Living wage, healthcare, free college education,
open-border immigration, and debt forgiveness are just a few of the demands the
Occupy Wall Street protesters want. So what is Occupy Wall Street?
Occupy Wall Street began at Zuccotti Park in the financial district in New York City on September 17Th. It has since
gained national and global attention and momentum. Similar protests have been sparked
across America and around the world. Those behind the protest are frustrated
because it seems that nothing has changed in the financial sector after the
Great Recession of 2007-09. The protesters believe that economic inequality in
America is growing; that corporate influence over government, particularly in
the financial sector, is too much; and that the middle class is being squeezed.
While some of the claims may have merit, one thing the protest is lacking is a unified goal
and leader. Well-meaning as some of the demands seem to be, they could be
counterproductive. For example, if all debt is forgiven, banks would be
reluctant to lend, making it hard for consumers to get credit to buy houses and
other goods and services, for businesses to expand, or for new businesses to
start up. It could cripple our already fragile economy.
In a competitive global market economy such as ours, free-education and a higher living wage are
unsustainable demands. Who would pay the
professors? Who would assume those costs?
Raising the living wage is a good idea, but it could also cause more
unemployment as companies move operations to areas of the world where labor is
cheaper. Raising the wages of some workers could also mean denying other
workers employment.
Finally, increasing input costs for companies mean those higher costs will be passed on to consumers.
The protests have had value, and they have had an impact nationally and
globally by forcing us to take a critical look at problems of income inequality
in society. Could the Occupy Wall Street protests change America and the world? Let’s occupy common sense and move America
forward.
(Thank you to all readers, please follow me on twitter @GenAppo)