The Student Debt - Article Example

An Article Review of Articles Article One Ethical Issue The article brings out to the surface the fact that a large number of students with a substantial amount of debts in the United States. In 2010, statistics revealed that the student debt exceeded outstanding credit card equity. Apparently, the number of graduate students who carry some debt at the start of their education is ever increasing as reported by The Institute of College Access & Success (TICAS) in 2010. Currently, approximately $900 billion are owed by Americans in the form of either federal or private loans. The ability of the Americans to repay loan has been decreasing especially after the 2008 economic crisis. Unemployment rate is ever rising and the income level is ever declining. As such, the default rates have gone up to the ceiling. The rising inflation, skyrocketing cost of education and living is expected to make things worse in the near future. As indicated in this article, this phenomenon has far-reaching negative effect on the entire economy of the country. It is ethical for people to honor their financial obligations hence students who take loans are not exceptional. In this article, the increasing rate of loan defaulters is the main ethical concern that is likely to pose a threat to the entire economy unless something is done immediately. Even though economic conditions are getting harsher, students are expected to be cautious when taking these loans and should plan on how to repay them, otherwise it will cause economic damage to the general populace. What I feel or think after reading the article The article reveals a phenomenon that ought to be taken seriously by the state. It is a crisis that is likely to cause serious economic problems in the near future. The revelations by the article provide useful insights about the precautions that ought to be taken by students before they borrow loan. I feel that individuals should understand the consequences of the student loans before taking them. It is explicit that some students take up these loans without full knowledge of whether it is private or federal loans. For example, Kristine Beckford owes about $70,000 in student loans, but she is not sure whether it is federal or private loans. In my view, I feel that most students do not take full responsibility for the loans. This is because of the fact that some students are repaying the loans despite earning very low income. For instance, Macaluso has been paying for the loans even though it has affected his savings. I also think that students should not be allowed to take these loans if they are financially stable as this would help reduce the number of the defaulters (Reynolds 1). My opinion In 2012, National Student Clearinghouse Research Center did a research which showed that more than 50% of college graduates are unemployed and are employed in unskilled jobs that are below their academic credentials. A report by the National Center for Education Statistics shows that more than 70% of American students fail to graduate within 3 years. Despite this trend, most of these students still carry student debt. This issue is also happening in other developed countries particularly Canada and Australia. In my opinion, there is immorality that has been spared in the student-loan world. In 2012, the student debt in the United States had surpassed the trillion-dollar level. It is now a major economic burden on graduates and the larger society. This burden cannot be easily offset by increased incomes among the graduates (Reynolds 1). Article Two Ethical Issue The whole world is facing the reality of depleting natural resources such as oil and gas. Middle East is considered to be the hub of energy resources and reserves hence the region has attracted the attention of powerful countries around the world. In this article, Dowd (1), suggests that the supply demand for energy has drastically increased while the supply is ever dropping. In this article, Arctic region is believed to hold approximately 30 per cent of world undiscovered gas and 13 percent of undiscovered oil. The tendency of pushing oil prices high by the countries of Middle East is likely to encourage extraction of remaining energy reserves in the Arctic region of the world. Apparently, every developed country is trying to stake a claim on this region. The United States of America, Canada and Russia are some of the countries that have expressed claims and desire to protect the territory for their interest. Arctic region has been perceived as a zone of peace. However, it is expected to be a zone of battle in the near future. The developed countries have instituted policies aimed at expanding their presence in the region. In 2010, Russia claimed that Arctic is its part of its geographical boundaries hence they naturally have geopolitical interests in it. The same thing is also happening in Canada and Russia. What is worrying is the approach that these countries have adopted in claiming a stake on this region. How each of these powerful countries is going about this issue is alarming and surprising. The countries are sending their military troops to protect the territory they intend to claim. In 2010, Russia claimed that Arctic is hers, and has deployed army brigades to the region. Russia has also used bombers though most of them have been intercepted by US and Canadian fighters. Based on current developments, the issue is likely to lead to another Cold War. It is ethical for these countries to approach this matter in soberness and through dialogue. My thoughts or feelings after reading the article From the article, I think the economic development in most countries is hanging on the balance owing to the fact that natural fixed resources such as oil and gas are being exhausted. The powerful countries are taking advantage of the developing and undeveloped countries in reference to extraction and exploitation of the remaining energy resources. As such, poor nations are not in a position to benefit from these oil reserves. I also feel that the approaches that have been used by the powerful states are inappropriate as they are likely to lead to another Cold War