American Economy Takes a Hit

Proposed $700 billion bailout plan

A proposed $700 billion bailout plan for the U.S.’s economy will likely be put into action.

The plan would give money to financial firms facing bankruptcy. While something needs to be done immediately to save the country’s economy, is this the appropriate way to do it? The government should not be aiding businesses that cannot help themselves. It is the irresponsibility of these financial firms that in part led to the weakening of the U.S.’s economy, and these firms should have to fix themselves.

There is no reason for $700 billion from taxpayers to be used to rescue companies that took unnecessary risks. Millions of American citizens do not need to suffer for the mistakes that a few executives made. The leaders of these financial firms need to step up and make amends in any way possible. Additionally, the amount of government involvement in free enterprise is unnerving.

The troubled companies have done enough damage to the economy already; the government cannot immediately correct all the mistakes the firms have made. The government will have needless control over American companies. While this may seem paranoid, the fear is justified considering the damage President Bush has done with the Iraq War. He cannot be trusted to put an end to the current recession, just as Americans have learned he cannot be trusted to end the conflict in Iraq. The next President, whether Obama or McCain, will be left with Bush’s aftermath.

It is probable that McCain will take a similar path as President Bush, and this prospect is not encouraging. The Iraq War will continue, creating even more debt for the United States. Obama, on the other hand, does not have enough political background to make any useful decisions about the economy. If left untreated, the U.S. may face another Great Depression. Something must be done, but the government, and the American people, cannot decide what will save the country’s fragile economy.

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