2008: The Year of Economic Doom

(I wrote this article on January 8, 2008; ten months ago. I like to believe my prediction was at least kinda some-what partially accurate.)

2008. The jitters of Christmas have worn out, and New Year resolutions have taken their mark. All are searching around, and triviality overwhelms — we are gleeful, mindlessly gleeful — and I just can’t accept that. I thought I would ruin our collective joy by touching upon the travesty of our economy, and how a major economic turn-around may be in store.

Contrary to what the media would have you to believe, the United States does pretty well economically. For one, we only have a 4.8% unemployment rate, which is less severe than Australia, Hong Kong, Great Britain, Canada, and Russia. We also contribute to the world a lot. According to the International Monetary Fund, our 300 million strong, contributes more than 19 trillion dollars of gross domestic product, the most in the entire world. We are the third largest producer in oil, grow 60% of the worlds food, almost solely create the world marijuana supply (which is why Congress should seriously be much more lenient), and rank number one as the easiest place to get hired according to the World Bank.

However, one lingering problem that we do have is that we are 9 trillion dollars in debt. To stay afloat we borrow 2.5 billion dollars daily, most of which comes from China! Now that’s just ridiculous. Our country has the largest debt of any other country on this planet, and 2008 might just be the year that tips the scale in world economic power.

On January 2, 2008, the price of oil broke the three-digit barrier. That’s right, a barrel of oil now costs more than a hundred dollars. If the Middle East were to play their cards right — and they certainly have incentive to do so — they could easily play with the world’s oil needs. We are both the third largest producer in oil and the highest consumer of oil, so it goes to conclude that oil means much to our country. If the Middle East were so include, as current conditions are, the Middle East could easily put a stop to our export oil and make imported oil as high as they want. This is extremely dangerous, and it wouldn’t take much more effort than their realization and coming together.

Europe is becoming dangerous as well. January 1, 2008, both Romania and Bulgaria became full-fledged members of the European Union, making 27 European countries united economically. The sheer refusal for the United States not to form the North American Union truly exemplifies the pigheadedness of our nation. With a $12.82 trillion combined GDP, how do we stay ignoring?

With some of the largest manufacturers such as British Petroleum, Royal Dutch Shell, DaimlerChrysler, Maersk, and Volkswagen. With 2.6 million millionaires. With more than 700 million people united together. The EU will slowly and surely become a threat to our title as the economic king.

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2 Responses to “2008: The Year of Economic Doom”

  1. Smart prediction. What now? If this gets worse, this may issue to the gradual painful fall of America. With all eyes watching. I’m afraid to think of what happens next.

  2. I have been pretty adamant about my ignorance on the economy. I’m just glad about my prediction. Like I stated previously, “I am just here for the ride.”

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