Oops, We Did It Again – Is History Repeating Itself?

It is said that history repeats itself, a cyclical pattern of fashion faux pas, bitter relationships, technological advancements and, oddly enough, the same mistakes. As we bid farewell to the years spanning 2000-2009, we are presented with the opportunity to analyze social, political and economic trends which shaped the decade. But it turns out that the past decade wasn’t all that unique. In recent years, we faced issues regarding global relations, budget balancing, financial stability and domestic policy, which leads us to ask: haven’t we been here before?

Currently, we are a society focused on “what’s hot and what’s not.” According to The Economist, the average child between the ages of 8 and 18 watches 270 minutes of TV each day. That is enough time to spoon feed the youth of our generation with a large dose of consumerism. Apparently the similar consumerism of the 1920’s and its aftermath weren’t enough to deter Americans from obsessing over the gratification of purchasing material goods. According to a San Francisco University statistical portrait, a total of $7 billion worth of product was purchased on credit during the year 1929. And guess what? CreditCards.com reported that 26.5 billion credit card transactions occurred in 2008, totaling $2.1 trillion. In the 1930s, such spending led to the Great Depression and has now led to our current economic crisis. According to Forbes Magazine, the United States faced, and still faces the most severe financial crisis since the Great Depression, leaving millions homeless and without access to sufficient food sources. Struggling, many Americans are apprehensive regarding the current state of affairs, surviving without access to health care or medical benefits.

Another worthy contribution to our crisis resulted from the globalization of our markets throughout the 90s, an expansive principle emphasized under the Clinton administration. Globalization led to diminishment of American made goods, products, and services. Large companies built factories overseas and outsourced jobs to developing or underdeveloped countries in order to benefit from cheap labor. This is a profitable option for your average penny pinching business tycoon. Who would have thought that men with such a large wallets would risk the dignity of an entire country for spare change? This has not only decreased the number of US exports, but aroused significant ethical and economic concerns. And you wonder why everything from toothpaste to pet food is tainted with toxic substances. That is, until you read the tag, “Made in China.”

Moreover, American greed reached an all time high when we engaged in a war with Iraq in order to secure oil reservoirs in the Middle East. In his memoir, former Federal Reserve chairman Alan Greenspan said, “I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.” Sadly, we deemed Iraq dependent on our political ingenuity. This draws a distinctive parallel to the Vietnam War of the 70s where rich oil reserves were discovered. The Vietnam War, fought on the pretext of communist concerns in the region, entangled the United States in a messy, highly controversial debacle.

During the Bush Administration, it was disclosed that legislation had been written, aimed at allowing oil companies such as Exxon and Chevron to drill in natural wildlife regions in the Arctic. These desperate measures were similar in nature to those existing throughout the 1970’s as gas prices sky rocketed and stagflation plagued the nation. The price of oil nearly quadrupled from a mere 25 cents to over a dollar. It was a direct result of an oil embargo placed on the US by OPEC, following the country’s support of Israel. In perspective, times have really not changed, considering that the US is still pressured for oil resources and funding for alternative energy sources.

On a more positive note, Barack Obama’s presidency marked the climax and culmination of the Civil Rights Movement of the 1960s. Stuart Taylor Jr. of the National Journal wrote, “Obama embodies and preaches the true and vital message that in today’s America, the opportunities available to black people are unlimited if they work hard, play by the rules, and get a good education.” This historic moment marked the end to a nation segregated by racism and prejudice, and the birth of a nation embodied by diversity.

Our nation thrives on the cyclical nature of life. Each problem, accomplishment, or solution, teaches us about ourselves and the nature of our decisions. Who knows, maybe even poodle skirts will come back into style. After all, what’s in and what’s out is a question only time will tell.