1. To spend or not to spend: This economic debate ranges from a personal level all the way up to government so it’s common and applicable in almost any situation. This particular debate often derives from the necessity to purchase certain things and not having the funds to support it. When this comes about in a government type of manner where it affects so many people it can be scary. This takes into question if spending is absolutely necessary for the good of the people or if spending will actually hurt the society that it supports. Too much spending has been to blame for the number of economic issues that exist. However sometimes you do have to spend a bit to get out of a hole and so the debate and controversy rages on.
2. How to trim the fat: When the time comes to cut expenses, this forms one of the most controversial debates out there. This is an age old question that comes about in workplaces, in government, and even in personal usage. There comes a time when there must be some cuts made to get things to work from an economic standpoint. This debate takes into question exactly what should be cut to make it all work. This covers a wide range of things from pay cuts to unemployment to the removal of services that many people rely on. When this debate rages on, there is often not a middle point where people can agree upon things.
3. Balancing the checkbook: This debate has been around since the beginning of economics and it’s a tough one. This is often looked at on a larger and broader level such as the government balancing their budget, but it could be applied to a married couple fighting about money too. To balance a checkbook or a budget and to get everything to work is no small task. This debate takes on why things are out of whack and more importantly how you get them to balance out. This often involves some maneuvering and some rather painful steps to get things to work the way that they should have in the first place.
4. Taxes up and down: When things go wrong at a government level, the first thing that many people look at is raising taxes. When things go well or if there is the desire to create a stimulus of sorts then there is the question of lowering taxes. Though taxes are an inevitable part of life they are also a very debated aspect of economics. Though we all recognize that they are essential and that they will always exist, they are also the first thing analyzed and debated in a failing economy. Depending on which side of the aisle or the issue that you sit upon, you are likely to have a very real and very legitimate point of view on the subject.
5. How to get things back on track: When things go wrong there is always the time for recovery. Once things hit rock bottom, there is the question of how you can get things back on track and this is something that is very often debated over. Some will say that putting an economic stimulus in place is necessary and others say that buyer behavior will improve and the problem will fix itself. There may be no right or wrong as it’s more situational than anything else, but this question and the accompanying debate still exists all too often.
When the economy goes bad or things are amiss, there is of course the desire to fix everything. If you take a look at these debates you can see that through the years, the same issues are still fought about and are likely to stay that way for quite some time.
MJ Frederick generally blogs about potential career paths for students who are interested in earning their masters degree economics.