hence causing far-reaching negative effects on the economic and political developments of the developing nations. I also feel that extraction and exploitation of the remaining oil reserves will result to unfavorable climatic changes. This means that countries, which have no claim on the territory, are likely to be affected unfairly. My Opinion The oil wells in most regions of the world are running dry. Evidently, countries will fight over the largest energy reserves that lie miles beneath the Northern Pole. According to Matthews (1), powerful countries are racing to grab these energy reserves at all cost. As such, this is setting a stage for a devastating cold war. As these powerful countries face off over the energy, serious economic implications are likely to be experienced. The two countries alongside Canada have been portraying missile defense in Europe as the region’s resources becomes the basis of contention. Since 2007, Russia has been flying perilously over the US and Canadian territory. Another negative implication that is likely to occur in the event that these countries manage to extract the oil reserves is speeding up the warming of waters in Arctic region. This would lead to the disappearance of the polar ice cap (Matthews 1). Article Three Ethical Issue With the advancement of technology, mankind has managed to explore and do things initially believed to be unattainable. In this article, Hadfield (34) points out that technology has enabled human beings to travel through space and explore new planets. As new things happen, it is emerging that people are taking up good spots. The remaining areas are harsh hence they require modification in order to be fit for human habitation. Modification of the local environment is an endeavor that demands more energy. This means that unless people are able to make proper use of limited energy, the world will be in trouble. This article shows that with better resources and where lifespan is longest have been able to optimize energy use. Countries with inhospitable weather are front runners in promoting sustainable ways of energy use. Creation and use of energy is a subject of concern to the modern world. It is important to understand the fact that sources of energy are limited. Therefore, care should be taken when extracting and using it. Therefore, it is ethical for technologists, inventors and innovators to have a delicate balance of environmental and economic ideals. It is obvious that most modern innovations require energy. The author of the article illuminates the world on facts about technology used to explore the space. For instance, Hadfield (46) suggests that any operation of ISS requires energy, a limited resource. As such, this has forced the technologists to come up with designs that utilize solar energy. The eminent ethical issue discussed in this article is people’s duty to utilize energy in a proper way. The states should also take on responsibility of steering innovations that favor the use of other unlimited sources of energy such as solar and wind as opposed to gas and oil. All states around the world should come together and devise new standards that would promote effective use of energy. My feelings or thoughts after reading the article I believe that what the author is trying to put across something that affects the modern world. Many scholars acknowledge the fact non-renewable resources such as oil and gas poses a threat to national economies around the world. I feel that countries around the world should come together and address this issue before it gets out of control. I think it is the responsibility of every individual to be conscious about this scarce resource for betterment of future generations. Everyone would love to live in a beautiful environment, but this cannot be achieved without someone taking responsibility. The outbreaks conflicts and tensions around the world are attributed to the scarcity of some valuable resources such as oil and gas. As we applaud ever changing technology, we need to appreciate the fact that it comes with specific effects that are sometimes detrimental. I think that inventors and innovators from all over the world to consider this issue throughout their undertakings. Personal opinion Technology has changed the face of the world in a number of ways. It has enabled human beings discover and design better ways of living. In my view, technology has advanced human living in all countries around the world. On the other hand, technology has had its limitations. Almost all technologies use energy. This means that as more technologies come up, limited energy resources such as oil and gas are likely to be strained. Therefore, I support the author’s suggestions that every individual, states, inventors and innovators should always be ethically responsible for their action so as to avoid causing more damage than harm to the society. Article Four Ethical Issue It is common that business individuals, organizations and companies have a tendency of evading tax. In most cases, countries rely on tax revenue as the main source of income. As such, everyone is expected to remit taxes on quarterly, semiannually or yearly basis. However, this has not been the case in most countries around the world. In this article, the author used “Geoffrey Giraffe” Company as a perfect example of companies that have been evading taxes in Pennsylvania, USA. The company is the face and master of accounting gimmick in the USA. It is unclear what kind of business operation the company is operating, but the company has been growing significantly in the recent past. Residents of Delaware have been deceived to believe that the company produces and distribute cartoon giraffe. In the real sense, the company has established mechanisms and systems which allow big companies such as Wal-Mart and Home Depot to evade tax payment in Pennsylvania. Geoffrey’s accounting tactics have infiltrated the government systems. Evidently, Geoffrey’s tactics were employed by Tom Corbett during the 2010 political campaigns. He promised many corporate that they will not pay income tax during his tenure as governor of Pennsylvania. Currently, most companies in this county are