Economic Troubles

Currently, the United States economy is in the gutter and a crisis is on its way if action is not taken according to Dr. Michael Babula, a candidate for Congress in 2008. His opponents however, Albert Wynn and Donna Edwards, do not mention this impending doom of our economy on their websites. On Babula’s website, (www.babula2008.com) he successfully recognizes the issues causing such economic problems, and of these issues I wholeheartedly agree with his assessment regarding oil, the American dollar, and the War in Iraq. An economic catastrophe will soon arrive unless there is some form of intervention. Thus far, the White House has intervened somewhat, however no conclusions can be drawn yet. On the government side, there have been signs of bipartisan involvement as both Democrats and Republicans are willing to work on an economic stimulus package. Additionally, the private sectors are implementing more stringent lending and borrowing processes.
Another disgrace in this current situation comes in regard to the pricing of oil, and Babula’s website addresses this as well. Oil prices are controlled by a global market and with an increase in population in China and India, as well as the lack of environmental standards, the prices have skyrocketed. Another reason for our country’s economy to be in a rut is from the greed of Wall Street and this is why a myriad of banks are failing.
Babula’s website touches on a number of reasons for this coming collapse in the United States economy which will prove extremely detrimental. The stock market is failing, unemployment is rising, the American dollar is depreciating, and gas prices are reaching an all-time high, but in fact what the economy really needs most right now is confidence. A complete reversal of all policies should be taken in order to make our way out of this whole we have somehow dug for ourselves. We need to get out of Iraq and focus our attention and concentration on domestic rather than international issues and worry about the consequences of this as they come. In regard to the oil prices, we need to place a stronger emphasis on renewable energy and decrease our reliance on oil. The lack of government involvement and regulation of the banking industry has proved to be ineffective and more government control is crucial.