America and China, the 2 economic superpowers of the recent 21st Century, both have dominating influence over the world. After studying both societies, I gradually began to find loopholes and problems in both societies which are extremely hard to resolve.
For America, I feel that the most pressing and serious societal issue is its debt crisis. Being born in an Asian family, and believing that debts are unacceptable; I was shocked at America's situation. A nation is actually loaning money from the rest of the world, instead of generating revenue to cover up its expenses. With a huge debt, it is unlikely that America will have much reserves to support the itself should there be another imminent crisis.
This issue is in dire need of a fast and effective solution. To me, the debt crisis is not solely an economic issue. It is actually a vast and complicated web that stretches across politics, foreign relations, credibility of the nation, and the global economy as a whole. If not enough pressure is exerted on the debt, and the United States continue the trend of loaning money to pay off its debt, I think that it will lose credibility. Other countries may speculate that the America is unable to pay its debt, and they may not want to lend money to a customer who is not very trustable in the return of money. With no potential monetary sources, America would be bankrupt. Once this happens, I think there will be calamity in the global economy, since the U.S. Dollar will be devalued, and affect the multiple trades that are based on the U.S. Dollar. With countries have crucial links and dependency on each other, the fall of America would lead to a negative chain effect. Also, if the debt grows to such a high degree, where there is no viable method to pay it, the government may be "coerced" to declare bankruptcy as well. Therefore, I feel that the nation must solve such an issue quickly, as it holds the world at stake.
I think that the government should be responsible in resolving this issue. They are the ones who formulate the policies and decisions of the country, and they are elected by the people to meet the interests of the nation as well as to resolve the nation’s issues. But, in this case, I think it is impossible to resolve such a crisis based on America's political system. To effectively limit the debt, and to compress it, America should cut down on expenses. But, trimming expenses may affect the benefits the people receive. This will stir up discontentment amongst the populace, and they would not want to vote for the ruling party. If I were an American, I would have a propensity to support a party that provides all kinds of benefits and subsidies, instead of voting for one that promotes slimmer expenses. Since many parties are fighting for positions in the political realm, I feel that parties would tend to increase expenditures to appease the people to stay entrenched in politics. Therefore, I feel that it is almost impossible to resolve the debt crisis.
On the other side of the globe, I think China's dire societal issue would be corporate misbehavior. This problem has been increasingly more serious in recent years, with more and more examples been exposed, such as poisonous milk powders and unhealthy oils. Having lived in China for the first few years of my life, I begin to feel disgusted and infuriated, since I had drunk the same brand of milk powder when I was young! Furthermore, whenever I go back to China, I would have to have much prior-contemplation before I buy any food. Me and some Chinese citizens had complaint about losing confidence in China-produced goods, as it affects the well-being of the populace. I think that importers of China-produced goods may potentially lose confidence in the goods, if this problem continues, and may terminate contracts. This in turn wreaks havoc in the national economy, since exporting is a main driving force in China's economy.
I think it is also almost impossible to resolve this issue. China has the largest population in the world and contains many industries. Stricter legislation, as proposed by some individuals, would be ineffective since it is impossible for authorities to dig out all the illegal chemicals in products and to punish every guilty corporation. It is also hard to put each corporation under surveillance. Furthermore, I feel that with deteriorating corruption situation in China, the corporations can use funds to bribe the officials to conduct lax tests in a bid to not reveal the illegal chemicals. Therefore, it would be hard to resolve such a problem.
In all, I feel alarmed that the 2 economic super-powers of the world actually faces such serious problems, that are hard to resolve, in each society. If they face such dire issues within their own territories, I wonder how they rose up the ranks in the world. We could only pray that the 2 nations are not engulfed by their own problems, or else there would be drastic implications spreading to the shores of the rest of the world.
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Hi Kui Shuai. I agree with your views on the seriousness of America’s debt crisis. As you have pointed out, people will be more likely to support a party that provides all kinds of benefits and subsidies, instead of voting for one that promotes slimmer expenses. Therefore, I also feel that the people should also play a part in resolving America’s debt crisis. If more people are willing to vote for parties that do not promise sweet-sounding things that cannot possibly be achieved and instead vote for the parties that present the harsh truths and perhaps workable solutions that may require the people’s sacrifice, the American government will certainly be able to carry out reforms more efficiently since they have the support of the people and the debt crisis might be overcomed. Therefore, in a democratic country like America, the people have the power to choose and determine the future of their country.
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