Assignment+10

The United States of America has been in many economic crises but this seems to be one of the biggest and one of the most influential ones. While George Bush was president, we criticized his every move. Most of us just wished for the war to end and wanted all of our troops back home. Many of us questioned why we were in a war to begin with. A couple of years ago while Bush gave one of his speeches, he mentioned that the war was now over. Then why are we still there? Slowly, but surely we started going into an economic crisis. Years have passed by and we are still in Iraq, bombing the homes of innocent people and being there without a purpose. The whole point of being there was because Bush thought that Iraq had weapons of mass destruction. Then it became something else : Oil. __Even with people losing their jobs, education costs going up, and people losing their homes, we seem to still be in a war, wasting money on military use. __

Because we are losing and borrowing so much money from other countries to use on the war, prices for everything are skyrocketing. "There may be political issues, but underlying all that is...a social crisis, which began with the food prices, the fuel prices. Now they face financial crisis" says, Donald Kaberuka Head of the African Development Bank. Where are we going to go next? Will half of America be able to survive this economic crisis? Food prices, gasoline prices, home prices, education prices, everything is increasing. People are already starting to consider moving to another country because the country that was once supposed to be the best and is supposed to give us more opportunities is now letting us down in every way.

[[image:http://www.topnews.in/files/Economic-Crisis-92911.jpg width="240" height="235" align="right"]]
Energy sources seem to be one of the biggest issues in the United States. America's search for new energy sources can definitely impact our economy an enormous amount because we only really produce half the oil that we use, which is why we need to buy from places such as the Mid dle East. If we start trying to find new energy sources then it can make our economy worse because we would be losing a lot of money on trying to find the right sources. When discussing the bail-out plan, Obama says, "But given the situation we're facing, not passing a bill now will cost these Americans much more later," calling for a bipartisan commission to oversee the plan. We can also benefit from starting to create everything on our own in the long run. Eventually we have to become more independent and have to start producing our own things in order to stop depending on other countries.

How is our generation going to pay for all of this? All of the money that we owe to other countries is eventually going to have to be paid. Citizens now pay an awful amount of taxes and get taxes taken out of their pay annually. Even people who have a low income also get taxes taken out which makes it even more upsetting. In a few years when my generation gets out of college and gets new jobs is when new excuses for taxes are probably going to start going up. We are going to have to pay for the government’s mistakes. “Poor decisions made in haste can turn a crisis into a far-reaching disaster," President Obama said in one of his speeches.

In conclusion, The United States needs to find different ways of helping people instead of depending on others and using it for insignificant things such as the war. We need to bring back America to its old ways to make everything a lot better in our economy. We need to start opening up more job opportunities, lowering tuition costs for colleges to actually make them affordable, and we need to also help people in need of medical insurance. “Economists observe the promise to pay pension and medical benefits to current and future elderly as part of the government's "implicit" legal responsibility. But these liabilities are no less real than the obligation to pay back the principal plus the interest on government bonds. Politically speaking, it may be easier to default on explicit debt than to stop paying Social Security and Medicare benefits. While no one can say for sure which liability the government would renege on first, one thing is clear: the implicit liabilities dwarf the explicit ones. Indeed, their size is so large as to render the U.S. government effectively bankrupt.” Found in an Article written by Niall Ferguson, “Going critical: American power and the consequences of fiscal overstretch” What is going to happen to the elderly in the future? Will their pensions be cut? We need to fix this economic crisis as soon as possible.