One great issue regarding the United states that really bothers me is the American economy these days. This is really threatening for people of United States since the prices of products and the employment rates is at risk. These current economic status will cause the country in great distress if it will not be given solution immediately.Since the end of the last month, Jobless rates rose up to five percent.
Since December of last year, few jobs were open for hiring employees. Private American firms declines employment and these declines affected the housing market. Although there were reports regarding Government’s hiring spree, only few Americans got hire. At the same time the effect of terrorist activities like the World Trade bombing last September 21, 2001 provided an impact until now in the economy.
There are foreign investors that are afraid to put up business in the United States because of fear that the same tragedy will happen again. Tourist are not that plenty visiting America because of the same reason. This fear is like a nightmare that haunts the economy of the country.
According to the website of the European Union Web ring here are the top ten reasons why the US economy will collapse:#1. The United States government is currently running a budget deficit of $1.8 billion/day. Too much deficit will create a weaker American dollar and cripple the US economy.#2.
The US National Debt is $8 trillion+. It has to be paid back eventually by raising taxes.#3. Oil prices is $60+ per crude barrel, there is a shortage of oil refineries and demand is growing due to more SUVs/trucks.#4. China’s economy is now bigger than the United States and China is now the centre of the global economy.#5. China’s trade exports out-matches the United States (ie.
they can build cars/trucks/SUVs for half the price).#6. English is no longer the international business language. Mandarin Chinese is now more important.#7.
Global warming is causing the US Wheat Belt to turn into desert.#8. US universities aren’t creating enough graduates to compete on the global market. Tuition is too expensive and there isn’t enough university professors.#9. The babyboomers are retiring, creating a shortage of skilled workers.#10.
George W. Bush failed Economics 101. a good presidents must posses enough economic knowledge and skills. (The European, 2008).
I can say that I am really concern on the current economic status. Because this problem, if not given immediate solution will last for many years. This should be solved within the most possible time.
American needs to cater local goods and employers should hire American first in order to raise the employment rates. Government officials should also be wise enough in borrowing and lending money to other country. Every one must cooperate in this quest for economi profitability and increase.