For decades America has been the shining beacon and leading power throughout the world. From religious freedom to economic strength, this country has continually and courageously pushed the envelope of conventionality by striving to be the best. But every great power eventually sees it’s downfall and America might at last have met her great match: debt. The Wall Street collapse of 2008 triggered economic suffering throughout Europe. Countries such as Greece and Italy are still struggling with collapsed economies and are in the process of defaulting their loans. What results may very well be a collapse in the government, or the assimilation of these countries by other European leaders.
America succeeded in escaping this economic backlash through a serious of stimulus plans proposed by President Obama – but this only prolonged the inevitable. What was supposed to be a natural cycle of the private sector economy turned into a governmental mess. Without tampering and trying to avoid any economic downturn, the stock market would have eventually corrected itself. Instead of letting this usual progression take place, Congress instead spent money that America didn’t have. By personally changing the shape of American economics, the only thing President Obama has succeeded in is worsening the blow. Not only is America still facing a recession on her horizons, but she will also be 14.7 trillion dollars in debt when she does. And with Congress still spending money every day and widening the chasm of debt, one has to wonder if America is digging a hole that she will not be able to pull herself out of. It’s certainly a possibility, and one that urges further attention, that we Americans are facing an unrecoverable debt load.
With that sour taste on your lips, think of this. With a staggering amount of debt, and the costs of a highly bureaucratic government added to that, tax rates will soar through the roof. In a new recession where more jobs will be cut and wages will continue to decrease, America is starting to seem more like an unruly teenager that has overspent her parent’s credit card. The future for us may very well hold similar fates to those of Italy and Greece and the other suffering European countries. Whether an actual governmental breakdown will occur is a debate better left for the anarchists, but Americans can be certain that economic troubles are far from over.
There can be no real solution to this crisis, except miraculously raise 14.7 trillion dollars. But Washington can definitely start making improvements that will soften the sharp edges. What Congress needs to do is immediately stop spending. If a government shutdown needs to be issued than so be it, as long as we stop this rampage while we still can. In addition to that, strict business regulations need to be lifted to give the private sector the opportunity to recover for itself. It is time that the government stops meddling in every aspect of American lives and allows life to carry on normally. This country is in dire need a strong political figure to come sweeping in on a white horse, and carry her away into the sunset of positive economic growth, and private market freedom. But for now, Americans must watch business as usual happen in Washington, and fervently hope that it is not a grave that Congress is digging.
And what of the XYZ Generation entering the ranks of the American job corps? In addition to the decrease in jobs and wages, the average college graduate will be assuming a personal debt of over 47,000 dollars that they will personally be responsible to pay back to the government that so erroneously spent it. Add this to the already overwhelming reality of student debt and loans, and you have yourself one sticky mess of money that will follow you until retirement. That is if Congress hasn’t already spent your Social Security fund.