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The Economic Truth

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The Economic Truth

Harrison Boyd, Writer

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The United States unemployment rate stands at 23%. This has caused humans in all major cities to lose their house, family, or a life.  No doubt, it has increased the number of homeless people in major metropolitan areas.

Unemployment stands as the main source of poverty, and this has grown tremendously over the past 10 years. A recent daily job report stated that Harley Davidson laid off over 800 employees owing to low sales, Sam’s Club has closed 63 locations, and WalMart has cut 1,000 people. A reckless and wanton spending policy by the U.S. government has brought this calamity.

The stock market skyrocketed in 2017 and continued to climb in early 2018 producing a false sense of euphoria. However, the final week of January of this year, the stock market took its worst plummet since June of 2016.

In 2008, a year of economic depression, countries experienced turmoil in the world economy. The entire financial market nearly collapsed. The resolution came on a Monday morning by the government appropriating billion dollar bailouts for American banks and financial services.

The banks lent money for toxic mortgages and sub-prime loans, creating high risk debt. When banks began to fail, the government issued money to them around the country to maintain their solvency. However, they did not address the structural problems that produced insolvency in the financial system.

Barack Obama, the 44th president of the United States, did not secure the economy. Instead, the United States accumulated 10 trillion dollars of more debt during his presidency.

During Bush’s presidency in 2006, the Bureau Of Economic Statistics stopped publishing the M3, an economic measure of the total dollars in the U.S. economy. This made it more difficult for U.S. citizens to see the large money supply increase and to question why this upsurge took place.

The economy’s stimulation from money printing only produces debt expansion. The government needs to learn that wealth comes from natural resources, not a printing press. The ultimate result of this crisis will end in hyper-inflation, and ultimately, produce poverty and misery for people.

All Americans want to protect their homeland. That option diminishes any time that the government spends money carelessly and recklessly. The economy, now has a 20 trillion dollar debt, and even if the government taxed Americans at a rate of 100%, they could not pay off this amount.

The final and inevitable forthcoming punishment will arrive soon.

The Federal government needs to exercise responsible spending and balance the budget.

Humans only live once, and the economy only lives once as well.

 

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About the Writer
Harrison Boyd, Assistant Editor/Writer

Hello, my name is Harrison Boyd. I recently started attending New Caney High School this year, and it feels like a wonderful experience. I love to spend...

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The Economic Truth