Issues Affecting U.S. Economy

Topics: Petroleum, Iraq War, Great Depression Pages: 1 (311 words) Published: April 24, 2012
It is obvious that our economy is in turmoil, probably the worst it has been since the great depression. There is no specific reason that has led to the horrible state our economy is in, there are many reasons. Although our economy is slowly on the rise agai, there is still a lot to be done to get us back on track. We, as a country, are no longer producing enough goods. We are importing way more than we are exporting and this causes a huge problem. This is a major cause of why we are in debt and it also makes less American owned companies exist. This causes us to “produce less wealth and generate taxes.” This is also a reason why we have to borrow money, causing more debt. Now, our government must continue to borrow money to pay these debts. Another example of why we are in such a great debt is the war in Iraq. America has spent hundreds of billions of dollars already in the war with Iraq. “Conservatively estimated, the war bills already paid and obligated to be paid are $3.2 trillion in constant dollars. A more reasonable estimate puts the number at nearly $4 trillion” To most people, this has been dubbed, “the endless war,” which means all we are going to continue to do is spend more money money, which is putting us in even more debt. Oil and gas are also a big reason our economy is suffering. “Oil has topped $108 a barrel, the highest price since 2008, and regular unleaded gasoline now goes for an average $3.69 a gallon.” This causes the prices of gas to skyrocket and this limits the amount of drivers. It restricts us to spend money on gas as we did before because it is so expensive and doesn’t fit into our budget.
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