Every college student that doesn't go to college on a full ride scholarship, usually takes out a loan. Each of them plan on paying for these loans, that amounts to mountains of debt, through their glamorous careers. This was highly unlikely, and most of the students that have tried this are still up to their ears in debt, even though its been 10-20 years since they took out the loan. This is even more unlikely now. The job market took a massive blow and its still on its knees gasping for air.
On August 23, 2005, Hurricane Katrina demolished New Orleans. Countless businesses were detsroyed, peoples homes were lost, and insurance companies couldn't handle the tremendous burden on their shoulders. We can see that this effected the population on every socioeconomic level. This caused a chain reaction in America's economy.
People withdrew stocks in fear of losing money. How does this affect us? It's simple. Everything is connected. With less stocks, big businesses crumbled like shotgun shacks in a magnitude eight earthquake. With less assets available to big businesses, the smaller businesses they sponsored lost money. Since the smaller businesses lost money, they weren't able to support the wages of their employees. As a result, people lose their jobs.
Places such as South Dakota haven't suffered much. Their state unemployment rate is only 2.8%. However, there's another extreme. Michigan has an unemployment rate of 8.5%. Florida is tied for 17th place with an unemployment of 5.5%. If you'd like to see the unemployment rates of all the states as of June 2008, go to http://money.cnn.com/pf/features/lists/state_unemployment/index.html
What can be done to restore order to the economy? It's, frankly, pretty simple. The job market must be restored. The person with the most say in how the job will be restored if it is going to happen is the next president. My advice to you is to vote with great consideration and not go with trends. If you'd like to see John McCain's view on unemployment and his solution, go to http://www.issue2008.com/mccain-on-jobs-unemployment/. If you'd like to see Barack Obama's view on unemployment and his solution, go to http://my.barackobama.com/page/community/group/paHQblog.
We are now in a time that we must be wiser about our decisions. I urge you, now more than ever, don't do anything without two solid back-up plans.
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1 comment:
I applaud the passion in your voice and the expression of concern for one of the most pressing issues facing people--especially young people accruing debt--in our country today. Why are they, then, so unaware of or apathetic to what is going on around them, and what can we do about it?
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