economic crisis and poverty
economic crisis and poverty
Economic and Financial Crisis
Bailout is only temporary solutions to cover what lost by financial or other industrial sectors. Bailout money is public money used to please rich sectors. This adjustment to relieve them is may be by pruning necessary social projects or overburdening its citizens with direct or indirect taxes. More taxes mean lesser expenditure is best way to worsen economic growth. Bailout does not mean better future of these sectors due to low financial demand from loss making or reduced output of industries.
1. Growing competition in banking and housing sectors to attract more and more consumers without evaluating personal capacity and uncertain economic condition of consumers rendered heavy losses to lenders and builders. Cheaper interest rates during enticed customers without realizing the consequences of economic depression.
2. Tough competition and soaring running unit cost or failure to achieve expected to meet target rendered axing work force as cost cutting measure.
3. Heavy bull and bear investments on escalated valued of stocks during boom time began busting during demand crisis led to heavy losses to both categories.
4. Tough economic conditions of families rendered by high fuel, food, day to day use, education and prices of others made more and more consumers defaulters.
5. Job losses and uncertain future is major factor to render demand crisis resulted to ax work force.
Final decision of moving economy is by the final customers who already have lost to high living cost. Improving citizens buying power would yield the result. Many factors are involved for the present banking and industrial crisis among them major reason is defaulting final customer. Think about:
• Present artificially escalated cost essential commodities through over speculative futures trading. Lacks of productive resources for investment, most investments are done in speculative unproductive sectors like housing, stock or other markets. These tend to create artificial demand and artificial price hike in hope more profitable business. Finally lack of demand from real needy customers dooms the market.
• Change economic pattern, both rural and urban economics be developed in same priority. Major Asian economies have gone into crisis as they relied on exports of basic commodities and manpower to developed countries resulting failures as have no demand in their own countries due to extensive poverty level.
• Generating employment in both rural and urban sectors is must for any economy to grow as a boost to generate demand. Countries pumping funds into economy to build confidence among citizen by way of concession in direct and indirect taxes. Promoting small and medium sectors to consume and generate more employment. These neglected sectors are ways to help consuming part or full time employees.
• Finally any economic crisis or promotion is determined by the individuals of a country who buy and sell commodities or services. Country’s growth is based on the power of its individuals. Simply scaling down of inflation index or GDP growth on paper does not help real evaluation of actual growth of any economy. Inflation indexed increase or decrease is only to satisfy regulators themselves but for normal citizen it is the price of vegetable, cereal or any essential commodity that matters which practically rose by 200-300% whereas the inflation index indicates opposite to it or minor increase. (WPI) there is also variation of wholesale price and final price what a citizen pays for commodity, to get correct inflation figure retail price of the commodity that matters (CPI). Normal human has nothing to do with any high valued industrial commodities so inflation index need to classify essential and non essential commodity. Similarly, GDP growth indication too fails in countries where 50% of rural citizens are unemployed or semi-employed. Actual GDP grows when major portion of working population is engaged in production present industrial growth is beneficial to only limited nearly 5 to 10% of total population. A present economic indication criterion is totally baseless for a country which has among the largest poorest living population in the world.
About the Author
Is Pakistan another Afghanistan?Will the ongoing economic crisis help the objective of The Taliban?
Many Pakistanis will become unemployed and dare poverty will prevail.
Pakistanis will become outraged by the millions of lay-offs looming, I bet The Taliban will blame the Pakistani Government for all this havoc.
As a Bolshevik I love this unstoppable crisis because we use crisis to stir up working class.I bet The Taliban will do the same.
To a lesser degree, but they are not as strong there. Hopefully there is more political consciousness there and a left wing socialist, secular government, will emerge there, free of US influence,
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