As you can tell, the economic state of our world is going down the drain. Both with the increase of inflation and overpopulation, there are many issues with the stability of our economy. I want to use this article to educate others about how economic problems are caused and how to help fix them.
#10: Global Poverty
Global poverty is a big problem in our society. The way that our country is set up, many people will stay on top, and with the increasing inflation, many people will stay in the dumps. Without the right connections and setup, you cannot succeed in this country’s economy. You must play your cards right to get by in our country. Global poverty is set up in a way that, for the economic status of our country to thrive, it is a necessity. Now what I mean by it is needed is that without impoverished people, those on top cannot thrive. Let’s imagine a world where everyone has enough money to be stable, money will have no meaning. Without a fine line between what is good and bad in our economic system, no one will do anything. Our economic system would crash, so this global poverty stays unsolvable, for now.
#9: Greed
Go back to that imaginary world that I just explained. Would a world without differences in economic status work? No, and not just because of global poverty. Human greed plays a big role in the economic issues of the modern world. In a world without greed, everyone can be happy. People can have money and be content. But humans are never content. We always want to strive for more and more until we reach the top. And sadly for economics in particular, we are willing to drag other people down for our success. The best way to fix this problem isn’t going to be an easy fix. To change the minds of humans that have been within for generations will be remotely impossible. It may happen someday, but no time soon.
#8: Exclusion
Both in the past and present, in the USA’s economic system, we have been very exclusive. Really to start with intrinsic exclusion, of race/ethnicity/gender/background and other factors. For a long time, many people have been suppressed and not allowed to gain a high economic status. It adds to the idea that global poverty is necessary. This was the start of global poverty. Most people who were suppressed because of these factors now have a hard time being economically stable. Our country is set up this way to have a nice flow but all coming from exclusion. Also, we can put it on a national level. Nationally, we are also known to exclude people just for economics. In past wars, the USA has isolated its trade with other countries and drenched their economic status. The USA is known for messing with the economic status of people for personal gain. A way to solve this problem is to be more inclusive.
#7: Competitive Nature
Our country has a competitive nature at its core. It has become one of the most feared countries in only a short period. America has always had to be competitive and fierce to stay alive. Although now, America doesn’t necessarily have to do that, it has carried on the entire time. How does this affect economics? With the competitive nature of America, now everyone starts to want more. This ties into the issue of greed but Americans are very greedy. A lot of Americans believe that they are the best and to stay that way, need to take others down. This has a very negative effect because we are known to be too greedy, and that affects our nature with other countries.
#6: Inflation
Inflation plays a huge role in the economic disbalance of our economy. With the increasing rates of inflation in our country and the government funding staying the same, people are losing out on many things. With inflation, job prices go up and acceptance goes down. The opportunities go down because the budget is cut more into fewer people. This is a really big problem because inflation goes up, job salaries go up, and it keeps on going which needs to be stopped.
#5: Labor
Labor is no longer needed in our country which has affected our economy drastically. With the new addition of machinery being more in place, people are losing jobs fast. It is making it so that there is more poverty overall in our economy. To have a stable economy, it needs to be balanced among all people, rich and poor. The increasing amount of people without jobs will destabilize the economy.
#4: Supply and Demand
In our country, we have unlimited wants with limited resources. Everyone in America wants wants wants, but we don’t have unlimited resources to satisfy all of these needs. This comes with the supply and demand problem in our country. Eventually, the economy will not be able to be satisfied for everyone. It will eventually drop so bad that our entire country won’t be stable unless we do something about it.
#3: Retirement Savings
Currently, we are at an all-time low for retirement savings with those over the age of 65. This is due to the increasing inflation and taxes that just don’t stop going up. People who are old can’t even retire correctly because of how messed up our economy is right now. If we don’t stop the inflation rates from increasing, eventually it will get to a point where retirement savings isn’t even ideal.
#2: Account Deficit
Currently, in America, we have a massive account deficit. This is basically when we are importing less than we are exporting. In simple terms, we are losing profit on our trades. So with the added inflation rate and loss of profit, both our debt and other countries’ debt keep going up. This is such a problem because it never seems to stop. These rates just keep going up and up and never down.
#1: Purchase of Goods/Not Purchase of Labor
Now as said before, with the new induction of modern technology, the use of labor has taken a lesser role. We see an increase in the purchase of goods though. Many online sites such as Amazon, eBay, and other easy/quick shipping services have been booming. With this big boom, the prices have increased heavily. But now because most people don’t know how to do physical labor or find someone to do labor, they go to the overpriced easy way out. This adds to the increase in bad economic strategies in the world. We need to go on a different path very soon or our country will go on a study decline.
