"This is an economy unlike we have ever seen... and the Fed is asleep!"
Jim Kramer, Mad Money
For FHE last night, Nate and I went to see the Sundance Festival Film, "I.O.U.S.A." at UVU. It was fantastic! Even though I was an English major, I took ECON 110 for fun at BYU.... hahaha. I love stuff about our economy, but this movie made you kind of sick. It was actually filmed last year so it didn't even take into account any of the recent economic turmoil we have witnessed. I couldn't believe the interviews about how the Bush administration has dealt with our budget-- so terrible. At one point an interviewer asked Bush a question about the economy and he replied that they should ask an economist because "he got a B- in economics, but an A+ in lowering taxes." Ouch.
After watching the movie, I realized that our nation really does need better leadership. We have obviously had large deficits from the beginning of this nation as a result of wars or the Great Depression, but past leaders have worked hard to repay it. And who have they turned to? the American public!!! Now we just keep borrowing more and more from foreign countries. The documentary focused a lot on this one man who travels around doing a deficit wake up tour for the American public. He made some good points. For example, if someone promises better healthcare and lowering taxes and it doesn't make logical sense, it probably isn't true. hmm... who does that sound like? He also said that a budget is like a weight loss routine: You can exercise or eat less. Both are hard choices, but one must be made. Nate and I realized that if a leader came along who really was going to decrease the deficit, the American people wouldn't vote for him. Another good point was made in an interview with Greenspan. The interviewer stated that by giving higher returns to stocks than to savings accounts, the government doesn't reward savings. Greenspan didn't have much to say to that. And yes, our individual spending habits do affect the nation's wealth.
I think we do need better leadership, but I think a lot of this rests in our hands. I am guilty of refusing to watch the news because I just don't want to know how bad things are, but the truth is that if we don't take the time to educate ourselves, we will never be able to make a difference. It's not just our economy; there are so many political issues that require us to stand up for what we believe. However, first we must determine what it is we believe. The media likes to tell us half-truths and shape our opinions, but we really need to take the time to research and study these different issues. This movie made it perfectly clear that unless the public becomes involved, our children, grandchildren, and many of us will not have the opportunity to experience the quality of life we have had as Americans for so long.
So what should you do? Well for starters there's a little thing going on today called THE ELECTION. Go Vote!