RepresentativeMaria Chappelle-NadalDistrict 72March 6, 2008
As our economy suffers, many are wondering why it is so difficult to find a job. Tax revenues are decreasing drastically and more and more Americans and citizens around the globe are feeling the economic consequences of interlacing big business interests with politics. Current economic policy has become increasingly politicized, leaving out consideration for the well-being of the economy, the working class, and our national wealth. Corporate America's dominance over Washington has taken an enormous toll on the manufacturing sector of our economy, crippling entire communities and stripping them of opportunity for economic growth and investment.
Conservative commentator Lou Dobbs speaks about this growing problem in his book, "Exporting America: Why Corporate Greed is Shipping American Jobs Overseas." Since 1990, approximately 10,000 positions have been lost in central New York alone. Carrier Corp., a multinational producer of heating and cooling units, contributed to 1,200 of these lost jobs. Because raises facts like this, even Republicans have called Dobbs a "communist" and a "protectionist". In his book, he points to the fact that Sen. Hillary Clinton believes that the manufacturing sector is vital to a strong economy and arguably a strong national defense. Clinton's viewpoint is nearly identical to the assessment of Republican Duncan Hunter, the previous chairman of the House Armed Services Committee. Dobbs said: "A conservative Republican and a liberal Democrat in agreement on economic issues is a sign that the times, and Washington's policies, could be changing."
In the more recent past, foreign investors were confident in our relatively cheap and secure markets, but as our government runs on a higher deficit each year, our assets are exposed to greater risk. Goods worth $750 billion come into the United States on ships each year, while none of the top 10 shipping companies are U.S. owned. This may ultimately jeopardize our national security, as a foreign company may be less inclined to thoroughly examine incoming containers for risks and defaults that would threaten our nation. With more foreign companies owning larger chunks of American investments than ever before, the interests of multinational corporations tend to trump those of average American citizens. Fortunately, there are many simple ways we can save money and protect ourselves from a system that has shown to not do so.
Stay informed, be observant
Stockbrokers, investment firms, and others who benefit from corporate ties to Washington do not always have our best interests at heart. Financial decisions about how to spend our money, where to invest it, and how to invest it require a well thought-out plan. Get advice from people close to you, people whom you trust, who have nothing to gain from your money. Sift through the latest articles from unbiased sources such as the Departments of Commerce and Labor, or the National Bureau of Economic Research. Since the economy tends to follow patterns and cycles, it may be beneficial to research past recessions and depressions. We must educate ourselves with as much information as it is necessary to make smart financial decisions.
Diversify your portfolio
Although the stock market can be a solid long-term investment, it is often unreliable during a downturn. Banks have been known to hike up loan interest rates without much notice; additionally, financial institutions have also been known to cut interest rates on invested funds. Do not get stuck with all of your investments in one location. Invest in stocks and bonds, and put larger portions of your savings into money markets. Utilize savings accounts and certificates of deposit (CDs) from banks with high-earning, fixed interest rates. As the American economy is driven by multiple sources and economic changes occur at a rapid pace, designate finances into numerous locations in order to improve financial security.
Carpool more, walk more
USA Today reported in its Feb. 20 edition that the price of oil has reached over $100 per barrel for the first time in history. As further evidence of the economy's consistent deterioration, a National Public Radio broadcast on March 4 announced the cost of crude oil reached a startling $103.95 per barrel due to insecurities about the nation's weakening economy and the decline of the American dollar. Quite troubling, one might say, as the spring peak demand for oil has not yet occurred. By Memorial Day, the price for a gallon of gasoline could potentially reach $3.75 per gallon. There are many ways we can reduce our personal budget for transportation, such as making our essential trips more efficient. Shopping in areas where numerous stores are in close proximity and turning personal trips into carpooling events are two ways to save money spent on gasoline. In addition, the Older Adult Transportation Service is a great option for senior citizens to travel in a cost-efficient manner. The OATS program often has a specific period of the week where senior citizens over the age of 60 are allowed to ride for free.
With gasoline prices soaring, many are unable to afford this extra expense. Walking to nearby locations is an excellent way to improve your health and socialize with your community, as humans have used their own two feet for many millennia. When we stroll to our destinations, we are able to meditate and appreciate the beauty of nature. We learn about our communities and become familiar with individuals with whom we may not have been previously acquainted. We build friendships and learn to watch out for each other, rather than resorting to the self-centered and automated ways we have learned from our society. Stronger communities are beneficial for everyone and provide a sense of comfort and compassion.
Watch your checkbook
As simple as watching how we spend our money may sound, it is more difficult than we would like to believe. With many Americans living paycheck to paycheck, we often wonder how our money disappears. Many times, something as simple as changing an Internet service provider can save hundreds of dollars each year. Watch for this kind of situation which may provide the same service at a more budget-friendly price. Eat out less, and share your delicious home-cooked meals with family and friends for a relaxing social experience. Keep watch for sale events through word-of-mouth, flyers and advertisements, or even by calling the store to inquire about current discounts. You will be amazed at the opportunity to save money through the use of coupons, store ads, and mailers.
Extra earnings can help
Many Americans live on fixed incomes, and senior citizens are often forced to choose between essential medications and basic necessities. With the Bush administration tapping deeper and deeper into our Social Security funds with little regard for our well-being, we are in a position where it is vital to stretch our dollars and find ways to earn extra income.
Do you enjoy sewing-How about offering to mend clothing for neighbors? Love watching children-Why not offer to care for young children in need of daycare? Do you have a green thumb-Why not grow fruits and vegetables in your garden and sell them at a local farmer's market? Working out of your home is a simple way to earn extra income while enjoying your favorite hobby.
Be frugal, save the Earth, save money
Our capitalist society has conditioned us to purchase our necessities from stores. We are accustomed to spending our money on everything from clothing and household items, to food, and entertainment. However, many individuals are not aware of a fantastic opportunity to save money and help our planet: Utilize food Co-operatives! In co-op's, volunteers work together and buy goods from local farmers and producers, which eliminates the hidden costs stores use to make a profit, which can run as high as fifty percent of the retail price. An individual is able to purchase in bulk and split the amount with other families. Community gardens are another wonderful option, as they allow members of the community to become acquainted with one another and pool their resources together. In many European nations, any available land is used for gardens and beautification unlike here in the U.S.
As our government continues to overspend into a deficit with no end in sight, we must look out for each other and continue to strive for economic stability. Simple methods that have been overlooked may hold the key to our survival in these bumpy economic times. If we keep our eyes to the future and do not panic, we will hopefully come out of these rigid economic times. Fear will only cripple our ambitions as President Roosevelt proclaimed years ago. |
