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What's going on?

This economic recession has plagued the speeches of politicians, stained the covers of magazines and has been a major topic on almost every news program. The recession has been like the boogeyman, lurking about America, stealing jobs from the middle class and widening the already canyon-like financial gap between Americans. And I, a college freshman, never thought I had to worry about it. I told myself, "No, no way, not me". The recession was a myth to me, something tangible only in a world that I've never seen. And now it's truth has come into my world and refuses to leave. 

According to the Associated Press 85,000 jobs were lost in December alone. With every company cutting back hours and positions it has been frustrating beyond belief to make phone calls all day, hoping to find a place that is even accepting applications, only to hear "We're not hiring" or "We just had to cut a few people". It doesn't seem real.

It shouldn't be real. I may not have a degree in Economics, but there is a simplicity to it that it seems no one wants to see. This vicious, brutal, and never ending circle has ravaged our nation. How can I spend money if I don't have a job? If I'm not able to spend money and buy a product then that store will have to cut back because they're not making enough revenue. That means that someone else will get fired and end up without money to spend, puting them in the same boat as me. So then why is the only solution of these companies to get rid of as many people as possible?

I understand that sometimes you have to spend money to make it, and I also understand that these companies need to make a profit, but how can a CEO sit at the top of the chain making 7 or 8 figures a year when there are so many people struggling to make ends meet? It's not a matter of taking one for the team, but taking one for the nation, for the well being of millions of people whose lives depend on these jobs.

I know I'm not alone and  there are people who have been hit by this financial heavyweight harder than me. But this has to, absolutely has to, change. And until it does we just have to realize that things have been and can be much worse and if we are at the bottom then that means things can only get better.    

Comments

  • Mike 4 years ago

    Don't forget to use spell check. Please at least take Economics 101. And believe nothing you hear or see. Economics, much like life, is a subject which takes a long time to comprehend. And blaming CEO's, for a monetary system, which is constitutionally overseen by Congress... well it would seem to me that there's a lot of blame to go around... but mainly the blame should lie with the voters and the politicians they elect. It's the actions of the Federal Reserve, and the borrowing power of the Federal government, combined with the desires of the voters... that's brought us to this point. Remember, CEO's don't have the ability to create artificial economic bubbles. However, the Federal Reserve does. In particular, most recently it was George Bush's minority home ownership plan, which he launched in 2002 (combined with liberal home lending programs such as Fannie Mae) that helped bring about this economic bubble which recently crashed.

  • Extrano 4 years ago

    Matt, the problems are the same ones that destroyed the American economy in 1929. A credit bubble. Now - I don't have space to fully explain this, although I have at one of my blogs.

    But briefly, Congress set it up so Fannie Mae and Freddie Mac could to buy trillions of dollars worth of NINJA mortgages. So people with No Income,No Job, And no hope, could buy a home with nothing down.

    A young Chicago lawyer sent ACORN members to sit in at financial institutions, impelling banks to actually issue such mortgages and sell them to the government. So now, Fannie Mae and Freddie Mac are technically bankrupt.

    And are holding some three trillion dollars worth of bad paper. So the housing bubble has burst. Putting people out of jobs, and constricting the loans small businesses need to hire.

    Since some 80% of private sector jobs are from small business - the $40,000 a year CEO's cannot buy supplies, cannot expand, and cannot hire. All because one Barack Obama set it up that way.

  • Mike 4 years ago

    It was then (2002) current president George Bush who encouraged banks to make these loans to NINJA clients. Just google "george bush minority home ownership". This was a Republican housing bubble, made possible via Democrat home lending programs. The production of the funds came from then current Conservative Alan Greenspan as Federal Reserve Chairman. In Alan Greenspan's autobiography "The Age of Turbulence" he justifies the home loans to NINJA (sub-prime) clients by stating that owning private property would help millions of Americans understand the concepts of private property. Interestingly, both Republicans and Democrats took credit for the 'success' of the bubble. And then both blamed each other when the bubble collapsed. Not surprisingly Democrats blamed the 'rich guys'. Our wonderful government at work.

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