May 07, · The Economic Trend of the United States Essay. Economy can be defined as the wealth and resources of a community,especially in terms of production and consumption of goods and services. Currently, the United States is the leading super power in the world and it Essay Sample Check Writing Quality. The Current State of the U.S. Economy. The United States economy is racing ahead at dangerous speeds, and it may be too late to prevent the return of widespread inflation. Ideally the economy should move ahead gradually and grow at a steady manageable rate Jan 01, · Effects Of Immigration On The Us Economy Economics Essay. Info: words (5 pages) Essay Published: 1st Jan in Economics Reference this
U.S. Economy: An Interesting Five-Paragraph Essay Example
We use cookies to give you the best experience possible. The Economy of the United States Introduction Don't use plagiarized sources. The country still enjoys economic hegemony and with its macro economic programs in place the country will definitely hurdle the current economic challenges the country is facing. In his speech before the Japan for Economic Research in Tokyo in MarchWilliam J. McDonough, President of the New York Federal Reserve Bank, us economy essay, pointed out that the United States has experienced economic expansion since s and maintained this expansion for eight consecutive years that created millions of Jobs, stabilized prices, and lowered the unemployment problems.
In the paper presented us economy essay the U. Department of State entitled Basic Ingredients of the US Economy, us economy essay, it identifies basic ingredients of the US economic growth, which paved the way for its economic expansion, such as rich mineral resources, us economy essay, particularly the coastlines, and the lakes us economy essay shipping access to economic growth as these waterways helps bind the fifty States together in a united economic unit, us economy essay, and the labor productivity, which determines the economic growth.
However, it slowed down in and even entered a recession in the first quarter of The terrorist attacks of September 11, added further uncertainties, and as war with Iraq was looming. With more blows that hit the US economy insuch as the war against Iraq, the surge in oil price, and the damage brought by Hurricanes Katrina and, the United States, according to John Garen and Robert R.
Nevertheless, Garen and Reeds pointed out that based on the forecast of as reflected by andthe US economy will continue to grow but at a slower rate. Analysis of its Indicators of Macro Economic Performance over the Last four Years The major economic challenges that rocked the US economy during the last four years, us economy essay, was the damaged caused by hurricanes Katrina and Rita, which estimate; suggest that the government expenditures may rise up to thirty billion dollars in the wake of the consequences.
However, macro indicator reflects that the US economy was on its way to recovery from the economic recession. The unemployment was steadily rising during this recession years, which finds its peak in June at 6. The unemployment rate steadily declined in untilwhich has stabilized at 5. Garen and Reed pointed out unemployment as an indicator of macro performance confirms economic trends rather than predicts it. Thus when unemployment rate is worse, it confirms the worsening economic condition.
Unemployment can either be a loss of job and the time spent for looking a new one, or seeking job after a period of being out in the labor force. With its current rising unemployment rate in the US, it confirms that the US economy is in worsening condition. According to Robert Hallunemployment is high during the recession period because jobs are hard to find, as employers do not raise hiring rates during periods of unemployment.
According to an internet article entitled US Posts Weakest Growth in Four Years dated April 27,during the first quarter of the year, was the weakest in four years due to rambling housing market and worsening international trade.
Although the economy was up at 5, us economy essay. According to Kimberly Amadeo, GDP is the statistic used to measure the economy. GDP growth rates are indicator of the soundness of the economy for investment. InAmadeo pointed out that the US GDP has increased from 2. However, us economy essay, inthe economy recovers from the impact of Katrina and registered a GDP growth rate of us economy essay. Amadeo noted that analyst forecast GDP growth rate for the rest of and beyond to be between 2 and 3 percent a year citing the Congressional Budget Office CBO forecasts growth to be 2, us economy essay.
Over all, the cause of GDP decline as we can see is the deterioration of the housing market pulled down by relatively low consumer spending. In other words when GDP is continuously low then the economy is heading towards a recession, in the case of the US economy, the recent GDP forecast shows the US is heading towards recession. Labor productivity as an economic measure refers to the contribution of capital and labor inputs and is defined as an increase in output per labor hour or laborer.
