More lending and higher salaries could help get the U.S. out from under
By Dian Vujovich
In 2007, back when W was president, he predicted that by fiscal year 2012, the budget deficit– that basically because of his tax policies and propensity for unfinanced wars created–would be zero. Nada. Oh, if only that had happened. But it didn’t. Instead, his policies coupled with deregulation, greed within the financial industry and housing market crash worked together to bring our economy to its knees.
As we all have learned only too clearly, getting out of under an economic mess takes time. And, a lot of it.
Think Japan, for instance. In 1980, that island nation was being heralded around the world as one with an economy to watch and emulate. Ten years later, the country was in the throws of an economic disaster that has languished on for roughly two decades.
My guesstiamtion has always been that it’s going to take at least that amount of time to get the U.S. back on stable economic footing—-recent stock market highs aside. So, if you believe me, we’ve got a way to go before the good days for the masses really take hold again.
Of course we could speed things up.
The banking industry, that played an enormously heavy hand in the responsibility for our money mess, could do a lot to help a recovery along if they’d begin doing the simply stuff that banks are supposed to do. Like, lend money to the average guy and gal without making them jump though hoops held so high most average folk can’t reach them.
Corporations could also begin hiring again. And, increase the salaries offered their employees to at least what’s equal to that of a minimum living wage. Which, incidentally, isn’t around nine bucks an hour but closer to 15 and 20.
SImple changes like those would make a world of difference to our economy and more importantly in the minds and hearts of those who work within it.
Bottom line: All it would take to get us out from under the economic constraints we are all living through today is the desire to do so followed by the changes required to make those desires possible.
If that’s too much to ask, perhaps it’s time to rethink the greatest-nation-on-Earth business.
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