The American economy lacks perfection. It’s in a state of recession causingthe value of the dollar to suffer greatly. But in this nation, people don’tcare that it’s suffering, all they care about is going to war to spend moremoney.
Consumers are so ignorant to the big picture. They assume just because theyhave green paper to pay for prices that appear constant, everything is good.
The truth is nothing is good.
That green paper is losing value rapidly. Soon consumers won’t be able to buy anything.
At the end of 2002, the dollar plummeted to a three-year low against theEuro. It lost close to 17 percent of its value.
After September 11, international investors quickly pulled their money out of themarket. This trend cannot continue because foreign investors holdabout 40 percent of the U.S. Treasury debt. If they persist, the Euro willbecome the world’s number one currency.
The European Union certainly won’t say anything. So the devaluing dollar would be great.
The Bush administration must not let this happen.
The dollar provides more than just financial resources- it’s an asset to the country. America maintains global power because of having the standard currencyneeded for trade.
When confidence in the United States is disrupted because of national tragedies and plans for war, the country suffers in more ways than one. Foreign allies are seen for their true colors and the economy plunges.
In order to maintain this country’s stature in the world, the value of thedollar must begin to change. Right now it’s floating on near nothing. TheCongressional Budget Office projects a shortfall of $150 billion in 2003, avast difference from the $127 billion surplus of 2001.
The U.S. needs to open its eyes before this forecast becomes a reality.
Dominique Drake for The Famuan