The Future Economy

Paper Summary:

The paper discusses the rise of outsourcing, offshoring and downsizing that is affecting both blue-collar assembly line workers and management-executives in the US. The paper contends that what is disturbing is that politicians in Washington seem to want to ignore the stark facts and figures that include the enormous debt of the USA, the damage to the environment and the solvency of social security. The paper also mentions the spike in energy prices, the decline in home prices and a retrenchment in consumer spending arising from record consumer debt. The paper predicts that the bubble will have to burst one day and contends that the problem is that no one is willing to be pessimistic on the record.

From the Paper:

"A lot has happened since that Economist article by Ruby. But, one thing is certain: a growing pessimism, which causes worry. "Recessions may occur or be prolonged as consumers and producers become more pessimistic about future economic events" (Ruby 2003 6).. With the wear in Iraq and Afghanistan, the daily spending of enormous sums for that war, the U.S. is now looking at debt of trillions, not just billions. And that debt is something that will affect my generation and generations to come, regardless of what politicians promise. Today's newspaper reports that the average price of a gallon of gas in the U.S. is now more than $2.90, with no end in sight. While the middle class and the blue collar workers are being squeezed financially and even downsized (look at the layoffs at GM and Ford, for example) energy companies are reaping windfall profits, higher than ever."

Sample of Sources Used:

• Amos, O. "Our Circular World" A Pedestrian's Guide to the Economy www.amosweb.com/pdg
• Amos, O. "On the lookout for Recession" A Pedestrian's Guide to the Economy www.amosweb.com/pdg
• Amos, O. "Pumping Up the Economic Growth" A Pedestrian's Guide to the Economy www.amosweb.com/pdg
• Barr, D.: "Scenarios for the Next U.S. Recession" March 23, 2006FDIC Office of Public Affairs, dbarr@fdic.gov
• Campbell, D.: "Whither the Economy" Los Angeles TIMES, April 14, 1985

More papers on The Future Economy:

• Essay # 3473 : "The Path to the Future"
• Essay # 65479 : "The American Economy:Past, Present and Future"
• Book Review # 98635 : "Form and Function According to Stan Davis in "Lessons from the Future"

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