World Economics for Dummies
If you think the US is still an economic world power, think again. Our economy is in the toilet and shows no signs of getting better.
Yesterday, Ibriham and I were talking about money. He was saying that Hispanics and Africans, especially, work here and send at least half of their money back home to their families. This of course, means the money made here is not infused back into our economy. When he was first here, he worked all the time, two jobs. One American dollar was worth 12 of his back home. That's when Clinton was in office, towards the end of his term.
Of course, we have first the bottom of the IT industry dropping out just mere months before the 9/11 attacks(which put a thick piercing nail in our economic coffin).
Most Republicans will argue that the economy was on its way down before Bush took office. That may be so, but he's not done much to strengthen our status. Instead, steady outsourcing and the punishing of the unfortunate middle class caught up in the nosediving economy with the new bankrupcy laws has ruined many of us.
Meanwhile, our dollar is now only worth 4 of his, while the Euro is strong and around 10.
America better get used to taking a back seat in world affairs. We no longer drive the global economy...and everyone knows, especially every American, money is power.
Yesterday, Ibriham and I were talking about money. He was saying that Hispanics and Africans, especially, work here and send at least half of their money back home to their families. This of course, means the money made here is not infused back into our economy. When he was first here, he worked all the time, two jobs. One American dollar was worth 12 of his back home. That's when Clinton was in office, towards the end of his term.
Of course, we have first the bottom of the IT industry dropping out just mere months before the 9/11 attacks(which put a thick piercing nail in our economic coffin).
Most Republicans will argue that the economy was on its way down before Bush took office. That may be so, but he's not done much to strengthen our status. Instead, steady outsourcing and the punishing of the unfortunate middle class caught up in the nosediving economy with the new bankrupcy laws has ruined many of us.
Meanwhile, our dollar is now only worth 4 of his, while the Euro is strong and around 10.
America better get used to taking a back seat in world affairs. We no longer drive the global economy...and everyone knows, especially every American, money is power.
posted by L.A. at 4:26 AM
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