Essay about The Moment of Truth: America's Financial Crisis

Essay about The Moment of Truth: America's Financial Crisis

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America is in fear over the financial crisis, and no clear solution has presented itself.
The political parties continually blame each other in a never-ending cycle, while the state of the economy keeps falling and the national debt keeps rising. Along with that, many functions of the government, such as tax reform and Social Security, have ‘leaks’ in them, where money is being lost. As researchers look into the crisis more and more, they keep finding scary results, such as the predicted debt in 2035 being 185 percent of the country’s (GDP). Despite the work of economists, an economic problem of this seriousness has not ever appeared before. The National Commission on Fiscal Responsibility and Reform worked to create a document that would lead Washington towards a solution, however this article has both advantages and disadvantages in it.
To understand the article, you must first understand the Commission and where they come from. They were a group specially created by the President to combat this issue. In their values, they speak of unity, charity, frugalness, and integrity. Their purpose is to keep the nation balanced, while changing the direction of debt from rising to declining. President Obama was the one to create the group. Despite him being elected from the Democratic party, the Commission includes members from both the Democratic and Republican parties. They plan the article to have six different parts, trying to fight many different factors that increase the national debt level. The Commission starts off by stating their list of goals, such as “Achieve nearly $4 trillion in deficit reduction through 2020.” These goals seem far-fetched, but describe how flawed these systems are, and lead the reader into ...

... middle of paper ... the outline of all this, the plan will be well laid out, with some suggestions demonstrating to be successful promptly and some after a longer period of time. On the off chance that the plan will be worked upon sensibly it can and will help the weak economy of the United States of America and let it stand on its feet to get to be one of the most capable economies in the world. (Kaiser, p.20, 2010).

Bertone, Gianfranco. "The moment of truth for WIMP dark matter." Nature 468.7322 (2010): 389-393.

Sturzenegger, Federico, and Jeromin Zettelmeyer. Debt defaults and lessons from a decade of crises. MIT press, 2006.

Kaiser, Niclas, et al. "Depression and anxiety in the reindeer-herding Sami population of Sweden." International journal of circumpolar health 69.4 (2010).

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