While governments are scrambling to put their finances in order, the public is left wondering – what’s going on? The debt crises in some parts of Europe and in the US are taking over the budgets of the governments in these countries. Spending cuts have become the order of the year. The other question that matters most is – how deep should these cuts be?
Defaulting to financial obligations is no option. Governments must find ways to cut the budget deficits into manageable level. The current level is unsustainable. Severe cuts must be made, in lieu of traditional sources of revenues – taxes and privatization of public utilities and government’s stakes. Laying off is a welcome reprieve for the governments, and so the overhauling of pension system.
There is outrage from the public of what’s going on. The public has expressed this on the streets. From Greece to Spain, the public reacted strongly against the proposed and recently implemented austerity measures. Another round of austerity measures is on the horizon to cut even deeper than what was once thought.
The spending cuts may look all negative in economic terms. However, it is also a welcome relief for the ailing environment. Imagine the reduction in the emissions because of the moderated operations of the manufacturing industries.
I think these debt crises are bringing us back to the basic. We have exploded in our own desires to grow bigger and more. And now, we are trying to ease the impact of that explosion by grinding down our excesses. Thus, it provides the necessary breathing time for our suffocated environment.
We are close to realizing that we do not need to be bigger or to have more. What is essential has been here all along – our families, community, environment. Material things come and go, but some things stay, whether in recession or not, with or without debt crises.
I believe in the resilience of humanity. We will overcome, and so too our environment, with a little help from the debt crises.