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. 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.
I
hope we can be smarter now by avoiding the war that some of our politicians are
aching for, and instead replace our ailing infrastructure with new, innovative
solutions. 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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