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  • Essay / Financial dependence: a problem for American businesses

    Voltaire once said: “It is not inequality that is the real misfortune, it is dependence. » This seems true for Americans, who tend to rely on others for solutions to their own problems. Overall, we emphasize burden sharing, for example by borrowing foreign money from countries like China to reduce our growing deficit. American businesses also depend on foreign relations, fueled by cheap labor for greater profit on goods. On a societal level, Americans depend on our government for social and financial assistance whenever the economy collapses. Yet the well-being of the economy is a direct result of the state of America's businesses, and federal programs like welfare are closely tied to our national budget. It is therefore crucial for the United States to find a solution to this problem and achieve financial independence. Americans depend on our government for many reasons, but especially because of the fluctuations in our economy. When the economy deteriorates, unemployment soars and leaves families in distress. Help only comes through social programs put in place by the government. For example, the Great Depression gave rise to several national programs that sought what historians have coined the "3 R's": relief, recovery, and reform. These programs stem from the New Deal, laws passed by Congress and President Franklin D. Roosevelt that provided financial assistance at a time of great poverty. The Great Depression was a reality check for countries around the world as to the extent of the global economic decline. This was the result of several factors, one being the massive stock market crash of October 29, 1929 (also known as Black Tuesday). Investors had given up... middle of paper ... the collapse of oil prices and the reckless "recycling" of petrodollars to the third world by the Western banking system clouded the situation. Today, however, recognition of the truth is inescapable: no significant national government decision is exempt from international consequences, given our financial situation as the world's largest debtor. (9) As the world's largest debtor, we are responsible for our own problems, and needing the help of others to distract us from finding a solution is immature. As a country that is a global power and represents freedom, it is ironic that we are shackled by the chains of foreign debt. Together, it is crucial to shift gears and focus on saving our economy, rather than deciding how to spend what little budget we have. Financial dependence is the ultimate dependence, and therefore America's greatest misfortune..