America has been battered by recession for quite a long time now since 2007. It is yet to recover from the slump in economy. However, the situation has improved drastically over the past months, though not good enough to say that the USA is back at the top of global economy. The current economy condition will still pinch many in the US. The economic downturn has been a government fiasco for over a decade.
The political platform has changed. The new government made a lot of promises before coming to power. Everything happened but nothing changed so far. America is still struggling with the current poor and fragile economy.
The White House and the Congress must look into America’s industrial and manufacturing downfall. The US has no coordinated national industrial policy in many decades. Both the Congress and the White House never look into to this. The US is known as the largest economy in the world, it is one of the biggest exporter nations and its citizens can consume one-quarter of the entire resources available and used on this world in a day. However, Americans still do not have savings. Instead, they are just in the big amounts of debt. There is credit crunch and big corporate are losing money day and day out. There is job loss throughout the country and people are still longing for a change in the economy.
Now, how this volatile economy can be improved within the short period of time. Some below discussed steps can be taken to rebuild the US economy.
The US must create jobs and wealth within the American society. The more number of jobless people the more burdens on the economy. Hence, job creation is must. They must also check the outsourcing factors which are practically draining jobs out of country.
The banking sector must be improved. The government must announce some good packages for bankers. Some of the trailing banks must be bailed out with government aids.
There should be some govt. programs such as auto industry bailouts, Cash for Clunkers and the like.
There should be less burden on tax payers and should be given breathing space.
Whatever, the policy is taken, it must be in the interest of the US citizens and then the economy can be saved. The industrial sector must be looked after and job creation must be made to improve the economic crisis of the US.