Today’s Recession May Damage the Future of America

There is indeed widespread panic among Americans who can be considered victims of the irresponsible acts of the Government which resulted into a global economic recession. The continuous increase in budget deficit and national debt has cut major government services and as a result, more people are unemployed or underemployed or underprivileged. The unlikable events that are happening may have caused a more destructive impact on the nation’s future.

Because of the rising trend in which individuals are deprived of work opportunities, families’ especially bigger ones are unable to support their children’s needs. Take for example the son’s or daughter’s of each parent which might not be able to go to school and get the proper education that is needed for a brighter future. Also take in mind those young children who might fell ill but cannot be brought to the hospital because of huge medical bills. Several evidences suggest that indeed the nation’s future is severely affected by this catastrophic event in America.

It has been projected that one in every four children will eventually experience poverty. Without job opportunities, teens aging from 16-24 will comprise the vast majority of persons who will more likely get no job at all. There is also a study which predicts child poverty to be on the rise in the next couple of years. In the study, it is noted that a child may have a higher chance of not finishing high school and may end up growing poor. Children may also end up being overweight because their parents are unable to provide them with healthy and nutritious foods.

Being poor may affect the basic elements of one’s survival such as health. Without sufficient money or savings, future adults may be deprived of proper healthcare and medical attention. More adults are prone to diseases and may die at a younger age. The morale and confidence will be lowered and basically the industry’s talents will be lessened. As an effect, families may also refrain from paying their taxes. The national budget will be lessened and so the cycle goes on.

There is indeed a relationship between the present events and what will happen in the future. What we are living today will greatly influence the future of our nation. Think of our future sons and daughters who might be suffering from starvation, poverty and lack of education. If we don’t act now, our nation will falter and the future might end in peril. The government should stop cutting the federal and civil workforce as this will only result in more unemployed individuals. The best practice is to implement programs that are accountable and at the same time reasonable which aim in helping more citizens get the essential benefits and eventually get back their jobs.

Avoidance of a Newer Recession and the Expiration of Tax Cuts

Previously, we heard about the very bad news regarding the struggling economy of the US and the constantly increasing budget deficit. Because of these events, the US lifestyle was greatly affected and more people especially the middle-class have either lost their jobs or are having a hard time finding one. Just recently, Treasury Secretary Timothy Geithner mentioned that the economy is now capable of avoiding a newer recession. But he emphasized that the tax cuts implemented on wealthy business will expire in order to show commitment with regards to reducing the budget deficit.

The Republicans has continuously proposed to extend the tax cuts while Democrats, on the other hand, are equally divided on this matter. Geithner also mentioned that only about 2 – 3% of Americans, mostly those that are earning $250,000 a year and above, are going to be affected by this new policy. They also emphasized that this new policy is the right thing to do as it would show the world how sincere and how determined is the US government in eliminating their budget deficit. It also would show that progress is slowly starting and that the country is going back to its old and productive form again.

He also projected that the recovery may take a long while before it achieves significant milestones. But he underscores that slowly but surely the country will stand up and get back on track again. The economy will strengthen for the next couple of years. Financial institutions will gain back the confidence to lend money to those who need it. The significant change that is anticipated by everyone is the improvement in the jobs sector. Since the recession, many Americans have lost their jobs. All are still hoping that more jobs will be generated so people will earn a more decent income to improve their lifestyle.

The Obama Administration is keen in pursuing measures that would create a better investor-friendly environment. The primary focus is to help and assist small business because they believe that they are the primary engine for job creation. The reform on financial rules that was signed by Pres. Obama last week will also help protect consumers and bring back the confidence of financial institutions such as banks.

The points mentioned above are a welcome sign that progress and recovery is well on its way. Let us hope that what is written on paper will also become reality. I would love to see the Obama Administration implement laws that would help in securing the economy in order to prevent future recessions.

Congress Can Still Improve the Economy Quickly

The great recession has really taken its toll on the American people. A handful of individuals have lost their job and are living a very difficult financial life. Business owners are also struggling to keep their company at bay and continue with their operations. The recession has brought so much trouble to the world especially to America that almost everyone is angry and unsatisfied with the way the government is playing.

The US economy has been unstable and has been the primary reason why so much people don’t have a job nor has a stable source of income. It is a given fact that the rate of unemployment has risen to a very alarming rate. Voters are very much upset and unpleased with the way the US economy has been doing. They all blame it to the recklessness of big Wall Street banks that left the economy crumbling. And now people are seeking for congress to pass a bill that would help mitigate this problem.

It is assumed that in the next couple of months, the state and local government will be implementing a lay off that would remove about 600,000 up to 800,000 employees. This event is triggered because of the reduced revenues brought by the recession and bigger demand for more critical services. This is certainly one of the worst fiscal crisis that the state and local government is facing. With the weak economy already in play, a massive lay off of government employees would spell doomsday.

Americans who are already unemployed are already suffering so much. People are seeking for jobs yet the economy can’t give them one. With the election going near, there are some points that congress can do to at least improve the situation and stop the continuous rise of budget deficit. Congress should first solve the problems that are occurring in the state and local government. A bill that will provide fiscal relief to these governments will help mitigate the problem and ensure that basic essential services are delivered.

The Congress should also extend unemployment benefits. Surveys show that more people are deprived of unemployment benefits. This is very much critical in ensuring that people who do not have a job may still receive enough benefits that would assist him/her in a very difficult situation. It is very important to point out that economic growth is something we really need. It provides an indicator that the deficit is shrinking and the economy is well alive again. But the most important thing is that people should be put to work again. They should continue to produce goods and services that would improve life and keep our society going.