Problems Facing The Economy in the Greenspan Era :: Economics

The EconomyQ What is wrong with the economy? -A terrible loss of jobs, oer 2 million jobs have been lost. save I would like to state it isnt just one persons fault. -The complete and utter desolation of the tech industry we whole know about the dot com bust and how many problems that caused.-Also folk 11th didnt help too much. The terrorists defiantly achieved their objectives in really messing up our way of life.While the wealthy are get richer and the scrap of millionaires and billionaires is skyrocketing, there is another reality. Since 1973, 80% of all families have seen their incomes turn down or remain stagnant. The average American today is working prolonged hours for less income-and has every reason to worry that the future will be even worse for his or her children. Television news shows may not feature it. Readers Digest may not discuss it, and the leaders of the pop and Republican parties may not make it a priority, but the defy in the standard of living of the average worker is, far and away, the about important and central issue facing this country. The rich are acquire richer the poor are getting poorer and the middle class is shrinking. This is the great truth of contemporary U.S. society. It may sound dramatic but I remember that the future of the nation depends upon reversing this destructive process. There are a number of reasons why inequality in wealth and income in America has crowing over the last 20 years. professorship Jimmy Carter in 1977 and death chair Ronald Reagan in 1981 and 1986 instituted tax reform with the support and approval of the Democratic Congress. The results were to move taxes significantly on the wealthy and the large corporations, and raise them for almost everyone else. Taxes on the very wealthy were cut 12.3% working- and middle-class Americans saw theirs grow. One of the reforms was a large increase in the regressive Social Security tax. Q What stairs have been taken to improve the economy?There have been multiple interest rate cuts by Greenspan and tax cuts brought on by President Bush, which I believe didnt really do much. Q What are the solutions? - revoke the minimum wage. The minimum wage, which has lost 26% of its purchasing power over the last 20 years, must be increased. People cannot survive on $5.15 an hour.