On Improving Our Economy

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    HistoryEdited Nov 22, 2008 9:33 AM by Team Millennium…

    Solutions for the ecnomic crisis


    Jack London news at 7:00pm



    This is 7th grade news reporters Mitchell and Nathan reporting on this terrible economic crisis.

    Today we are gonna talk about this terrible economic crisis and how we think we can make it better.

    First, How does the economic system in which we live impact the choices we make?

    There are many ways the economic system impacts our choices. For example, if the market is in a bad state, such as now, people tend to save more and spend much less as well the banks don't give out many loans. When the market is booming like in 2006, people were spending moreRetail Swoon than they were making and the banks were giving out loans like it was going out of style. This picture is a graph of the consumer spending over the course of the year, of 2008. As you can see through out the year the market progressively got worse and consumer spending

    followed.


    Here are some of the reasons why we think the economy is in such a bad state.

    • Banks are afraid to give out loans
    • People are saving more and spending less which is killing our economy
    • Buisnesses are failing causing unemployment to skyrocket and therefore people are defaulting on their mortgages and are rapidly losing their homes
    • The fall of the housing bubble

    Another topic on the economic crisis is,How does change within the system cause conflict?

    Well to start off with we shouldn't make changes where we don't have to. For example a change that happened many years ago is we went to war with Iraq. Over billions of dollars are spent on the war every month. All that money is coming from the tax collection which we should use for other important causes. Our country is trillions of dollars in debt but still we some how manage to get money for whatever it is we need. This picture shows the spending on the military of selected countries. As you can see USA spends the most on the military


    Another reason our economy is so bad is the price of oil per barrell compared to the demand.

    In a normal economy when the price of something goes up demand should go up.

    Except for the market we are in right now.

    The price of the barrell has been dropping for several months

    oil.gif

    . As the price was dropping the demand should have

    been going up which it wasn't. This is because people have changed their habits of going in cars everywhere to

    biking and walking more. Therefore even as the price

    goes down people aren't buying gas because of their new habits. As of November 21, 2008 the price per barrel closed at $48.65. From about May of '08 the price of oil per barrel dropped almost $100!




    What can done differently within the system so the system can better meet people's needs?

    We think that the real culprit of this economic crisis is really us. Since we started to panick as soon as the market fell a little it has been downhill from there. If people were willing to spend the money we probebly would not be in this deep of a recession. People have just been saving because they are afraid to lose their money. Although the thing people need to realize is that we need to spend money to get more money in circulation. Which will help with our struggling economy.


    What is the single most powerful solution to the economic crisis facing our families today?

    We think there are many solutions, described in this paper. The single most poweful solution in our opinion is for people to realize that they just need to start spending instead of saving. If they do that will help the economy get more money in circulation and therefore bringing our market back to life.



    Thank you for watching this special edition broadcast of Jack London news at 7:00pm. We hope to see you next time. This is Nathan and Mitchell with Jack London news ending our broadcast. Bye!


    Comments

    /groups/jlmsecon2008/search/index.rss?tag=hotlist/groups/jlmsecon2008/search/?tag=hotWhat’s HotHotListHot!?tag=hot2/groups/jlmsecon2008/sidebar/HotListmillenniumTeam Millennium2008-11-20 17:56:44+00:002008-11-20 17:56:44updated11karendalyKaren Daly2008-11-19 03:25:41+00:002008-11-19 03:25:41updated10karendalyKaren Daly2008-10-28 02:06:35+00:002008-10-28 02:06:35updated9karendalyKaren Daly2008-10-08 02:41:32+00:002008-10-08 02:41:32updated8Un-tombstonedkarendalyKaren Daly2008-10-08 02:04:34+00:002008-10-08 02:04:34updated7TombstonedkarendalyKaren Daly2008-10-08 02:04:27+00:002008-10-08 02:04:27deleted6karendalyKaren Daly2008-10-07 00:21:30+00:002008-10-07 00:21:30updated5karendalyKaren Daly2008-10-06 17:03:43+00:002008-10-06 17:03:43updated4millenniumTeam Millennium2008-10-02 00:56:01+00:002008-10-02 00:56:01updated3Added tag - hotkarendalyKaren Daly2008-09-22 01:16:18+00:002008-09-22 01:16:18addTag2First additionkarendalyKaren Daly2008-09-22 01:10:52+00:002008-09-22 01:10:52created1wiki2008-11-20T17:56:44+00:00groups/jlmsecon2008/wiki/830fdFalseGovernment Proposals/groups/jlmsecon2008/wiki/830fd/Government_Proposals.htmlTeam Millennium11 updatesGovernment Proposals The single most powerful solution to our current economic crisis... Aaron, Joseph Mitchell, Nathan Billy, Shane Lea, Asma, Sarah Anna, Gloria ...Falsemillennium2008-11-20T17:56:44+00:00karendalyKaren Daly2008-11-19 03:28:32+00:002008-11-19 03:28:32updated4karendalyKaren Daly2008-10-28 02:03:59+00:002008-10-28 02:03:59updated3Added tag - hotkarendalyKaren Daly2008-10-28 02:00:57+00:002008-10-28 02:00:57addTag2First additionkarendalyKaren Daly2008-10-28 02:00:52+00:002008-10-28 02:00:52created1wiki2008-11-19T03:28:32+00:00groups/jlmsecon2008/wiki/c1d25FalseFamily Proposals/groups/jlmsecon2008/wiki/c1d25/Family_Proposals.htmlKaren Daly4 updatesFamily Proposals Elizabeth, Elizabeth, Justin Sam, Kevin, Pierce Sydney, Andrea Breann, Anessa, Amanda Aamer, Rudy Alex, Antonio ************ Jim, Freddy Ed...Falsekarendaly2008-11-19T03:28:32+00:00hot/groups/jlmsecon2008/search/index.rss?sort=modifiedDate&kind=all&sortDirection=reverse&excludePages=wiki/welcomelist/groups/jlmsecon2008/search/?sort=modifiedDate&kind=all&sortDirection=reverse&excludePages=wiki/welcomeRecent ChangesRecentChangesListUpdates?sort=modifiedDate&kind=all&sortDirection=reverse&excludePages=wiki/welcome0/groups/jlmsecon2008/sidebar/RecentChangesListmodifiedDateallRecent ChangesRecentChangesListUpdateswiki/welcomeNo recent changes.reverse5search