Most Americans do not concern themselves with economic matters, and they leave the decision-making up to the politicians and other folks that they feel are better suited than them, who better understand the issues at hand. Nevertheless, it is important for all citizens in the United States to learn a little bit about economics and understand how our business cycles work, our banking system works, how regulations work, and how a for-profit enterprise runs.
It makes sense to have a little bit of knowledge in both micro and macro economics. You see, everyone should promote free markets and sound economic public policy, and yet, there are far too many people that speak up even though they know when something is wrong.
For instance the huge bailouts for General Motors and Chrysler where all the money went to the unions that actually caused the problem in the first place and made those companies very unprofitable over a long period of time. The union stranglehold prevented the companies from competing, and yet it was the taxpayers they bailed out the companies, which then gave the money to the unions so that they would go way and the companies could file for bankruptcy without interference or political backlash.
Obviously, it doesn't take a rocket scientist to figure out that this is a bunch of nonsense. But if people do not speak up, we are going to see more bad decisions being made with our taxpayer's money at the hands of the government interfering in private enterprise far into the future. It's really up to all of us, so, please consider all this.
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