not remitting income taxes. Geoffrey Giraffe has developed what is called Delaware Loophole, which allows international companies operating in Delaware to evade paying taxes for income earned every year (PSEA 1). Various large companies operate under one name or room. For instance, more than 700 large corporations are operating under five floors in downtown Wilmington high-rise. This makes hard for the county government to ascertain the amount of revenue earned by each. The Pennsylvania is among few states in the US with gas deposits. As such, the government expects more tax revenue from companies engage in extraction of natural gas. Surprisingly, the state has been realizing low revenue than other most counties in the United States. It is estimated that the county is losing more than $ 500 million every year. In effect, the scheme costs Pennsylvania tax payers more than $600 million every year. It is an ethical responsibility of every corporation or company to pay income taxes to the government (PSEA 1). My thoughts or feelings after reading the article I think it is immoral for a company to evade tax payment. This is an issue that I believed is being experienced in many countries around the world. The United States of America is developed countries with the right mechanisms, systems and technology to detect individuals or organizations propagating this moral issue. As such, this ethical issue is expected to be at a minimum level. So, it is surprisingly to understand that it is rampant in the country. Therefore, it cannot be doubted that the same thing is happening in developing and undeveloped countries. From the article, I feel that evading tax payment is like depriving others their rights. This is an unethical practice that indirectly affects the lives of people in a country. Therefore, I think countries should institute more advanced systems and regulations for monitoring the issue (Braithwaite, 15). Personal Opinion In my opinion, countries are losing a lot of resources through similar schemes. This phenomenon can occur only if the officers in the state, county government or other responsible authorities cooperate with the perpetrators for their personal interests. Personal greed for wealth is sometimes devastating, and this is reflected by such schemes. I also believe that individuals have been using accounting practices to effect their bad deeds. For instance, the collapse of Enron in the recent past has been attributed to inappropriate accounting practices. Its closure had far-reaching negative effect on shareholders’ wealth. Question One: An interesting movie: The End of Poverty by Jeffrey Sachs “The End of Poverty” is the movie that attracts my attention and interests me so much. This movie is inspiring since it provides me useful insights of how an individual can go about in order to achieve economic success. Through the movie, Jeffrey Sachs reveals the struggles he went through before achieving success. The movie teaches that having a purpose in life is the only way of realizing success. Role of a consumer agent or government official in reference to poor business practices In any society, consumer safety agent or state officials are expected to play a critical part towards attaining economic success. If am privileged to serve government in any sector of the economy, I would always work hard to ensure that good business practices are used by firms and corporations for the betterment of the whole country. To achieve this, I would create or determine a culture which favors good business practices. Question Two Definition of ethical business behavior Ethical business behavior is a paramount concept to modern firms and organizations. By definition, ethical business behavior refers to acting in a manner that is consistent with the expectations, values and norms of the society. It also entails demonstrating respect for critical values and principles such as equality, diversity, fairness, honesty and dignity (Tenbrunsel and Smith-Crowe 550). Components involved in making ethical decisions Ethical business behavior facilitates in making ethical decisions. Some of the components of ethical decision include commitment, consciousness, organizational relationships, individual factors and opportunity (Tenbrunsel and Smith-Crowe 550). Decision making is sometime challenging. Misunderstanding and miscommunication between parties involved in making ethical decisions often pose a great challenge. Additionally, resistance of certain ethical decisions by a section of stakeholders is common, and this can derail the entire process. Bonus Question Question Two It is a social responsibility of any business to protect the rights and interests of the surrounding communities. In the modern society, employees ought to be remunerated well and awarded other benefits. They should be able to fight for their rights. Therefore, there is a need to provide conditions which favor their actions. It is unethical for my organization to earn significant profits at the expense of the workers. On the other hand, relocating the business would cause detrimental effects to the people left behind. As such, I would decline to move the business to the new location (Tenbrunsel and Smith-Crowe 560). Works Cited Braithwaite, Valerie. Taxing Democracy: Understanding Tax Avoidance and Evasion. Ashgate Publishing, Ltd., 2003. Dowd, Allan. The Big Chill: Energy Needs Fuelling Tensions in the Arctic. 2011. Web. 10 December 2013 Hadfield, Christ. The View from 250 Miles Up an Astronaut on Treating Earth like a Huge Spaceship. North America: Maserati. Matthews, Owen. The Coldest War: Russia and U.S. Face off over Arctic Resources. 2009. Web. 10 December 2013. Pennsylvania State Education Association (PSEA). Geoffrey is still Living High in Delaware: With Your Money. 2013. Web. 10 December 2013. Reynolds, Glenn. What is really “Immoral about Student Loans? 2013. Web. 10 December 2013. Sachs, Jeffrey. The End of Poverty: Economic Possibilities of Our Time. New York: Penguin Books, 2005. Tenbrunsel, Anne and Smith-Crowe, Kristin. 2008. Ethical decision making: Where we've been and where we're going. The Academy of Management Annals, 2.1(2008): 545-607. Read More