With the recent events and the rate of inflation, people often wonder how the economy came to be this bad and what went wrong. This is a question that requires a lot of research and attention.
The Fall of Economy
The world economy has been going smoothly for centuries with only a few hiccups along the way but nothing like what we are going through at the moment. The world economy is essentially run by the USA, China, and other first-world countries. The recent climate change, COVID-19, monkeypox, and wars have really messed up the economy of the whole world.
The downfall of the economy started from the 2019 year and has continued. With one crisis being diverted, another one comes around and causes issues. This constant economic pressure and struggle has caused extreme inflation and resulted in inexpensive things becoming unaffordable.
With the current situation and the way our social and political world is at the moment, there is little chance of a miracle and us going back to the old times.
The Result of Downfall
This economic disruption has resulted in many countries becoming unaffordable for their inhabitants, and tough times have fallen on almost everyone. The sad thing is that there is no definitive solution to reduce this and or solve this issue, but there is always a chance for hope. Financial insecurity can increase crime rates, suicide rates, debt of the country, and decrease the well-being of the people.
The Potential Solution
It is essential for a country to try to make its people happy. The financial issues almost always hit the working class the hardest. They get crushed in the middle of tough times. There are a few things we can help in making the economy better:
- Bringing down interest rates
- Increasing wages for employees
- Cutting down income tax rate
- Increasing Health benefits
- Giving bonuses
- Focusing on strong points of the country
There is no mathematical formula that would help us solve the economical issue, but there is always something we can do to ensure the people are able to afford their basic necessity and it is the country’s responsibility to ensure financial safety.