Our greatest economic woe is that not many people around the world are
buying our goods like they were before 2008. The reason is that there is
large-scale unemployment in most places. This coupled with a large amount of
debt, carried by governments, pension funds, and individuals, have left people
and governments searching for solutions.
For individuals and families, financial austerity is the answer, but
all too many governments around the world are applying this same logic by
cutting services to their citizens.
Another solution offered is to reduce federal and local debt by raising
taxes on the wealthy. While some of the wealthy understand the need, others say
that they are the job creators and raising their taxes will kill jobs.
Businesses will not create jobs until they see customers. They won’t
see enough customers until unemployment is reduced. This is a problem without a
solution unless the federal government steps in and creates jobs. We all know
that our infrastructure needs a makeover. Now, at a time when our government
can borrow at 1.6% on a 10 year loan, we should put aside our debt fears and do
a job that needs to be done. This will create jobs, then customers, then the
expansion of other businesses, and finally greater tax revenue to pay off the
debt.
Some projects can be: installing fiber optic cables in all
cities, building a countrywide high-speed rail system, reworking our electric
grid, subsidizing green industries, etc. True some existing industries will
suffer, but just like the buggy-whip makers of old, they will have to find ways
to adapt to the changes or fade out of existence.
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