McCain, Bush and some others have stated that despite recent financial crises, the economy’s fundamentals are strong. I believe the economy’s fundamentals are no longer as strong as they used to be, and that’s why we are seeing one financial catastrophe after another. I believe we could be headed for some serious economic problems.
Why aren’t the fundamentals strong? Let me count the ways.
The mortgage crisis, which probably hasn’t hit bottom yet.
Huge credit card debt, which is probably the next bubble to burst.
Large foreign investments in this country, which make us vulnerable to economic collapse if these foreign investors begin to pull their funds out of the U.S.
Continuous large unfavorable balances of trade due to oil purchases and buying so many products made in China.
Enormous national debt, meaning large interest payments made by the federal government, made with funds that could have been spent in helping the economy. This also means the economy is facing repaying this debt at some point in the future.
Loss of much of our manufacturing base, and the continuous exporting of jobs overseas.
These are the reasons I don’t believe that the fundamentals of the economy are sound. We as a nation better start praying to God for help, because we certainly aren’t getting it from government, from business, or from anywhere else. Only God can spare us from economic calamity, if only we as a nation return to the God of our founding fathers. They put their trust in God and against all odds defeated the superpower of that age to become an independent nation. Lincoln put his trust in God and held the union together. Franklin Roosevelt prayed publicly over the radio on D-Day for success, and it was granted by the Almighty.
I just hope it isn’t too late for us.