As I turned to The New York Times Web page (so much for print media), I saw a picture of the president and the first lady descending from Air Force One in London as they prepare to meet at the G20 Summit. While at first I was enveloped by the mystique and coolness of our good-looking first couple, it didn’t take too long before I sobered up over the purpose of the meeting — figuring out how to solve the global economic crisis.
While this topic most certainly sounds cynical and grim, the Europeans, in particular the Germans (who would’ve thought?), have taken advantage of the silver lining involved in this global letdown. I came across a blog entry that threw me for a loop: “Europe’s Solution: Take More Time Off.” After reading about layoffs from public and private sectors, and the dismantling and chastisement of the auto industry, it seems that we have used up every last resort for the worst-case scenario, yet our all-or-nothing approach doesn’t look as though it is necessarily helping us all that much.
According to the blog, written by six prominent economists, rather than laying off people from work entirely, which would strip workers of health care benefits and pensions, European employers are shortening work weeks and offering more leisure time. Growing up in a capitalist society, this seemed like a novel and appealing idea. Wouldn’t most people like to have a job with fewer hours than no job at all in a recession?
Most people would take something rather than nothing and they would most likely want to work fewer hours than not at all, especially since they would retain their job benefits. Perhaps we could use this free time to pursue other interests that would take our minds off the recession. It is also these social nets that protect people from unemployment and loss of health insurance that perhaps instill and breed a sense of goodwill and community among people.
While I’m not suggesting that we should necessarily convert to socialism, I am questioning the morality of capitalism. While we claim that capitalism allows the prosperous to prosper and lets the best beat out inferior competitors, is it really just an example of avarice and arrogance?
Our concept of benefits also differs from that of Europeans; we view benefits as something to be earned, not something to be given. It is these differences that represent a contrast in how we operate with and treat each other in a global society and, as a result, have gotten us into the worldwide economic debacle that we are in.
So while President Obama and the other 19 most wealthy and powerful nations in the world convene to try to solve the unsolvable, I hope that he not only can nurse our economy back to health, but that he also can restore a sense of morality not only among our world alliances, but within our nation as well.