Tag Archives: economy

05/17/11

Freedom From the Grasp of Foreign Oil?

Over the course of any history class, it becomes quite apparent that any event, act, or regulation has a very direct cause . One issue that seems to constantly be making headlines and undoubtedly has a very clear and direct effect on each of us is the perpetually  rising oil prices. At it’s core, the principals that govern the fluctuation of oil prices are the most basic fundamentals of business – supply and demand. However, as our dependency on foreign oil rises, it becomes easier for oil producing countries to step beyond these fundamentals and take a more active role in setting their own prices and indirectly having their say in the direction of our economy.

An offshore oil rig in arctic Alaska

Any disaster as severe as the Exxon Valdez oil spill in 1989 or the explosion of the Deepwater Horizon near the Gulf Coast this past summer is sure to stir up quite a scare when it comes to the dangers involved in the exploration and drilling of hard to reach oil fields, so it should come as no surprise that the government would subsequently put further exploration under a close watch. But the more you read into the benefits of increasing domestic oil production and therefore lessening our dependency on that of foreign countries the extent to which higher domestic output only becomes more and more apparent and it becomes irrefutably evident that it would be a major step in our ongoing quest toward economic recovery.

Over the past few weeks there have been many steps taken by the Federal Government to trying to ease the effects of these steadily rising prices on the pockets of the American people; and in fact, just yesterday “In his weekly radio and Internet address,” President Obama said that, “the administration would begin to hold annual auctions for oil and gas leases in the Alaska National Petroleum Reserve, a 23-million-acre tract on the North Slope of Alaska.” (John Broder, New York Times). It’s very clear that the president has real understanding of what’s actually going on in our country and is making an effort to show the people that he’s doing what he can to help us; and although I do not agree wit hall of his policies, I feel that I must commend him for his ability to speak to, and connect with, the average American citizen on very personal level.

This latest step in Washington’s stance on drilling within our nation’s border is sure to have a very direct and hopefully positive effect on each of us individually as well as on our economy as whole, and I encourage you all to take a few minutes to read the article that I’ve linked below – or at the very least watch the videos.

-C. Salama

Video: Obama on New Drilling Leases

\”Shrinking Oil Supplies Put Alaskan Pipeline at Risk\” – The Wall Street Journal

\”Shrinking Oil Supplies…\” Video

\”Obama Shifts to Speed Oil and Gas Drilling in U.S.\” – New York Times

04/19/11

The Poor Will Prevail

According to Foner, during Johnson presidency he took initiatives of 1965-1967,  known collectively as the Great Society, provided health services to the poor and elderly in the new Medicaid and Medicare programs and poured federal funds into education and urban development. Unlike the New Deal the Great Society was a response to great prosperity. The mid-1960’s were a time of economic expansion and Johnson thought that economic growth will help improve the quality of life.
Great Society centerpiece was Johnson’s response to poverty, he tried to eradicate it. According to Michael Harrington’s book The Other America around 40 to 50 million Americans lived in poverty. This alerted political leaders to take action in stopping poverty. The War on Poverty didn’t directly eliminate poverty Johnson concentrated on equipping the poor with skills to help themselves. The new Office of Economic Opportunity provided job training, legal service, and scholarship for poor college students. The War on Poverty didn’t really eradicate poverty it helped empower the poor to take control of their lives.

03/14/11

Worse Way to End the 1920’s

People are waiting on line for food. Ironically, they stand under a poster glorifying the American standard of living.

People lined up in London to protest about the Great Depression

The Great Depression not only hit the United States but effected the global economy. In the first picture there are people waiting on a line to get food. During this period, most people couldn’t afford anything and even the wealthy became poor in one day. Ironically, the pictures shows a poster saying how great the standard of living the United States is. It goes to show that it doesn’t matter where they are and how prosperous the country was, the Great Depression was affected globally.  The second picture shows another line of people in London where they protested about the lack of food and to get relief from this disaster. In both pictures, it shows that both countries had obstacles in fighting the Great Depression.