Today's hot topic in the economy has to do with the decision Obama made in regards to setting a $500,000 annual cap on pay for top executives at companies receiving taxpayer funds. Obama said more measures would be outlined next week to overhaul the crisis-hit U.S. financial sector, which has been propped up with billions of dollars in public funds.
Obama summed up his decision by saying, "This is America, we don't disparage wealth. ... What gets people upset, and rightfully so, is executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers."
Maybe this is a step in the right direction in helping relieve the financial situation we are in. Some people believe Obama is doing this just as a political gambit. In my personal opinion I do not know what to say. I'm not going to agree nor disagree with his decision. I will reserve my judgement until I see how this all pans out. It would be nice to see some positive thing occur to help out our economy. Whether this works or not, only time will tell.
Wednesday, February 4, 2009
More Trouble
Today, in Washington D.C., Obama announced that the financial crisis would turn into "a catastrophe" unless the bill passed quickly. Obama summoned centrist senators to the White House to discuss a plan to cut more than $50 billion in spending from the measure, which now tops $900 billion and appears to be increasing.
The cost of the plan race past $900 billion after the Senate on Tuesday added money for medical research and tax breaks for car purchases. An effort to add $25 billion more for public works projects narrowly failed, but is assumed that it will probably be revived. The cost could go higher if senators approve making a tax break for home buyers more generous.
It looks like this hole in our economy keeps getting deeper and deeper. It seems like it is one thing after another, almost like a domino effect. Based on Obama's predictions, relief does not seem to be anywhere in sight.
The cost of the plan race past $900 billion after the Senate on Tuesday added money for medical research and tax breaks for car purchases. An effort to add $25 billion more for public works projects narrowly failed, but is assumed that it will probably be revived. The cost could go higher if senators approve making a tax break for home buyers more generous.
It looks like this hole in our economy keeps getting deeper and deeper. It seems like it is one thing after another, almost like a domino effect. Based on Obama's predictions, relief does not seem to be anywhere in sight.
Monday, February 2, 2009
Money, Mentals, and Mayhem
I came across an interesting article today in USA Today. The struggling economy is now not only affecting people's salaries, but now it is affecting peoples mental health. Requests for therapists have soared, Americans say they're stressed out, and domestic-violence and suicide hot lines are reporting increased calls. All this negativity is due to money. It truly shows that for alot of American people, money is everything. They can't live without it.
Nancy Molitor, a psychologists in Wilmette, Illinois said, "I've never seen this level of anxiety and depression in 22 years of practice. The mental health fallout has been far worse than after 9/11." The demand for therapists have jumped 40% from June-December of 2008. Another interesting fact I came across had to do with ComPsych, which runs the nation's largest employee-assistance mental-health program. They said that nearly half of Americans said they were more stressed than a year ago, and about one-third rated their stress level as "extreme" in surveys out in September from the American Psychological Association.
This is the writing on the wall in my opinion. I believe things are going to get worse before they get better. However, I also believe that American people should prepare themselves properly. If they cut back spending and cut corners here and there, then they will be able to find some relief. People have to realize that they can't live the life they use to live. Now, they have to live within their budget. They have to know when to buy something they need versus buying something they want. I feel that if people start to do this, they things may start to turn around in a positive way.
Nancy Molitor, a psychologists in Wilmette, Illinois said, "I've never seen this level of anxiety and depression in 22 years of practice. The mental health fallout has been far worse than after 9/11." The demand for therapists have jumped 40% from June-December of 2008. Another interesting fact I came across had to do with ComPsych, which runs the nation's largest employee-assistance mental-health program. They said that nearly half of Americans said they were more stressed than a year ago, and about one-third rated their stress level as "extreme" in surveys out in September from the American Psychological Association.
This is the writing on the wall in my opinion. I believe things are going to get worse before they get better. However, I also believe that American people should prepare themselves properly. If they cut back spending and cut corners here and there, then they will be able to find some relief. People have to realize that they can't live the life they use to live. Now, they have to live within their budget. They have to know when to buy something they need versus buying something they want. I feel that if people start to do this, they things may start to turn around in a positive way.
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