Preeti Siinghani
Mar. 2, 2008
You cannot blame Bush Administration for all the problems. Bill Clinton and his ‘incompetent’ administration created the economic problem in the first place.
What Bush and his people did is to aggravate the situation many times with their total reckless actions. They ruled for the corporations and their rich political donors ruining the American economy. Clintons did the same for eight years.Alan Grenspan was the worst Fed Chief in the history. He created bubble after bubble following failed policies of Bush senior, Bill Clinton and George Bush.
The extreme stagflation is the result of failed policies for the last twenty-eight years. Massive budget deficit, trade deficit, fiscal irresponsibility, reckless war mongering with borrowed money are the root causes of the financial disaster.
Bush inherited Clinton era inefficiencies and aggravated it many times to create the total economic mess. The unemployment is on the rise. Very few Americans today have jobs that can their bills fully. That is why borrowing against homes and credit cards have skyrocketed. They are dipping into their retirements. Many have lost jobs in the last eighteen years and have started consulting firms trying to make living. This is called underemployment. It is the root cause of economic depression in the main streets of America.
The outsourcing, allowing illegal immigrants, and HIB temporary skilled workers to take jobs have caused further down fall in the economy. Outsourcing from India and China gives enough money to these countries to buy cars and other things of ‘American dream’ so that oil, metal and other commodity prices skyrocket. The four dollar a gallon gas is the direct result of outsourcing from India and China.The ruthless lending practices without any control by Alan Greenspan and his Fed is the root cause of mortgage and real estate meltdown. When American universities started new programs on so called ‘Financial Engineering’, based on financial derivative trading, the days of American prosperity became numbered.
American Engineering schools are filled with Chinese and India students on hefty scholarships in graduate level helping inefficient faculties whose research is below par in international standards. Allowing these faculties to exploit the raw talent of the youths from Asia at the cost of hard earned tax money from the American taxpayers is wrong. Take for example the Geography Department of Rutgers University in NJ. They have refused admission to graduate programs to American citizens with above 3.75 GPA and on Dean’s. At the same time they are funding foreign nationals form India to do research on Indian Climate change. Allowing companies to hire illegal immigrants coming from all over the world is also wrong. Do not blame Mexico only. There are Indians, Chinese, Bangladeshis, East Europeans – all are coming and trying to make it in US. Many of them are illegal immigrants that want to push their way ahead in line.
America does not need outsourcing, illegal immigrants, foreign students on American scholarships and HIB skilled temporary workers.
America does not need trade agreements like failed NAFTA. America needs to pay its bills, use its own talent and be prosperous as well generous super power again. http://www.indiadaily.com/editorial/19171.aspNote: From Indian news source. They can hit the nail on the head regarding our economy more than the US can.
On edit to add: I found it interesting hearing another country's take on the situation here...
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