We are in the midst of the greatest financial crisis since the Great Depression. Unemployment has skyrocketed to 9.5% since December 0f 2008 and we have 11.1 million Americans out of work. Our financial institutions are in disarray and are on the brink of collapse. If we do nothing the country will certainly enter into another depression. Below are series of proposals designed to bring the country’s economy back to prosperity. It will not be easy to implement all of the changes necessary to turn the economy around, but if we do nothing we certainly face collapse.
Congressional Action
Americans need financial assistance. Lowering taxes will alleviate the financial stresses of income taxes. We must urge Congress and State General Assemblies to lower income taxes to give Americans more money in their wallets. In 2001, you implemented a tax cut that helped families throughout the country. We must build on this and cut taxes even more to get the country through this troubled time. Tax breaks, in theory, are designed to allow consumers to spend more money which leads to increased demand and job growth. Although the government will be experiencing a decrease in revenues the increase in consumer spending will spur economic growth. Tax cuts create economic growth that tax revenues will ultimately (Amadeo, July 2017).
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Procurement of goods and services provides an extravagant amount of business for numerous entities within the marketplace. This idea stems from the idea that the government’s demand on goods and services can offset the weak demand by households and firms (Kuester). Monetary policy has the ability to bring a significant boost to economy. We must look to an increase of governmental spending to help spur these improvements to the health of the economy. This action, along with the others proposed, is the first steps in re-energizing the