The Economy’s downfall – “Our” Responsibility
April 1, 2010
ENGL – 1304

The Economy’s downfall – “Our” Responsibility
There are those individuals that ignore and enjoy hurting the economy than trying to fix it, while there are those who won’t quit in trying to find any possible solutions to help the rest of Americans and their government. To fix an economy in a recession is a step by step resolution. To cure in wound in your flesh is like trying to fix an economy in a recession. There are different ways to fix the economy with different legislations, low and high budgets, and leadership. To fix a wound you have to identify its past conditions, and then examine the event that occurred. Following that you create options to choose from to try and decide/fore see which will have a better solution.
To first explain economy in American history we know that the economy was continuously up and down in the United States. In the growing years of 1990’s much effort was made to put the economy in the most efficient state possible (staying away from a recession and inflation). In the years of 1993, “President Clinton and Vice President Gore launched their economic strategy: 1) Establishing fiscal discipline, eliminating the budget deficit, keeping interest rates low, and spurring private-sector investment; 2) Investing in people through education, training, science, and research; and 3) Opening foreign markets so American workers can compete abroad. After eight years, the results of President Clinton’s economic leadership are clear” (The Clinton Presidency). These actions made a boom in our economy where over 22.5 million jobs were created, where inflation was 2.5 percent and unemployment was at its lowest in more than 30 years at 4% (when in a stabilized economy, Inflation can be expected to be at 7% while unemployment is in between 4-5 percent). With the leadership of President Clinton, the United States had 7 Million Fewer Americans Living in Poverty, meaning that only 10% of Americans were under that category compared to 15% in other historic times.
While the economy sounds good and perfect during the Clinton years, there was a huge deficit that began to build up that George Bush had to deal with during his term in office. President Bush did work with the surplus problem, ‘and there were various tax cuts for the very wealthiest Americans, but in 2002, there were no regulations in place’ (Bynum). After this episode, President Bush had the urge to spend billions on an unnecessary war putting money and American lives to waste.“Bush and the Republican controlled Congress also set up the deal to send thousands of American jobs to Asia because there were no regulations for companies in foreign countries” (Bynum).
The blame on this economic recession is on the Republican Party that controlled congress. Neither both presidents have any power to change how money is being dealt with, but only create legislations to help and destroy the economy and the United States. The fault is not within the presidents but within congress where they didn’t do anything to prevent a recession, but only refuse because it didn’t hurt them. “It began in 2002 when the regulations on the banking and financial industry expired and were not renewed so commercial banks and federal reserves could continue to manipulate the American public out of hard earned money” (Bynum).
Our Current president, Honorable Barack Obama, has seen and identified the cause of the situation we have as of today. With hard work and dedication, President Obama is looking for methods to create a better financially stabilized country, methods to create opportunities, methods to create hope, and methods to recover “our” America. Obama created and focused on the $787 billion stimulus plan that has been designed as a way to relive the economy, being able to keep companies open, opportunities to provide employment, and provide various tax breaks to Americans. The President’s stimulus package was a success within his first month in office, and willing, he knows that it won’t be the only solution (Andrieski). America, under President Obama’s leadership, has been facing the troubles that Bush and Clintons Administration in congress would not dare to face. One of those problems is the Housing closures. ‘Obama has made a $50 billion plan to help stem foreclosures — in Arizona, one of the states hardest hit by the mortgage defaults that are at the center of the nation's economic woes’ (Andrieski). “More than 2.3 million homeowners coast-to-coast faced foreclosure proceedings last year, and by 2007 there was an increase of 81 percent. Analysts say that number could soar as high as 10 million in the coming years, depending on the severe hit of the recession” (Andrieski). The president is going to do whatever is necessary to get our economy back to a stabilizing cycle.
Another bill that will create a difference is the new American Recovery and Reinvestment Act of 2009. “This bill was passed by congress on Feb 13 and will help to save and create more jobs, get our economy moving again, and transform it for the long term growth and stability. This act is calling for $506 Billion in deficit-financed spending. This money will not be spent in a matter of months, but in years. The reason for this bill is to create more spending, turning the economy around with its $286 Billion in tax cuts and credits. This will give a jumpstart in our economy, create 3.5 Million jobs, give 95% tax cut, and begin to rebuild America’s infrastructure (Pelosi).
At this time, throughout all the situations that government is dealing with, congress is still hard headed, is acting dull, and is ignoring any other situation that doesn’t include them and their money. The president prepares and tries to present various bills to fix our economy. House Bill 349 is an excellent example that should be approved by congress. Even though those individuals that refuse to hear that government’s involvement with the economy, they should understand that it benefits Americans. For example, House Bill 349 is “the result of months of negotiations between labor and business leaders” that will help Kentucky workers and their work benefits. Their goal is to increase the state’s unemployment insurance trust fund by $732 million. ‘Several sacrifices need to be made, but still, everyone is facing the obstacles of the recession and trying to have a successful and face other issues’ (Steitzer).
So far there have been no bad plans to fix the economy, only the effort that the rest of America has put in (which is none). Individuals such as the president, the vice president and members of congress are trying to do what’s possible to pass the bill that can save us all, while the rest of us are just sitting around. At this pace, we won’t go forward, only backwards towards a deeper recession. As Americans we should try to save our economy because it will save us from another depression. We have the power to make decisions so we should choose what is going to help us, move on forward with every American we can.

Works Cited
Andrieski, Ed. Obama: Stimulus lets Americans claim destiny. MSNBC, 17 Feb. 2010. Web. 27 Mar. 2010. <http://www.msnbc.msn.com/id/29231790>.
Bynum, Ron. Republicans and George W. Bush are responsible for the economic problems in America today. Examiner, 21 Jan. 2010. Web. 27 Mar. 2010. <http://www.examiner.com/x-31532-Modesto-Political-Issues-Examiner~y2010m1d21-George-W-Bush-and-Republicans-are-responsible-for-the-economic-problems-in-America>.
Pelosi, Nancy. American Recovery and Reinvestment Act. MSNBC, 13 Feb. 2010. Web. 27 Mar. 2010. <http://www.speaker.gov/newsroom/legislation?id=0273>.
Steitzer, Stephenie. Bill to fix unemployment fund in jeopardy. Courier-Journal, 19 Mar. 2010. Web. 27 Mar. 2010. <http://www.courier-journal.com/apps/pbcs.dll/article?AID=20103190372>.
The Clinton Presidency: Historic Economic Growth. White House, 2000. Web. 27 Mar. 2010. <http://clinton5.nara.gov/WH/Accomplishments/eightyears-03.html>.