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20 February 2009

U.S. Recession's Far Reaching

Many countries around the world depend on the economy of the United States to sustain their own economies. The U.S. is a nation of consumers, other nations produce. Without someone to buy and use your products, your own economy will suffer.

This may not be more noticeable anywhere than in China. The U.S. imports thousands of products from China. China was becoming a dominate economic power because of it. The U.S. also gets most of its loans from China in the form of Treasury bond purchases.

Now China has closed 70,000 factories and laid of 20 million workers. These young workers are faced with few choices and are forced to resort to the old ways of making a living...farming. Non have the skills or know how to farm, but must learn in order to feed their families.

Factory workers could make $10,000 a year, a good wage that provided all their needs, now they make nothing. Farming doesn't pay well, but has the advantage of feeding the family.

Many will return to the cities to look for work, but the world is watching and hoping for a speedy U.S. recovery.

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