Every day the U.S. loses $390 million to foreign oil, money that could be spent on the United States’ infrastructure, or helping to get the U.S. out of its recession. This is money that is most likely not going to be reinvested in America and will only further our deficit. Another problem outside our spending is the fact that we are importing from some highly unstable nations... ... middle of paper ... ...>. "Just How Reliant Is the US on Foreign Oil? | GDS Publishing."
Franklin D. Roosevelt scorned and worked against the minority in the 1920’s that had such a powerful influence over the majority of the country at that time (Sachs). However the economic and political factors differ today from 1920’s. China and globalization add even more challenges to solving the economic crisis at hand (Sachs). In the present economy, “profits are being earned, and kept, abroad” (Sachs, 2011, p. 30). In the U. S. workers are losing jobs as more and more companies are moving operations off shore, these workers also must compete with higher educated individuals and oversea workers for jobs, while manufacturing and other low skill jobs continue to shrink (Sachs).
Therefore, increase in minimum will hurt the budget due to more money having to be put in programs and cause the nation more debt. Minimum wage increase will have a negative effect. Businesses will have to cut jobs or increase prices, so they will stay in business without losing any money. Also the nation’s budget will hurt due to more money going into different programs of unemployment and bankruptcy. Though others feel that an increase of minimum wage will cause workers to have more money in their pockets, minimum wage should not be increased because it will increase prices, cut jobs, and hurt the national budget.
Buying American-made products would likely help with the immediate recession by creating more jobs. But, in the long term, it will damage our economy badly. The rest of the world needs us to once again provide a solid financial backbone, and we need them to produce the tools and merchandise that we enjoy so much. In short, ‘buying American’ is only mortgaging our future. Trade is the route to salvation.
It can cause inflation, forcing civilians to limit their lives according to what they have in their pockets making their lives a little bit more difficult. Also raising the minimum wage will cause unemployment because now the owners of different companies have a shorter mortgage and have to make some adjustments in their business which apparently seems to be getting fired some employees. Furthermore, increasing the minimum wage will lower the funds and resources that many companies need to run their business, because now besides of paying more to get the resources they also have to pay their employees more. Indeed raising the minimum wage nationwide will affect our economy, not benefit the
American consumers are buying these products that are made in other countries and the companies profits are continuing to rapidly increase. At the same time, people that are in the production field of work in America are losing their jobs because producers would rather pay foreign workers to get the job done for a much lower wage. When it comes down to it, one of the reasons our economy is suffering is because of outsourcing. Basically, it all comes down to money. The consumers don’t pay close enough attention to where the products are made.