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September 30, 2008

Economic Bailout Plan: Realistic or Impossible?

Can the economy be bailed out at this point? Well, the answer depends on who you ask. The Bush administration thought that the $700 billion plan that they came up with was going to be able to rescue the United States from complete financial ruin. Of course, the Bush administration has helped to create this terrible economic situation and is eager to find a way to get out of it.

Even though Republican nominee John McCain has tried to distance himself from Bush throughout his campaign, the fact that Bush is a Republican can not be ignored. People automatically associate Bush and McCain by default. Now that the economic plan has been rejected by Congress it is bound to have an effect on McCain’s campaign.

As the economy continues to fall into a deepening crisis, solutions seem to be scarce. Giving billions of dollars to corporations does not seem like the answer but what does? Right now the Untied States is in the midst of two wars with no end, there is a major housing crisis and the price of oil is volatile. Unemployment has hit record levels and some of those effected are people that were in jobs that traditionally would not see layoffs or firings. No company or position is safe no matter how long it has been in existence. Over the past few weeks legendary financial companies went under or were bought out by other companies. The financial crisis is starting to hit extraordinary levels.

Something just doesn’t seem realistic about a $700 billion dollar bailout. If the country is already cash strapped, it seems that having a bail out plan that calls for that much money to be given to the people that were a huge cause of the economic crisis is not wise. These companies that set themselves up for their own demise could very likely waste the money that they are given for bail out purposes. Greed is one of the major factors that has driven this economic downturn. The foreclosure crisis was a major player in the fall of the economy. It seems that working to solve that would be a better endeavor than handing over billions of dollars to corporations that lost billions of dollars. Big business is the reason why the country is in this mess. Don’t continue to fund their failures. Instead, find relief for everyday people that are working two jobs or struggling to find work after the huge, greedy corporations laid them off.

Another solution proposal is supposed to be in the works. Unfortunately, the same crew that came up with the $700 billion dollar bailout plan is working on it so keep hopes low. The people that are working to come up with a solution are so out of touch with the average American that they are almost sure to come up with another flawed solution. The future of the economy of the United States is in great jeopardy. Those that are depending on a plan to help ease their woes in this bad economy may be waiting an extremely long time.

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