Ms. Lui makes some strong points in her interview, and she did point out a some of the flaws that the current country has in terms of the current economic crisis. In the beginning of her discussion, Lui explains how unions have slowly disappeared and become a dying organization. She mentions that it isn’t necessarily the fault of the unions, but possibly the companies and corporations that have found ways to move abroad and outsource many jobs. This is interesting because one of my family members is did at one time work for a union that was contracted by various companies, and in comparison to other non-unionized electricians, he was making a large amount of more money than them.
A couple of the companies now have changed contracts with the unions, now allowing non-union electricians to be hired in an attempt to keep costs down. I believe this to be a necessary action, because there is a certain point to which you can keep these expensive workers when you know full well that you could hire a non-union worker for much less. Although I see that value of unions, I do see it from Management’s side as well because it goes against common sense for the company.
Another important subject that Lui touched on was in regards to the economic crisis that has been happening to the bottom of society. She mentions that real income has not increased of the past few years, meaning that people are essentially living on less because their dollar last year is cannot buy the same amount of stuff this year. This has pushed Americans to borrow more and save less, and this is what the financial sector wanted. So now that everyone is feeling the crunch, people have realized that the giant holes of debt that everyone was in, will only lead to a catastrophe.
Currently the United States is in a recession. Most other countries, including almost all of Europe, China, India, and Japan are experiencing this as well. And it seems appalling that these large companies that exercised such irresponsible business techniques are getting bailed out. The fundamentals of the economy, the working people need to be helped and not those large companies. Since all these bad loans got us into this mess into the first place, why do we need to give money to banks so they can lead out more money? Does that make sense? Instead, why couldn’t we pour billions of dollars back into community programs, social services, and tax checks to those hard working people that help pay for this bailout? If we want to keep the fundamentals of our economy safe, that is the average American worker, than we should reward him and not the profit seeking corporation.
The final point I’d like to speak about is the importance of living within one’s means. American is known to have that “buy now, pay later” approach to products, but this has really sucked out the blood of the consumers of this country. ‘Zero down’, ‘no payments till next year’ all these tactics to get people to buy now has really pushed this country to a very tight spot, because everyone gets sucked into the idea that they can afford that brand new car, or that nice little condo, and even that 55” plasma tv, but people realize soon that they have bitten off more than they can chew.
My advice to is to live in your means, and save as often as possible. Try to put money down when making a large purchase. Try to pay more than your minimum payment if you have to charge it. Use your debit card instead of your credit card. All these things can help push you away from those false claims of how easy the American Dream can be reached. Last time I checked, this country was built by honest, hard-working people, not people who bought wildly on money they didn’t have.