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An Explanation of the Current Condition of the American Economy

  • Date Submitted: 10/21/2010 07:43 AM
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An Explanation of the Current Condition of the American Economy
Adil H. Mouhammed
University of Illinois at Springfield
ABSTRACT
The purpose of this paper is to clearly demonstrate that the current economic problems facing the US economy are grounded in the wars in Afghanistan and Iraq. These wars have been increasing government spending on militarism, which generates a higher rate of inflation and a lower exchange rate of the dollar. The two wars are increasing the prices of oil, which contribute toward the increasing cost of doing business. For their own survival, businesses have to increase prices and cut cost. All these private and public actions cumulatively generate stagflation and economic stagnation.
Introduction
When the wars in Afghanistan and Iraq started, many individuals thought that the basic goals of these wars would be accomplished in a very short period of time. Consequently, there would be no negative consequences on the nation. In fact, some politicians thought that after eliminating the regimes in Afghanistan and Iraq, the mission should be continued to topple other regimes such as the regimes in Iran and Syria. Some of those politicians thought that the country has the military might and financial resources to fight in five wars simultaneously.
It is true that the country has the technology, the military, and the wealth to be involved in wars for eliminating terrorists and defending the national security of the nation. No one disputes this proposition and every American will sacrifice for achieving peace and security. But it has been unfortunate that many scholars and politicians have not stated the negative economic consequences of long run or permanent wars. Indeed, the two current wars are taking the shape of becoming permanent wars, because people of these two countries do not like foreign occupation. Past history has demonstrated to all people of the Middle East and other countries such as Afghanistan, China, and India, to mention...

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