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Americas Economic Deficit Compared to MC Hammer and Willie Nelson Notwithstanding that the American empire is considered to be great and steadfast, now it is not a big secret that it faces some serious problems. It is actually a comparatively weak and problematic empire. So the economists worry about the existence of the empire, its ascension, because there is a threaten of its unlooked decline and fall. Now it is already defined that the most important problem of the United States is an economic deficit.
Only a year ago the economists made a conclusion that the most important deficit the United States opposed was fiscal and current account deficit. It is not a secret the Bush administration turned a left-over of about $ 230 billion into a lack of about $ 400 billion. Also it is clear that something like that must have happened in any case as a result of the consequences of the stock market crash. However the expenses increased during the last four years. They are not all military expenses, such account only 30 %. More additional expenses were made by domestic programs, not military.
The Social Security and Healthcare systems are almost underfunded and that deficits appeared when the baby-boomer generation started to retire. The economists made calculations in order to value the scale of the financial gap that now exists the size of the current liabilities of these two systems. The numbers are really big. It was estimate that the hole of their budget accounts $ 45 - $ 72 trillion.
The financial historian Niall Ferguson in his book Colossus: The Price of Americas Empire investigated the problem of the Americas economic deficit. He suggests that the Americans should look at long-term expenses and advantages when considering the projects like Iraq's democratization. He also calls Americans to realize what is important for fortunate results in the global fight for open markets and humane management. Now the United States still is the worlds leading force.
That is why much depends on it. However main American stand towards expenditure, credit and would responsibility is not what it must be. According to Ferguson's concept Americans are Consuming on credit, reluctant to go to the front line, inclined to lose interest in protracted undertakings. He states that The American colossus is a kind of strategic couch potato. Really now the American people prefer to have comfortable life above their means, taking money from East Asia, oblivious to the global problems. Ferguson says that the percentage of Americans classified as obese has nearly doubled in the past decade, from 12 percent in 1991 to 21 percent in 2001.
For the time being, the developing countries are fighting under oppression and unprofessional conduct. Many are in danger of starvation. But now, admits Ferguson, the white mans burden is around his waist. American expenditure has increased from 62 percent of GDP in the 1960 s to about 70 percent of GDP in 2002. According to Ferguson, Household sector credit market debt rose from 44 percent of GDP in the 1960 s and 1970 s to 78 percent in 2002. Moreover, Americans are fatally absorbed with the hazards of old age and ill health that will prove to be the real cause of [Americas] fiscal overstretch.
The United States has unequivocal responsibility and implied liabilities, and Ferguson forecasts that the implied liabilities of Social Security, Medicare and other appellations can easily crash the American fiscal system in future. To put it bluntly, this news is so bad that scarcely anyone believes it. America has fallen prey to a financial delusion and the final result will be bankruptcy. If financial markets decide a country is broke and is going to inflate they act in ways that make that outcome more likely. The trigger, states Ferguson, will be an item of bad financial news.
If Americas economic deficit is not corrected, then we may expect the black hole of implicit liabilities to deliver a financial crisis followed by political revolution. Then, he suggests that the decline and fall of Americas undeclared empire may be due not to terrorists at the gates or to the rogue regimes that sponsor them, but to a fiscal crisis of the welfare state at home. The United States suffers from a lack of people ready to work for the world benefit. There are simply not enough Americans out there to make nation building work, states Ferguson. So we assumed that the most important problem of the United States is economic deficit that is caused by the lack of the people taking care about the world and the American empire itself. Now lets analyze the life of two famous singers and compare each of them with the American empire in order to define what way of doing is right for American people.
The welfare of the country depends on the contribution of every person, not only on the activity of the states government. The first person is M. C. Hammer.
He is an American artist who concluded a multi-record agreement in April 1989. After his "Let's Get Started" appeared on the top of the U. S. R&B charts, he became Favorite Artist of 1990... By 1994 he was discussing a three-album business for $ 25 million.
He began his carrier due to the baseball players Mike Davis and Dwayne Murphy, who believed in his talent and invested money in his business. His album "Please Hammer Don't Hurt 'Em" was sold in 25 million copies and in 1991 he already had a huge sum of $ 33 million. However, he was not very clever spending his money. He built a $ 10 million house in California with two bowling alleys and basketball court. He bought the most expensive cars, spent time in the most expensive hotels. M.
C. Hammer was considered to be one of the richest rap stars in the world. Finally such squandering lead to bankruptcy court in 1996, where it was determined that his actual debt amounted about $ 13. 7 million. Then he had to sell his house, cause was not able to pay for it any more. The last trouble was a surgery in 1996 to repair a leg injury.
After that the singer understood that he didnt live the life that God wanted him to live... Hammer opened a Christian talk show on the Trinity Broadcasting Network, the "MC Hammer Ministries. " He started his life again in the Ministry, guiding 3, 500 of the believers in the Christian Center's Gospel Hip Hop Night. He says: "My priorities had been out of order. It was business all the way instead of God being first, family being second, community being third and business being fourth. " Hammer is living reasonably in Tracy, CA, near San Francisco with his wife and their kids. "I'm lucky to be alive, " he says with thankfulness.
The story of the next hero, Willie Nelson, was different. His way to popularity was long. He like the professional music and musicians very much, that is why began to write songs. First, Willie was working as a disk-jockey and wrote songs in his spare time; actually he had not very much of it.
One of his greatest works, "Family Bible" was created and sold only for a little more than $ 100. During next years he was more successful, bought a new house and settled down in it, keeping writing songs. But then his house burned down and he had to come back to Texas. There Willie found that he almost forgot about lack of musicians in Texas. He started writing songs with the new forces and soon he became popular American artist. He played in several films, performed duets with other great musicians and made a great contribution into the development of the states art.
Leon Russell said about him: With hair as long as the generosity and talent as big as the heart, there is also a compassion that appears to be endless. Willie is a giant among men who lives inside a quiet down to earth understanding. So now we see that the first singer made a big mistake. He was selfish in entertaining himself with the help of his big money and not helping others and his own state.
Then he was punished for that. If the United States behaves in this way, the same end is waiting for it. The nest singer in his wish to become a popular musician and make money never forgot that he was working for benefit of his country and people. This made people appreciate his work.
The USA must aspire to the same: to blossom, helping the suffering and not forget about other needs besides making money. Understanding that will help the American people to save the empire. Bibliography Greene, John The life and work of the famous artists, New York 2002. Ferguson, Niall Colossus: The Price of Americas Empire, London 2004 Wilthred, Martha The future of the American Empire, Washington, 2004
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