Wow, the economy sucks right now

[Delta2 23]

Quote:
You heard something right! Standard and Poors downgraded the US credit rating for the first time in about forever.

I think the banks here got it too, except it was a different rating agency. Oh, good heavens, what is it all coming to?!

 

[deerman]

One thing I worry about the cuts they are talking about, if we can't spend money to support our troops, BRING THEM HOME,

 

[Spookwriter]

I agree, the ecomony is tanking.

I haven't read all the posts yet, but the ones I did read
offered no real insights.

Without trying to be political, or trying to turn this into a
political thread, in your thoughts what causes are behind
this economy? What led us to this point?

Both America, and in other countrys?

What set in in motion, and what do you think are the best
answers to turn the economy around?

Again, I'm not looking for actual political comments as far as
bashing goes. Just your thoughts on why we're here.

Matter of fact, when you you think this recession even really
started, and why?

 

[Delta2 23]

I heard people in the American government don't like each other anymore. Or perhaps they never did.

 

[Q9]

Quote:
At the very core of it, I'd have to say it's the Federal Reserve system. However, other legislation - like forcing banks to make bad loans - and creating moral hazard via the "to big to fail" mentality went a long way, as well. Raising the minimum wage hasn't helped any, either. Lots of other smaller stuff, but I'd say that sums up the main issues.

To turn the economy around? Killing the Federal Reserve is hands-down the best place to start. After that, at the very least lower the minimum wage, though abolishing it would be ideal. Do I really deserve $7 an hour washing dishes at a restaurant? Lower taxes and decrease government spending as well. You can keep all the safety regulations and whatnot, but if we want to encourage industry here in the USA, we need to make it price-competitive with China. It's just common sense. It would probably help, as well, to pull out of the 100-odd countries we have soldiers in, including Afghanistan. That would save a LOT of tax money.

 

[chickened]

Bring back industry with workable regulations, get rid of labor unions and let the free market decide wages and prices on goods for starts. Privatize all government work currently done by public employees. More workers means more taxes not higher rates. Live within your means at all levels.