Something I found interesting

http://money.cnn.com/2011/10/27/news/economy/debt_committee/index.htm?iid=HP_LN

This article I found talks about the Congressmen trying to find the best way possible to decrease the national debt.

It's basically a back and forth battle between Democrats and Republicans, who both have completely different opposite ideas on how to solve the problem.  For example, when the democrats thought of a $3 trillion plan, the republicans denied it because it relied on tax increases.

As it said in the article, the democrats don't want to cut mostly any spending and the republicans do not want to tax people any higher.  Which leaves them stuck between a rock and a hard place because where can they get this money to pay off this national debt?

The article suggests medicare but touching it will increase tax revenue.

To me, I wish they could just come up with a solution to get us out of this national debt crisis.  It's been going on for a long while now.  But if I were in their positions, I honestly wouldn't know a solution that will make everyone happy.  I don't think anyone would.  Sometimes, however, you just have to do what is right, even though some people will not be happy with the decision.

Social Security

I've heard that social security has been reformed over and over again and yet people are still complaining about it.  I don't understand all the aspects of social security but I have heard my parents and other family members complain about it.  Especially my dad when it came to his disability.  It took forever for them to accept the fact that he cannot work, almost six months, and to provide his social security disability check.

Sometimes I don't know how secure social security is.  In the article, it talks about it being exhausted by the year 2038.  And even though they're trying to reform it in order to still provide the same benefits to future recipients, it still is not working because they are STILL trying to reform it.  I hope soon they can reform so future recipients can get what everyone else before them got.

If I am mistaken about somethings, don't feel bad about correcting me.  I'm not the best with economical subjects but this is what I previously thought and what I've learned from the article.

Response to 10/5 Podcast

First, I'd like to apologize for not having this up sooner.

Second, my response:
I never realized how much easier it is now than years ago to get access to your money.  As he said, the transaction cost is down and efficiency is up, which is a good thing.  It may not have too much to do with economics but I did think it was pretty cool of how much easier accessing money.  I couldn't imagine if I couldn't access my money as soon as I need it!

I like how back then in The New Deal era, people seemed to be more localized, as they termed it.  People worried about other people and wanted to make sure workers were being treated fairly with good wages and a constant hold on their job.  They didn't think of short term gains that in turn, could be detrimental to everyone.  I agree with this completely and I wish others would be more last this.  I hate seeing people that jobs got taken away and now they cannot find a job.  It has happened to a lot of older people more than younger, at least in my town.  Some of their jobs have been replaced and they don't know how to work machine or the job itself is not even needed anymore.  They're left without a job and there's not too many places that will hire a 50 year old man that has done the same thing for the past 30 years and has no other training in anything else.  It's the attitude of 'you can't teach an old dog new tricks.'

It's with anything.  With the GE example, it also stopped looking out for the wellbeing of their workers and they sought more for capital growth.  It's a nasty greedy game that bosses like to play.

Overall, this podcast was a great explanation of many things.  I learned a lot.