America is in fear over the financial crisis, and no clear solution has presented itself.
The political parties continually blame each other in a never-ending cycle, while the state of the economy keeps falling and the national debt keeps rising. Along with that, many functions of the government, such as tax reform and Social Security, have ‘leaks’ in them, where money is being lost. As researchers look into the crisis more and more, they keep finding scary results, such as the predicted debt in 2035 being 185 percent of the country’s (GDP). Despite the work of economists, an economic problem of this seriousness has not ever appeared before. The National Commission on Fiscal Responsibility and Reform worked to create a document that would lead Washington towards a solution, however this article has both advantages and disadvantages in it.
To understand the article, you must first understand the Commission and where they come from. They were a group specially created by the President to combat this issue. In their values, they speak of unity, charity, frugalness, and integrity. Their purpose is to keep the nation balanced, while changing the direction of debt from rising to declining. President Obama was the one to create the group. Despite him being elected from the Democratic party, the Commission includes members from both the Democratic and Republican parties. They plan the article to have six different parts, trying to fight many different factors that increase the national debt level. The Commission starts off by stating their list of goals, such as “Achieve nearly $4 trillion in deficit reduction through 2020.” These goals seem far-fetched, but describe how flawed these systems are, and lead the reader into ...
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...in the outline of all this, the plan will be well laid out, with some suggestions demonstrating to be successful promptly and some after a longer period of time. On the off chance that the plan will be worked upon sensibly it can and will help the weak economy of the United States of America and let it stand on its feet to get to be one of the most capable economies in the world. (Kaiser, p.20, 2010).
References:
Bertone, Gianfranco. "The moment of truth for WIMP dark matter." Nature 468.7322 (2010): 389-393.
Sturzenegger, Federico, and Jeromin Zettelmeyer. Debt defaults and lessons from a decade of crises. MIT press, 2006.
Kaiser, Niclas, et al. "Depression and anxiety in the reindeer-herding Sami population of Sweden." International journal of circumpolar health 69.4 (2010).
Curry & Shibut (2000), The Cost of the Savings and Loan Crisis: Truth and Consequence .Retrieved July 20, 2010 from www.fdic.gov/bank/analytical/banking/2000dec.
According to Kirmayer, “...every culture has a type of experience that is in some ways parallel to the Western conception of depression…” (Watters 517). He proves this by explaining how a Nigerian man “might experience a peppery feeling in his head” (Smith 517) or how symptoms of depression in an American Indian project as feelings of loneliness. Depending on the location of the country and the language used to describe distress, symptoms of depression varies from region to region. He described this as “explanatory models” that “created the culturally expected experience of the disease in the mind of the sufferer” (Watters 518). In other words, the cause of depression is different for every country and thus each person experiences and describes depression in a way that matches their culture and environment. American researchers and clinicians often overlook culturally distinct symptoms because Americans classify depression in terms that might contradict the standards of other
Many argue that Reagan “enacted irresponsible tax giveaways for the rich…[starving] the federal government of revenue [which] led to unprecedented deficits.” There is no doubt that “today’s budget deficits [can] impoverish our descendants.”1
A “Financial Crisis”, an “Economic disaster on a scale few nations have ever experienced”(1), the “Great Recession”, the “Lesser Depression”, the “Long Recession”, the “Global Recession of 2009”(2) and the “Financial Implosion”(3) are all expressions used to describe the economic situation the United States found itself in 2012. Louis Michael Seidman, a Harvard graduate and Carmack Waterhouse Professor of Constitution Law at Georgetown University Law Center, referred to it as “fiscal chaos”. It is Professor Seidman’s belief that the cause of this great chaos is the “archaic, idiosyncratic and downright evil provisions” of the Constitution. Seidman wrote an article in the New York Times entitled, “Let’s give up on the Constitution”, and argues, due to his personal philosophy, that the Constitution should be abandoned. (4) Seidman fails to acknowledge poor fiscal banking policy, lending to non-qualified borrowers, government bailout of private corporations or perhaps the repeal of the Glass Steagall Banking Act (5) as the sources contributing to the financial crisis. Instead, he places the entire blame on the founding fathers. In spite of Seidman’s ridiculous quibbles, the Constitution should be up held to maintain both the solidity and freedom the United States offers its citizens.
Beck, A. T., Steer, R. A., & Brown, G. (1996). Beck Depression Inventory-II. Retrieved August 18, 2011from EBSCOhost.
"After several years of crisis, a new multilateral strategy eventually emerged, prompted by the start of social upheaval. This new strategy, the Brady Plan, recognized that the debt overhang needed to be eliminated through deep debt reduction, in a way similar to bankruptcy reorganization." (Eduardo A. Cavallo and Eduardo Fernández-Arias, 2012)
U.S Federal Deficit and Debts:Understanding the history and context. (2011, November 1). Utah Foundation. Retrieved January 25, 2014, from http://www.utahfoundation.org/img/pdfs/rr7
...hill meanwhile in Washington, the debt is becoming an uncontrollable burden. America will fall into a time of no economic benefit, and extreme political conflict, ruining the even slightest chance on economic growth (Greenwhich1).
Beck, A. T., & Steer, R. (1993). Beck Anxiety Inventory 1993 Edition. Retrieved from EBSCOhost.
National Institute of Mental Health. (2014). “Depression: What Every Woman Should Know”. Pub No. 95-3871.
Burton, Neel. "The Anatomy of Melancholy: Can Depression Be Good for You?" Lecture. TEDx. Narodni Dom, Maribor. 12 Nov. 2013. Youtube. 2 Mar. 2012. Web. 12 Nov. 2013.
I have written you to discuss our national budget and the inherent problems in our fiscal policy. Although I am not the best informed on this subject I think my opinions and ideas are relevant. I have several ideas for both raising more capital and lowering government expenditure. I believe action must be taken on both fronts to curb our national debt before it adversely affects our economy.
National Institute of Mental Health. (2009). Studying anxiety disorders. NIH Medline plus, 5, 13-15. Retrieved from http://www.nimh.nih.gov/health/publications/anxiety-disorders/complete-index.shtml
Warwick J. McKibbin, and Andrew Stoeckel. “The Global Financial Crisis: Causes and Consequences.” Lowy Institute for International Policy 2.09 (2009): 1. PDF file.