United States – Wall Street and Washington Job Action

October 15, 2011

By Padmini Arhant

American families across the nation are hurting from the tough economic times with layoffs, housing market decline, credit crunch and expensive health care costs taking toll on middle class, lower income groups and small businesses all over.

Main Street justified frustration over high unemployment; unlawful foreclosures and unaffordable health care expenses are demonstrated in ‘Occupy Wall Street’ protests spreading within and outside the country.

Protestors could peacefully assemble near Capitol Hill and the White House for reminder on the unresolved economic problems and social inequality in the United States and abroad.

As for Washington measures on jobs – the lawmakers failed to pass the jobs bill this week and,

Instead approved free trade agreements with South Korea, Colombia and Peru. respectively for manufacturing jobs at home although,

The legislative success is dependent on the trading partners’ reciprocation i.e. the consumer demand and affordability for American goods.

Meanwhile, U.S. Congress has agreed on payroll tax holiday and unemployment insurance extension that are positive steps with immediate relief for the jobless and those facing retrenchment in the uncertain economic environment.

If both parties in the House and Senate could set aside the political differences for common goals,

Perhaps it would facilitate job growth in private and public sectors essential for economic revival.

Addressing the serious housing crisis with lenders unlawful practices is pertinent for the following reasons:

Improper foreclosures is depriving American homeowners ownership allowing foreign investor frenzy to capitalize on the American plight that needs to be fixed considering,

The mortgage securities as derivatives component are tied to overseas assets.

Furthermore, there are inherent risks involved in such investments due to short-term selling and swap agreements generating volatility in the global market.

Notwithstanding the equity transfer from domestic to offshore holdings embedded in the sovereign wealth funds cause political concerns besides economic turbulence in the globalized economy.

Remedies to these ramifications lies with Congress in easing the burden on home owners through effective strategies such as –

Resurrecting foreclosure moratorium enabling homeowners to renegotiate mortgages with property reevaluation to current market value and,

Payment modification per existing rates would protect American interests in the desperate housing situation.

The home loans revision for families regardless of hierarchy on the verge of losing homes could reverse the trend and boost jobs in the construction industry and service sector.

Any relief thus far is limited to conventional practices with the bulk of the homeowners left at the mercy of lenders’ discretion often premised on short-term gains suppressing the housing market rebound.

While the taxpayer bailouts based on ‘too big to fail’ salvaged the default banking industry despite the illegal sub-prime mortgage activities,

The delinquent homeowners are forced to deal with contrary response ranging from aggressive evictions to unreasonable payment options.

The banks were rescued unconditionally and the financial institutions in return have not only restrained money supply prolonging the credit crunch but also denied majority homeowners refinancing opportunity and small business entrepreneurs capital infusion.

Wall Street with substantial cash reserves could create and retain employment rather than preparing to slash 10,000 finance jobs in the coming months that would exacerbate the dire economy.

Corporations’ role confined to economic development with disengagement from political governance through lobbyists would promote government functionality and efficacy in legislative matter.

Companies incentivized with Bush tax cuts extension have failed to deliver the anticipated job growth and expansion only to be substituted by job reduction and/or exports contributing to national debt and trade deficit.

Repealing Bush tax cuts and redirecting financial resources to organizations committed to domestic jobs would enhance free market performance.

Micro-credits is yet another avenue to empower business proprietorship and alleviate economic pain from unemployment status.

Communities with alarming jobless rate could potentially utilize micro-credit facility for self-employment and niche market.

United States is endowed with skilled work force, ingenuity and innovative talent leading in sophisticated technology and other global achievements that revolutionized urban lifestyle.

U.S. workers productivity resulted in economic boom worldwide supporting developing economies to advance at a phenomenal pace.

There is an urgent requirement to turn U.S. economy around with Corporations assuming primary responsibility in providing jobs, liquidity and restoring homes for American families.

U.S. economic recovery is paramount for Wall Street and Washington.

Corporations cannot exist without workers and politics would desist in the absence of electorate.

Citizens’ grievances are real and legitimate – the economic issues cannot be resolved without political will and corporate investments in domestic economy.

Government and Corporations expediting job oriented economic surge is the universal expectation with millions of lives in jeopardy.

Corporate and Political leaderships are urged to prioritize American jobs, housing, health and business prospects over personal aspirations and partisanship.

Global recession could be contained upon U.S. economic progress.

Action and not procrastination would guarantee the desirable outcome.

Hopefully rationality would prevail in arriving at consensus on economic solutions.

Peace to all!

Thank you.

Padmini Arhant

 

 

 

 

 

 

 

 

 

 

 

 

 

Written by Padmini Arhant · Filed Under Business, Featured 

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