of Enron people have studied the company to see what caused the failure. Due to Enron’s failure we have new legislation to help prevent some of the issues from happening again in other companies from the Sarbanes Oxley Act (SOX). One of the reasons for the act was the way Enron’s upper management ran the company. One key element to organizational structure is Centralization and Decentralization decision-making. This key aspect could be argued as the......

Words: 1178 - Pages: 5

Free Essay

Downfall of Ussr Essay Outline

...Which was more responsible for the downfall of the USSR, impersonal economic and social forces or words and actions of key individuals? Command Word: Which Given Factor: impersonal economic and social forces or words and actions of key individuals? Given Event: downfall of the USSR Focus word: more responsible Introduction: * Background Information: The downfall of the USSR in the year 1991 was due to the convergence of many factors, mainly the impersonal economic forces and the words and actions of key individuals. * Definitions: * Downfall of USSR: the collapse of the Soviet union in the year 1991 * Impersonal economic and social forces: Economic and Social forces not in relation to any particular person at all * Words and actions of key individuals: The people in power creating a situation which allowed many bad repercussions to occur * More responsible: had more significance in resulting in the downfall of the USSR. * Argument outline: * 1: Impersonal economic and social forces had more responsibility in the downfall of USSR as they created unforeseen circumstances which could not be averted * 2: Words and Actions of Key individuals in the Soviet Union had more responsibility as they had full control of the economic circumstance in the Soviet Union. * 3: Words and actions of Key individuals in the USSR had more responsibility as they provoked the masses into a social revolution. * Stand: Impersonal......

Words: 790 - Pages: 4

Free Essay

Television's Downfall?

...Kapil Balkaran Professor Matthew Mecs MDM 615 SEL March 31, 2013 Television's Downfall? Television has been an important source of media in our culture, before television there was radio, and before that there was print. Today, as technology continues to advance, so does the way that we obtain our media. Computers are now another window that viewers add to their media consumption habits. Access to the internet allows a virtually limitless source of entertainment. Movies, which once could only be seen in theaters eventually became available in the home through VHS and ultimately through BluRay. Brick and mortar stores like Blockbuster had immense success offering consumers the ability to rent movies upon release; but today these retail stores are close to extinct. Newsprint and radio are becoming dying forms of media, and the successful brands will prove to be the ones that are able to adapt through an online market. A study done by the Pew Research Center found that “more people continue to cite the internet than newspapers as their main source of news, reflecting both the growth of the internet, and the gradual decline in newspaper readership (from 34% in 2007 to 31% now)” (Pew, 2011). While television still seems to remain a powerful medium, there is no doubt however that it's viewership is at risk of more and more decline as companies like Netflix and Hulu become more dominant (Goodman, 2013). Websites like Netflix and Hulu are changing the way people watch......

Words: 926 - Pages: 4

Premium Essay

Downfall of Mankind

...The Downfall or Making Mankind The stem cell controversy has ignited great debate around the world. The mere subject makes people stand in arms or profess its place in science. Scientists proclaim that the stem cell is the most powerful cell in the human body. The stem cell has the ability to morph into any other type of human cell. In most religions, stem cell research has been viewed as playing God. The belief that unwanted embryos are being used and the dreaded words “legalizing abortions” in order to obtain stem cells has reviled people worldwide. While politicians in the United States have based their platform for stem cell research for a cure, or attempting to legalize abortions countrywide, is very broad and a very narrow path because of the promises of science to cure all. The religious downfall that we may be playing God, and the constant bantering from our politicians about it is the right thing, and the wrong thing. Scientists have long argued over the leaps and bounds that were made from stem cell research. The history of stem cell research had a compassionate, embryonic beginning in the mid-eighteen hundreds with the discovery that some blood cells could generate other cells within the human body. In the early nineteen hundreds European researchers realized that the various types of blood cells came from a certain “stem cell.” In 1963, the first true study of stem cell renewal took hold when Canadian researchers discovered self-renewing cells in......

