America’s past and foundation for economics impact our economy today according to Steve Dobransky. There is an apparent reason for how and why the economy in America is struggling today. The national debt our country faces may not actually be debt at all, but rather a result of past economic standards that were set but not revised or changed in the slightest. Dobransky explains how the printing of paper money by the federal government and the decision of 1865 contribute and negatively affect our economy today in America.
Dobransky first shows how a change of industrialization impacted our nation. Prior to the nineteenth and twentieth centuries, most of the nation was made up of farmers. After the time of the industrial revolution, things started to change. For example, more people moved to cities and urban areas. Instead of most of the nation being comprised of farmers, there were more job
…show more content…
This debt is not actually debt at all, argues Dobransky. Rather than calling it debt he says that the base number of $375 million that was calculated to determine inflation in 1865 needs to change. If that number never changed over 150 years, then there is obviously going to be inflation for future generations. So whenever money is printed over this “limit” it is automatically inflation. No other factors go into making up a new number which raises questions for Dobransky.
Dobransky brought up many good insightful points. There are some I agree with and other points made that bring up questions. For example, he states how the printing of paper money by local and state levels of government allowed for our economy to be stable. The example he uses takes place around the time our country was just starting to establish its federal government. If there was no actual established federal government, how can he state that only local levels of government effectively print