Technology, good or bad for the economy
In today’s economy, can new technology provide the answer to a struggling economy? I think the question of what will save the economy should be asked, but what went wrong and how can we fix it with a long lasting solution should be asked.
With a housing market down the drain, credit from bank no longer accessible, and the dollar weakening by lucrative government stimulus spending, people especially Americans need to be content with less. In our society advertisement from consumer products tell us we need things to fit in our make our life more enjoyable, but actually this idea of buying things we can’t afford on credit is what first allowed banks to make huge profits on interest, instead of analyzing how much they could afford to lend they just keep lending more money out. This allowed for a quick buck, but in the end lead to banks becoming bankrupt when too many people could not pay back their money. A similar thing happened with the housing market when people took out mortgages to buy housing they had been suckered in to believe they could afford.
So, I ask what caused all this trouble leading into the worst recession since the 1980’s, people trying to buy more than they could afford. And what is our government doing now to solve the problem? Both the bush era and the Obama era have and now are trying to stimulate the economy with money they do not have nor can we as Americans afford.
Let me tell you that an uneducated society leads to corrupt times because of the exploitation of uneducated people. So why are public schools the first to take huge blows of reduced funding? I think the best way to solving the issue public schools is to move towards privatization. I know it sounds scary, but look, our country was built on the belief of a capitalist society where competition would fight for lowering cost and people with teaching talent would be able to be paid what they are worth.
In looking over my ideas I think what this economy needs most is not new get rich quick schemes through some new technology, nor is government spending to try and pull us out trouble, but for Americans to take responsibility for ill guided investment actions and to learn from these mistakes.