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The Common Solution To The Financial Crisis
By plrprousers | March 17, 2009
When the crisis comes it is the common man who suffers the most. The middle class are mostly affected by the situations like these. In other words, the middle class must pay the blunt of the mistakes, made financially, by the well-to-do and greedy class. The rich have enough money to survive through this healthily and gain back their lost virtues in some period.
In these times of recession the main question is how we are going to satisfy the needs of the middle class people and giving their rights back to them in order to operate family’s mediocre budget which allows them to have nice food once in a while or trip to parks.
As long as the rich were gathering fortunes from this tax and that oversight, the middle class were able to weed their way through the economy by seeking some relief through the tax breaks that were available to them in those times. Once the rich saw a way to pinch off the tax breaks, in order to further separate the wealthy from the middle class, did the recession cyclone of the 21st century begin to pick up wind and destroy the entire American economy through their own greed.
During President Reagan’ reign the Reform Act of 1986 was a 829-page bill was enacted to put an end to allowing the middle class to write-off their interest paid on credit cards and car loans, what the law termed as ‘consumer loans.’ from their income taxes.
The basic and main motive of this code tax change was to step down in increments, the ability to use the tax write-offs that helped the middle class to keep up with their overwhelming taxes. In other words it was designed to curb spending and maintain finance stability. But sadly it did nothing close to stop the greed of the wealthy from continuing to gouge the middle class, including credit card companies and their interest rate greed.
Unfortunately the lawmakers were trying to use the middle class to regulate the rich, when it reality it should have been the other way around. This surely would have brought the desired change then. Apart from the hedge fund greedy and the fuel gouging prices, the mighty American consumers have managed their wallets better than the wealthy have managed their greed.
We should not be waiting for the greedy wealthy people to fix what they didn’t know how to stop in the first place and it will only further damage our economy which needs to get back on track soon. Or else its repercussions will be many and on all fields. The current administration is surely working round the clock to kick start the revival but it is halted in many places by some hiccups.
Helping others is a great way to help yourself. Start saving, get investment advice in right areas, Spend wisely. See the pros and cons of everything and then decide
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