Grand Canyon University: Econ 360
Staying Clear of Worldwide Recession
Unfortunately, a worldwide recession is not such an unbelievable idea anymore. Cooperation across the globe would mean strategies can be put into place to avoid this type of devastation. There are three things that should be addressed to avoid severe economic shocks and work towards a more stable global economy. First of all each country would need to start at home making sure their economy is strong (especially the United States) and a country we can put our financial faith into, secondly each government needs to stop over spending, and lastly we need to help out the poorer nations. First and foremost we need to rebuild the trust in our economy domestically. How can a strong economy like the USA give any recommendations if we are not practicing wise financial decision making ourselves? People are afraid and don’t have much confidence in the future and what it may hold because of this. Our investments have lost value, our homes are not worth as much, and our jobs are not secure. Because of all of this, we as a nation have stopped spending, and our government is overspending to make up for it. We need trust that our government will make wise financial decisions to maintain our country’s stability and a bright future ahead of us. We need to encourage each person that they play a part in the recession and in the recovery. Educate people not to be dependent on the government, but to be independent through personal growth and wise spending and investing. This all boils down to trust that our government has the best interest of the economy as a whole, and the economy globally. This trust could be quickly built with a small percentage salary cut from congress. Instead of raising taxes, and increasing government spending, cut the salaries of our government leaders to help stimulate the economy. This would prove that our government is...