Wednesday, June 11, 2008

US Economy

What is happening economically in this country is disgraceful. The high oil/gasoline prices are blamed on high global demand. It is interesting that this high demand, which is different from a decade or so ago, is coming from countries which have been given American industries by American industries. We were sold out and now we are beginning to pay for it across America. Not only have we lost jobs to countries like China, but in the process of taking our industries and manufacturers, we are now in financial crisis. Where do the soaring gasoline, power, and food prices end? Are we going to experience not just a recession, but another Great Depression? When people have maxed out the credit cards paying for necessities, lose their homes to pay for gasoline and food, begin to live on the streets because they can't pay the rent, can no longer afford any medications, lose jobs because of the cost of transportation, what is going to happen? None of the industries we have left in America will have any buyers for their products, excepting the countries to whom we were initially sold out.

I realize I am not an economist nor an elected government official. However, why can't our government limit the obscene profits the oil companies are making? The oil companies say they need the huge profits for research and prospecting. However, if our country, as well as other industrialized countries, move to alternate forms of power, then all that profit for research and prospecting will be unnecessary. Should the oil companies be required to give the excess profit back to the consumers? Not likely.
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