The State of the Union

                The dream is over, and the nation has awoken to a nightmare. As our economy crashes and our technology falls behind it is clear that we’re heading down the wrong road. So how can the country get back on course? While it will be a difficult process, the problems affecting the nation must be dealt with. America may be in trouble, but we’re not doomed yet.

            In no sector are the issues affecting America more obvious than those in the economy. After years of building on foundations of lies and corruption, the economy is finally starting to shake. These tremors have the banks and companies crying for relief. With the stock market looking more like a roller coaster ride, the bailouts have started. $700 Billion taxpayer dollars have been thrown out the window, trying to “revitalize” the economy. The first $350 Billion is already lost, tossed into the economy with an unbelievable lack of oversight. As one blogger states, “Like ‘stimulus' the word ‘revitalization’ is an open sesame for endless taxpayer ‘investment’” (Carola Von Hoffmannstahl-Solomonoff). The companies are just going to keep coming back for more government “aid”, for as long as it is given to them. One example of this is the Bank of America, which is already claiming they need billions more in federal assistance (Curran, 2009). While trying to jolt the economy back to life with the old Keynesian economic theory is being planned and tried by our government (Peter G. Gosselin 2009, David Espo), I don’t think it is the right way to repair the fundamental issues that caused the economic downturn.

            The fundamental issues behind the economic downturn are corruption, both in business and in politics, and in the trading of debts, such as mortgages (Meghan Loftus).  Greed and the arrogance of power, where those in positions of great power feel that they are above common morality, are the two main factors contributing to corruption in our nation (Meredith Buel). This corruption, combined with the modern corporation, a company created solely for the making of money for its investors by any means possible (Nancy R. Granshaw), is a fatal recipe for any economy. The final factor thrown into this concoction is the Iraq war (Ryan Grim) and the extensive corruption in the contract defense companies, which are protected from lawsuits by “government-contractor defense” doctrines (I.C.).

            If the economy is to get back on its feet, the factors that contributed to the problem must be eradicated. While Schelling believes we will overcome our issues (Shelling, 2008, p. 39), it will certainly be a difficult road. Simply throwing more money into the economy, no matter how much oversight there is, just won’t cut it. The companies will want more and more, and the taxpayers will continue to drown in debt. 

References

Buel, Meredith. (2008). Prosecutors Attack Political Corruption Throughout US History. VOA News. Retrieved January 15, 2009, from                                   http://www.voanews.com/english/2008-12-18-voa72.cfm

Curran, John. (2009). Bank Fears Bring Back Bumpy Ride To Wall St. Time. Retrieved January 15, 2009, from http://www.time.com/time/business        /article/0,8599,1872156,00.html

Espo, David. (2009). Congress Clears Way For Second Half Of Bailout. Associated Press. Retrieved January 15, 2009 from http://www.google.com            /hostednews/ap/article/ALeqM5hEx3tiPJhZQLVqjNmHR_oP6FZMuwD95NRBE00

Gosselin, Peter G. (2009). Stimulus dusts off an old theory. Los Angeles Times. Sunday edition, Front Page.

Granshaw, Nancy R. (2007). Evil Corporations Rule America. The Providence Journal. Retrieved January 15, 2009, from http://www.projo.com                /opinion/letters/content/LT_granshaw_RDY_06-17-07_M4602F9.142efc5.html

Grim, Ryan. (2008). Dems Hitch Economic Downturn To War. Politico. Retrieved January 15, 2009, from http://www.politico.com/news/stories           /0108/8194.html

Hoffmannstahl-Solomonoff, Carola Von. (2009). Like New Jersey Corruption, Stimulus Is Forever. Blogger News Network. Retrieved January 14, 2009,     from http://www.bloggernews.net/119373

I.C. (2008). When Corporations Ruled - America's Patrician Class. Demand More. Retrieved January 14, 2009, from http://www.demandmore.org            /2008/02/18/when-corporations-ruled-americas-patrician-class/

Meghan Loftus. (2008). Economist Discusses Causes Of Global Economic Downturn: Says Countries Must Find Right Mix Of Capitilism, Government Intervention. America.gov. Retrieved January 15, 2009, from http://www.america.gov/st/econ-english/2008/November                                                /20081114180033EMsutfoL0.7829096.html

Thomas C. Shelling. (2008). An Economist Predicts.In Mike Wallace (Ed.), The Way We will Be 50 Years From Today: 60 Of The World's Greatest Minds     Share Their Visions of the Next Half-Century.(39). Nashville: Thomas Nelson