The Economy: Why is Everyone Over Reacting?

Everyone needs to realize that the financial economic crisis is global and not isolated to the United States. This once again shows our ignorance to blame the incumbent Presidential party for everything that goes wrong. That is like blaming our President for banks failing in other parts of the world. Let’s face facts: Government regulation of the socialized nations of Europe could not stop the financial meltdown, then what makes us think the answer is more regulation and bail outs? People are in a panic and the liberals are using fear mongering tactics to take advantage of them. The liberals and the media are portraying the financial meltdown as the second coming of the Great Depression. This is not even remotely true. Markets went down 90% and the unemployment rate was over 25% during the Great Depression. Today, Markets are down 30% and Unemployment is under 6%. Look at the liberals voting records. They voted against regulation and over sight of Fannie Mae and Freddie Mac, but want to regulate Wall Street. This makes no sense, if they cannot run the government sponsored companies, what makes us think they can resolve the financial crisis? They can’t. The American people need to responsible and think before they cast their vote.

What makes this even more disturbing is that same people constantly return their local and state legislators to office at an alarming 96% rate. If you want change, vote out your local incumbents, not the President. We, as Americans, need to be objective and responsible when looking at our economic situation in this country. We also have to realize that recessions are a normal part of the economy. The economy cycles, it is natural and it usually does not matter who the President is. Congress has more effect on the economy than the President; after all they are the ones that create the legislation. We also must realize that global recessions last longer than U.S. recessions. Hence, this current recession can last up to two years and there is not much this or the next President can do to get out it, however they can do harm. I fear all of the bail outs going on will keep the country in a recession for a longer period of time.

On a positive note, oil prices have gone down over 40% in the past three months. I know the reason for the oil price drop is because of the financial crisis. However, I think it is important to note that while things look gloomy there is a positive that will help the American public as gas and energy prices decline.

I beg everyone to take a look at the Obama economic plan which includes billions of new spending in major cities. I have nothing against rebuilding crumbling inner cities and infrastructure, however with the economic crisis, we cannot afford to spend more money. Besides, there are better economic ways to rebuild inner cities than just throwing money at the problem. Instead, we should have people who collect entitlement money, work and fix inner city infrastructure problems. We can have volunteers, prisoners, and troubled youth do a lot of work. We give billions in entitlement programs and get nothing in return. It is about time our government should obtain some bang for the buck. Obama has already said in the debates that he does not plan on omitting any of his economic plans during the first four years of Presidency. If that is true, his policies should keep us in a recession for many years. Although, I do not like McCain’s call for another 300 billion to bail out home owners in trouble with foreclosure, his economic policies are far superior to Obama’s. The fact that he wants to lower taxes for everyone, including ALL corporations is the best plan of either candidate.