ECONOMIC CRISIS

To call the current status of America's economy a crisis, would be an understatement to say the least. With the unemployment rate at 6.1% amidst 84,000 jobs lost in august, more than 304,000 foreclosure filings in august alone, a $10 trillion national debt, a slumping currency, and stock market woes in the wake of several bank, housing, and insurance giants on the brink of failure, consumer confidence is as low as it's been in recent memory. The economic infrastructure in this country has crumbled before our very eyes and the the question that we all have found ourselves asking is... Where do we start to fix this gaping hole the United States has dug itself into?

I think the economic "recovery mission" starts with creating a more favorable job market. The United States has fallen victim to a global economy and free trade, outsourcing, and cheap labor. Many jobs are lost as a result of a "competitive global market", but none are created. Mortgages are being foreclosed on, not because people have surpassed their means, but because without a job, they have no means. Consumer spending is low, and consumer confidence is lower. The poor, lackluster job market has also opened the door for predatory lending practices. Home buyers are lured into shady deals and once they get into a financial bind, they are being left out to dry by their banks; the same banks and financial institutions that are on the brink of failure! These problems have plagued the poor and middle class and are compounded by a weak dollar, inflation and an increased cost of living.
Yesterday, John McCain and Barack Obama gave a brief synopsis of their economic plans. They both addressed the reparation of the housing market as their chief focal point. But the trickle down effect begins with enacting legislation to prevent the further loss of jobs due to outsourcing, and cheap labor, etc. This crisis put our country at a financial sting that we have not felt since the great depression.