The Recession Has Hit America Hard

Pointing the Finger

Many American’s are quick to point the finger at former President George W. Bush Administration for crippling the economy and wall street. Some say the recession was foreseen when the Gulf War began by sending thousands of troops to regain order and mediate peace keeping in Iraq. The governments neglect to research the time frame, man power and dollar amount to fund this war venture, has not only raised the federal deficit by billions but, has had a direct impact on American tax payers from the increase of federal taxes. Regardless of how this recession began Americans have suffered by loosing their job’s, house’s, 401K’s, stock portfolio’s, mutual fund portfolio’s and so on.

Pinching Pennies

Many Americans have found themselves in deep financial trouble having to pinch pennies and do without the luxuries of shopping, vacationing and other wants. A prime example is the governments increase of federal taxes but unable to refund Americans tax returns due to lack of funds.Financial reports have shown that the governments gold reserve has depleted below the value of the dollar bill affecting the U.S. dollar exchange rate with foreign currency. The exchange rate of foreign currency impacts the economy starting with the world trade of world goods increasing the price of products hitting store shelves. Thus impacting not only the lower and middle class but the wealthier upper class who also have necessities of goods.

America Suffers

America has suffered long enough with dramatic increases in federal taxes, good prices, job lay offs, bankruptcy and the list goes on. So the question remains “What Do I Do Now?”. I believe that the President Barack Obama Administration is heading in the right direction but its not an overnight fix. Flaws still remain especially when assistance is given to companies such as AIG and they turn around giving grand bonuses to employees “How Stupid Can AIG Be? IGNORANT”. On the upper side of things the government has issued housing relief to Americans to get there houses back at very low interest rates. The failure of the previous Administration to balance the budget will be recovered by Obama’s Administration but it may not all happen in his first term. As it happened in the first recession of the 1920’s we will regain control of our economy.