Iraq is in civil war, Ukraine and Russia are at odds with each other. China and Japan are fighting over small islands. With all of the conflict in the world many people are wondering how the stock market can continue to show increases. On top of this our own economy has been sluggish throughout this year, as evidenced by lackluster employment, slow GDP gains, and stagnant wages.
Tag Archives: NAFTA
The United States is facing economic disaster on a scale few nations have ever experienced. Most people are unaware of the easily observable signs of this crisis, where it came from and how to stop it. While we persist in our superpower mentality, we have quietly become a second-class country in many respects.
A new study from the Federal Reserve Bank of New York showed that the 50-and-over crowd makes up 17 percent of the $1.2 trillion in outstanding student loan debt. That is a 30 percent increase since 2005! Our college graduates are finishing school with a huge amount of debt, thinking they can easily pay it off with a well-paying career. Unfortunately that isn’t the case anymore. Most of the jobs available are in the service sector; waiting tables, bar tending, flipping burgers, or cleaning hotel rooms.
On August 12th 2014, Detroit’s major creditor objected to the bankrupt city’s plan to reduce the billions of dollars in debt. The largest municipal bankruptcy in U.S. history is set for trial this month on August 21st. Detroit filed for bankruptcy over a year ago, claiming it had no way to pay off the estimated $18 billion in debt. Recently, retirees in Detroit had to vote to approve a cut to their pensions in order to save a buck for the municipality.
Few are aware that NAFTA (North American Free Trade Agreement) has rendered us uncompetitive in the world economy, has destroyed our industrial base, caused us to outsource most of our production, and killed most of our manufacturing jobs.