Essay on Economic Analysis of The U.S. 2001-2003

Globalization is a very pressing issue in the American culture today. Within any economy, globalization will cause many problems while at the same time solving many others. This is true because there are many factors involved with globalization, one of the most important being job outsourcing. While at first glance and from what the media reports, job outsourcing is definitely not healthy for the economy. However on upon closer inspection, the reverse may be true. Job outsourcing, though initially stressing on the workforce, is helpful in creating a strong economy.

The three major economic indicators—the real Gross Domestic Product (GDP), the unemployment rate, and the Consumer Price Index (CPI)—will be used in this analysis of the Canadian economy, along with several others.

The one way one can comprehend the United States economy is through looking at its GDP (Gross Domestic Product). Gross Domestic Product is the statistic employed to measure the aggregate output of the nation (Mankiw, 2011). More so, GDP is described as the total monetary value of finished services and goods that are produced in the country at a specific period in time. GDP is considered one of the principal pointers that gauge the health of a nation's economy and it is calculated in inflation-adjusted terms or in real terms (King, Gans & Mankiw, 2011). GDP entails all of public and private consumption, investments, government outlays, exports minus importers of a country. It is therefore calculated through the following formula GDP=C (consumption)+G (Government spending)+I (Investment)+NX(Exports-Imports) (Mankiw, 2011).

• The rise and fall of GDP over a specific period of time is, in many cases, the number one indicator for how the economy is doing. Being the output of final goods and services, GDP works well with consumer confidence and provides a good idea as to the general health of the economy. By looking at Figure 1, we can see that GDP rose steeply after the 20008-2009 recession and has continued to remain strong with relatively little movement since 2010. In the most recent quarters, 2014 and 2015, GDP has declined a little, but the decline is in no way too drastic nor did it have any significant impact on the economy. This slight decline is more like GDP

There are many different age brackets, genders, and ethnicity that make up unemployment in the labor force. Some of the same people who were once in the labor force also make up the workers who are not counted in the labor force anymore. Unemployment is important to the economy and the society that we live in because the more people without any jobs and/or not having a legitimate source of income will increase crime, poverty, political unsteadiness, downgrade health standards, and mental health problems. Unemployment can also cause underemployment which is not good for the economy. Underemployment, in one of its usage, is defined as the employment of

Over the course of Americas 239 years of existence it has had so many different ups and downs in its economic center ranging from the highest of its ups in the roaring twenties to one of its lowest lows in the recent great recession. It impossible to be able to completely guess what the united states economy is going to do next but with the help of a few monitors we are able to estimate where America is at this time and make as good of a guess on where it is going than ever before. With these tools we can see that the United States is on a steady incline shown through the improvements in the Gross Domestic Profit, low inflation, the rising labor market along with the Manufacturing & Trade Inventories & Sales tool.

The United States of America’s status as a global superpower has been recognized since the end of World War II. The mobilization of the idle economy of the United States contributed significantly to the Allied victory of the war and America’s subsequent global superpower designation. Before World War II, the United States military ranked poorly in strength against other nations; however, wartime production improved its ranking to one of the strongest. Collectively, the government was able to raise money to fuel the war machine through the goodwill and patriotism of the American people. Altogether, Americans were able to come together to create the great nation which all others are measured up to.

During the the two presidential terms of George W. Bush (2001-2009), America experienced many events that left it changed dramatically. For example, in Bush’s first year as president alone, America witnessed 9/11, a corporate accounting scandal, and a recession. The economy reflected these events, leaving it in a turbulent state. The George W. Bush administration addressed these economic issues, by introducing revolutionizing policies that left consequences for America to cope with for years to come.

Among economists, we all speculate what will happen to an economy in the future. Who will be the next United States? Right now, the United States has the largest economy in the world and one the highest gross domestic products per person. People are speculating that countries like China and India will one day have an economy that makes America’s look small. By looking at China’s growth in gross domestic product, that very well could be a reality someday. Could Russia one day have an economy that rivals that of the United States? Russia, like the rest of the world, is in a time where their economy is stagnating. After several years of growth that looked promising, the Russians saw their economy drop almost 25% during the Great Recession. Even though the Russians rebounded quickly, with a GDP increase of 65% from 2009 to 2013, they’re back down roughly 7%1. So while I believe the Russian can have a good, growing economy, it doesn’t look like they’ll ever have an economy that rivals in size or in gross domestic product per person.

“The United States economy grew by an average of 4 percent per year between 1992 and 1999” (Pethokoukis, 2015).

An analysis of the latest figures for key economic indicators and the factors which have affected these indicators. This should include the figures for unemployment, inflation and economic growth.

Throughout American history, the role of the government in the economy has been increasingly brought to the forefront. This is because there are conflicting views about their responsibilities in these areas. As they are one component, that will have an impact on growth and the ability of private enterprises to expand. Yet, limiting their amounts of influence has always been a critical factor with many firms claiming that they can overregulate different areas. (Langran, 2007, pp. 4 10) ("Over Regulated in America," 2012)

Imagine being a United States citizen in the late 1800s civil war had finished about a decade ago and the United states borders have reached their limits sandwiched by mexico and canada. For the United States to be considered a world power it needed to expand so the US set its sights on buyable land and small islands they could conquer.

The economy of the United States has proven adequacy at adjusting to the expenditures and revenues of millions of people. Even in times such as the stock market crash, the Great Depression, and the Great Recession of 2008, the Senators’ legislative powers, have saved the economy. Other countries, in contrast, have experienced difficult times attempting to run such an economy. People living in these countries suffer severe poverty, to the extent that life essentials are impossible to obtain. Life expectancies in these countries are low compared to countries such as the United States. The amount of health care or public safety an individual can receive are close

Unemployment refers to the numbers of people not working and can be measured by the claimant count and labour force survey. There are different types of unemployment and each of them requires different policies to overcome them.