Words: 1100 - Pages: 5

Free Essay

Economic Downfall

...Economic Downfall The Economic downfall in Georgia has affected me and my family in many ways. First, it affected us with the work going down hill, like in the construction market. Second, the housing market was shot and is still really bad. Finally, the market for automobiles seemed like it went up even though no one could afford them. First, the building market went completely under, my father has been a general contractor for 30 years and built over 450 homes half of them well over a million dollars. We moved to Georgia when I was in High School and I took drafting classes all through school to learn more in the field, upon graduating I went and took the general contractors license test and past. Things were great for a few years building allot of homes here in Georgia and then it was almost like one day it all folded. We went from doing great to doing horrible and having money tied up in spec homes and no market to sell them in. I was totally confused at the time being very young and actually the youngest general contractor in my county. We weren't able at the time to make a full recovery so I joined the military so I could support my family. Things are now a bit better, I am now out if the military and renewed my license and we are pretty busy its just still not quite what it used to be. Secondly, the housing market this affected me in two ways. One way was all of the spec homes that we had built, some of them had sold before they were completely......

Words: 671 - Pages: 3

Premium Essay

Enron Downfall

...Enron’s Downfall In 1985 Enron was created from a merger between Houston Natural Gas and InterNorth, both companies dealing of natural gas pipelines. During the process of the merger, Enron incurred massive debt – the only hope of survival was initiating a new business plan and strategy to generate profits. Over the next decade, Enron’s reputation grew within the country. CEO Kenneth Lay hired Jeffrey Skilling to lead the company’s efforts, again to success. The business began to flourish while employees were expected to perform at top rankings and produce earnings after Skilling’s roll out of RICE went into effect. In 1999, Richard Causey, a previous Arthur Andersen accountant who left his former position to join Enron as assistant controller, is named Chief Accounting Officer and assists Andrew Fastow, one of Skilling’s first hires, in creating two partnerships maintained to buy poorly performing Enron assets and risky investments to hide company debt. Transferring these assets meant the losses would remain off of Enron’s financial statements. “Reducing hard assets while earning increasing paper profits served to increase Enron’s return on assets and reduce its debt-to-total-assets ratio, making the company more attractive to credit rating agencies and investors.” In 2000, Enron’s stock hit an all-time high of $90.56 and they were feature in Fortune magazine for Most Admired and Innovated Companies. On August 22, 2001, Sherron Watkins, a finance executive......

Words: 610 - Pages: 3

Premium Essay

Consumer Economy’s Consequences and Alternatives

...CONSUMER ECONOMY’S CONSEQUENCES AND ALTERNATIVES The age of consumption is brought through innovations in fast industrialization of the world. Right now a country’s development is valued by how much it is industrialized and the rate of consumption in that economy. Naturally this situation effects how people live. Through last few decades, people have changed their values as a result of consumerism. The understanding of society turned into individualism where people only think about their interests rather than benefit of society. People value each other by what they have or can afford to buy, therefore disconnection in communities increases day by day and eventually causes unhappiness among humanity. Moreover, redundant amount of consumerism causes alarming decreases of natural resources and makes it impossible to live a sustainable green world. The waste of resources also threatens the existence of future generations since the world we know will be consumed totally by then. Although consumerism is an undeniable element in economy its implications are corruptive for both people’s happiness and sustainable development in order to change this destructive system, alternative ways of living should be practiced in life styles, and economic structures. Consumerism’s effects on life styles are very distinctive we can see how people adjust their way of living an imperialistic system, how they change their daily habits and family interactions however all these alterations......

Words: 1256 - Pages: 6

Premium Essay

Downfall of Rafsanjani in Iran

...http://www.atimes.com/atimes/Middle_East/MC22Ak04.html Middle East Mar 22, 2011 | | | | Share | More | | | The downfall of Rafsanjani By Mahan Abedin The decision by former Iranian President Hashemi Rafsanjani not to contest elections for the head of the Assembly of Experts indicates that efforts to purge him from the establishment are now almost complete. The official exit of Rafsanjani from the country's political establishment is the most visible sign of the profound political changes that have taken place over the past 21 months. Asia Times Online has consistently argued since June 2009 - in the immediate aftermath of Iran's controversial Presidential Elections - that Rafsanjani will end up as one of the biggest losers of Iran's political transformation. Besides confirming the total collapse of the centrist line in the Islamic Republic, Rafsanjani's political demise is yet another clear shift towards authoritarianism and superficially at least consolidates the position of hardline right-wing factions. However, beyond the immediate challenge of reconstructing the official establishment, the Islamic Republic is still faced with the difficult task of addressing long-term concerns about legitimacy and democratic accountability. The new regional dynamic of reform and democratization are likely to add greater impetus to this process. End of a career The end when it came was more gentle than expected. Instead of a public humiliation...

