The economy of United States is considered to be one of the best economies of all times. But the economic condition of the United States at present is extensively understood to be the most critical since 1930s. So far the achievements and steps taken by the government have been insufficient, late, and do not deal with original grounds which will ultimately have to be tackled. The escalating financial disaster, meltdown in housing sector, increased joblessness and Wall Street turmoil together with longer-term confrontations like defense expenditures, soaring health care expenses and offshore energy reliance are creating difficulties for the residents of the United States. These elements are creating problems for the current government and the policy makers.
In order to avoid these circumstances we should focus keenly on issues that are directly related to our country and must end the “War against Terrorism”. A hefty amount of dollars are spent on this regime and thousands of soldiers are transferred to countries like Iraq, Afghanistan etc which actually increases our defense budget. Moreover, governments should provide incentives to banks to purchase or refinance current mortgages and penalties for dishonest dealers and lenders, generate funds to assist house owners evade Foreclosures (Quain). Similarly, tax relief should be offered to middle class families and business taxes should be reduced. Moreover, estate tax and hefty taxes on small businesses must be eliminated (Sahadi).
Therefore policy makers should stress on essential factors and they must devise a policy that should clear the current turmoil and it must generate prosperity in the nation. The policy makers should implement policies that must benefit the country in both the long and the short run.
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