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So far,
in this gloomy economy all we have been seeing is dropping
numbers in the Dow and NASDAQ. As of February, the
unemployment rate is 8.1% and a total number of 4.4 million
jobs lost since the recession started in 2007 during the
Bush administration. A total amount of 651,000 jobs was lost
in only the month of February 2009 alone. Many high-paying
people such as managers, private businessmen and others have
lost their jobs and are working fortunately in low paying
jobs while people with normal paying jobs have lost theirs
but have much trouble finding one in this tough economy.
Obama always addresses to the American people that his
economic plans will help reinvest this whole economy and
create more prosperity and stability than before. He keeps
reassuring us to hang in there but it is hard to face the
facts and deal with it. Some peoples opinions such as
raising the FDIC limit to insure 1 million dollars in cash
for our cash. This will result in more people putting their
money in banks and feel safe that it would not disappear
overnight. Banks will have more capital and reinvest in
other companies and lend to many more people to help pay off
their bills and loans.
Corporations should also have lower tax rates to help hire
more people and earn more net profit for their economy.
However, thankfully Obama’s stimulus plan is helping to
rehire back people who have lost their jobs due to the
recession and making some people feel happy again. However,
their needs to be acceleration in the distribution of the
stimulus into the retail, business, and service sectors
which the most amount of people work in. Still we are living
in an economy where us Asian Americans, Whites, Blacks,
Hispanics, and other ethnicities dealing with the pressures
of the recession and trying to keep our hopes up it will
return back to normal.
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