Words: 720 - Pages: 3

Premium Essay

Downfall of Rome

...conquer new lands. The second major reason why Rome collapsed was because of legal injustice. In the text, it states, “The condition of Roman subjects in time of peace is worse than war…taxes are very severe, and unprincipled men inflict injury on others…A wealthy lawbreaker…is not punished for his injustice, while a poor man…undergoes the legal penalty...” (Document E). Consequently, Roman citizens felt like their government was corrupt. Their morale went down, and they didn’t feel the need to defend their empire anymore because it was so corrupted. They would rather get taken over and ruled by foreign invaders than to continue living as a Roman subject. Finally, the third big reason why the Roman Empire couldn’t survive these downfalls was because of their inconsistent and ineffective rulers. This led to many political assassinations. In the span of 50 years from 235-285 CE, there were at least 22 Roman emperors. Out of these 22 emperors, 13 were victims of assassinations or possible assassinations (Document A). Because of this, Rome didn’t have a strong ruler to enforce laws, improve the army, and fix another problems that Rome had so that they could withstand foreign invasions and natural disasters. Roman citizens began to lose respect and trust in their government, leading to broken laws, an unstable economy, and huge losses for Rome against foreign invaders....

Words: 450 - Pages: 2

Free Essay

Downfall of Luther Nedeed

...Raven Burgess Dr. Degout English 003 10 February 2012 Gloria Naylor’s Linden Hills: Resistance of Luther Nedeed In Linden Hills, Gloria Naylor illustrates the resistance of Willie K. Mason and Luther Nedeed’s wife, Willa, of the ideology of Linden Hills develops the rhetoric that they serve as the downfall of the generations of Luther Nedeed. Willie was an anchor that brought people of Linden Hills of their high horse and into the reality of the world. Willie resists the white hegemony and status of the residents of Linden Hills. Some critics believe that Willa served as the messiah for Linden Hills. Willa resists the western aesthetics of patriarchy. With the opposition of Linden Hills’ ideology, Luther Nedeed’s founding values crumble in one season. Willie is a fail Luther’s scheme of life. Willie wants to be successful, but not at the price of selling his soul. Willie’s debates about the world black people live in brings insight to the residents that live by the white hegemony present in Linden Hills. Willie attempts to explain the white hegemony that Xavier and Maxwell live by with the statement “Then I guess it’s just a coincidence—that the majority of black folks in this country are poor, have been poor, and will be poor for a long time to come.” Making an issue about the way Luther sets up the goals and status of life threatens his community. With no knowledge of his influences over the residents of Linden Hills, Willie contributes to diminishing legacy of......

Words: 951 - Pages: 4

Premium Essay

Downfall of Enron

...ENRON The Downfall of Enron Introduction In recent months, the well publicised collapse of Enron has dominated the international financial news. The impact that Enron has had on both the accounting and business world will be long lasting and there is a need for an accounting shake-up. German newspapers have been casting doubts on the long-term prospects of the so-called “Big 5”. Some articles have been sceptical over the remaining “Big 4” accounting firms’ future and see Andersen as the start of a long-term downturn in the accounting world. (“Das Ende der Big 5”, ICN 2002) Andersens were auditors of Enron until the company’s collapse. They were not only auditors but provided consultancy. This was one of the major factors behind Enron’s collapse, as there were conflicts in their duties. Andersen could have found their fees cut substantially if they did not comply with Enron’s auditing demands. Acconting firms want their consultancy practices to be efficient. Therefore, they want their clients to look as profitable as possible. However, auditors need to provide a true and fair view of the accounts. They must not be tempted to manipulate financial reports. In Enron’s case, thıs duty was neglected. There is a lot of literature on creative accounting and Andersens used some of oldest tricks of manipulation. Enron’s financial reports had hidden liabilities and capatalised many expenses which should have been written off in the year they occured. As a result, profits......

Words: 640 - Pages: 3