American Economy Essay

1499 Words6 Pages
The American Economy is the most dominant economy in the world and has been one that many countries have tried to replicate. Let’s take a look at how the American Economy is so dominant and why. There are many important numbers to base an economy off of, however, we are only going to look into some of the most vital numbers that really illustrate why the United States is the world’s leading economy. These numbers consist of Gross Domestic Product (GDP), which is the total amount of goods and services produced within a country's borders in a year, inflation, the amount the buying power of the dollar changes, unemployment, the number of people actively looking for a job but cannot find one, and the taxation system, which is how much people…show more content…
The current inflation is right around 2.2% which is right above average for the U.S. recently. The American Tax System is a progressive one which for income tax means the more money you make the higher percentage you must pay. The current income tax rate ranges anywhere from 15%-35% depending which tax bracket you fall under. Corporate tax functions the same way and increases as the company's discretionary income increases. Trump has a plan to make this dominant economy even more powerful. He plans to increase the economy by decreasing funding on climate control and increase revenue by creating more jobs. These jobs will be created by the deportation of illegal immigrants, investing in the American infrastructure, and eliminating outsourcing to other countries. He wants to bring manufacturing back the U.S. and along with that comes jobs.
GDP, Gross Domestic Product, is the easiest number to base an economy off of. America’s GDP is by far the highest in the world. Not only does America beat China by a mere 7.3 trillion dollars but it also has the entire European Union beat by over 2 trillion dollars. This is an absolutely incredible feat considering America is neither the biggest nor most populated country in the world yet it produces far more goods and services than anyone else. Taking up nearly 25% of the world's GDP the entire globe runs through the American Economy. America, however, the biggest economy it’s not the most
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