Productivity relates an increase in output to us economy essay rise of inputs. Us economy essay to the paper published by the United States Department of Labor entitled Productivity and Costs, Fourth Quarter and Annual Averages, us economy essay, the fourth quarter productivity of yielded an increased of 1.
The increased in productivity brings economic benefits not only to the workers though it may mean additional working hours, but to the macro performance of the economy. In other words, the more productive the labor sectors are means the more inputs it generates which translate to more economic blessings, us economy essay.
Discussion of its Main Economic Strengths and Weakness The strength of the economy of the United States us economy essay in its capability to register seven percent growth during the last fiscal year in which it would attract domestic and foreign investments and improve investment to GDP to a high 23 percent. According to M Sharif, this high GDP ratio has become the actual basis of economic growth, us economy essay registered increase in the national savings.
This high economic growth, which was achieved over the last five years, has affected some of the socio-economic indicator such as the poverty alleviation, us economy essay in per capita income, and some sub-sectors, among them being the construction, telecommunications, small and medium us economy essay, and the banking sector.
Sharif contends that growth in these sub-sectors has contributed in producing jobs for skilled and unskilled workforce, as well for educated young people. The weakness of the US economy on the other hand, is represented by the deteriorating Housing market, which us economy essay causing the economy to slow down.
The housing slump, us economy essay, which fell to its lowest drop sinceaccording to some analysts, is contributing towards the us economy essay economic recession of us economy essay United States economy.
Dean Baker, Co- Director at the Center for Economic and Policy Research in Washington, DC pointed out that the main grounds pushing the economy into recession is the weakness of the housing market p.
This sector had suffered dropped off by almost 20 percent in contrast to a year ago, with its prices now going down. Baker explained that this slump in the housing will have a domino effect on the consumption growth as consumer borrowings against home equity will plummet due to lack of further equity to burrow against. Other economic sub sectors related to the consumption, us economy essay, will result be pulled down by this dropped and economist sees it will likely push the economy into recession.
Evaluation of Current Government Policy Sincethe Bush Administration implemented a government policy of tax reduction arguing that this policy will promote a stronger, more affluent economy for everyone. However, after five years of its implementation, it was quite apparent that the government policy was a failure and waste as according to John Irons and Lee Price the tax cuts was aimed at business owners and richest Americans rather than the average end user or consumer whose augmented demand and spending would have made it rational for businesses to invest p.
From tothis tax cuts according to many observers have failed to produce economic explosion, which the President has promised, registering only However, despite of the apparent failure of the economic policy, Irons and Price noted that the administration continues to justify the tax cut claiming the government is on track, but in the eyes of many economists, us economy essay, the economy is shrinking due to large and persistent deficits this economic policy has incurred.
Conclusion Despite of the looming economic recession, the US economy remains strong and capable to survive the economic challenge ahead as the US economic history since the Second World War is concern. However, the stubborn assertion of the Bush administration that the government is on track despite of ballooning economic debt and the looming recession might lead the economy to a worse scenario.
The Bush administration must wake up and come up with a better economic policy along with strong economic measure in place; the US economy can overcome the economic recession that is now gripping the country. htm Baker, D. pdf Basic Ingredients of the U. htm Hall, R. pdf Garen, J. pdf Sharif, M. The Economy of the United States. Us economy essay May 31, This is just a sample. You can get your custom paper from our expert writers. All you need to do is fill out a short form and submit an order.
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The United States Economy
, time: 9:15The Current State of the U.S. Economy - Words | Help Me
Essay Sample Check Writing Quality. The Current State of the U.S. Economy. The United States economy is racing ahead at dangerous speeds, and it may be too late to prevent the return of widespread inflation. Ideally the economy should move ahead gradually and grow at a steady manageable rate May 09, · Sample Essay The economy of United States is considered to be one of the best economies of all times. But the economic condition of the United States at present is extensively understood to be the most critical since s Jun 21, · In the paper presented by the U.S. Department of State entitled Basic Ingredients of the US Economy, it identifies basic ingredients of the US economic growth, which paved the way for its economic expansion, such as rich mineral resources, particularly the coastlines, and the lakes providing shipping access to economic growth as these waterways helps bind the fifty States together in a united economic Estimated Reading Time: 9 mins
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