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U.S. ECONOMY
U.S. ECONOMY CRISIS
Sheryle Leonard
Colorado Christian University
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U.S. ECONOMY
Abstract
The state of the U.S. economy has an impact on every American. There has been economic depression in this country since the collapse of the housing market in 2007, that has seen widespread unemployment and home foreclosure combined with conservative consumer spending. Research conducted through financial new websites, government reports and survey provided information on where the economy stands today as well as how Americans view the economy. The findings were that there are signs of improvement within the economy, yet those polled indicate they feel there is little change. Important steps have been made towards and economic recovery,
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So, where does our economy stand now? Many Americans would like an answer to this question. In order to find an answer, we must look at the factors that drive this economy. The U.S Economy currently shows signs of improvement based on a declining unemployment rate increased consumer spending and falling foreclosure rate in 2011.
The topic of unemployment is one that has affected Americans greatly during the recession. Millions of people in the United States have found it very difficult gain employment.
Kirsten Wilson:
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U.S. ECONOMY
Many more find themselves underemployed or underpaid, or both. Job creation is a difficult task that has been compounded by budget cuts that have eliminated government positions. Currently there are approximately 13.1 million unemployed people in America according to the report by the Bureau of Labor Statistics. This is equal to an unemployment rate of 8.5% (“Employment Situation Summary”, 2012 p.1). These numbers may sound high very high; however, they actually represent a significant decline in unemployment as the rate has fallen 0.6% since August of 2011. The release by BLS (Bureau of Labor Statistics) also shows that there was an increase of 212,000
The United States is not only one of the largest economies in the world, but it is also one of the strongest economies compared to industrialized countries, and this has been proven in the last few years. Despite of what many people believe or see, U.S economy is booming and it will continue to boom during the year 2015. In the article “When the U.S Economy is the Envy of the World,” published by the MSNBC on December 8, 2014, its author Steve Benen argues about the U.S economic recovery in order to persuade U.S citizens and show them the numbers that prove that our economy has recovered. Benen (2014) also encourage U.S citizens not “to compare the current economic recovery to other recoveries that followed modern downturns,” but “to compare our economic recovery against other countries who dealt with similar circumstances” because according to President Obama, the U.S “has put more people back to work” than any advanced economy in the world (qtd. in Benen, 2014). There are strong evidences that prove that the U.S economy is in its best year compared to three years ago. The growth of jobs, the slight increase of wages, and the low price of oil have truly helped the U.S economy recover.
The United States, one of the most powerful nations in the world, was founded less than two hundred and fifty years ago. Since 1776, the year when the thirteen original colonies ratified the Constitution, three cornerstone ideas have been the drivers of the country’s progress-- Life, Liberty, and Pursuit of Happiness. Found in the Declaration of Independence, which was written by Thomas Jefferson, these three concepts have been crucial in the lives of all Americans throughout the existence of this nation. Liberty, which includes personal and economic freedom, was the main reason why the colonies decided to break away from the United Kingdom in the eighteenth century. The U.S. went through many economic booms, various recessions, and several major economic depressions throughout its history. Yet, here it is, mostly unscathed and in full glory, still dominating the world stage in economic and foreign affairs. However, in the past two-three decades, the economic conditions have changed adversely, especially for the younger generations. It is an undeniable fact that the consumer and labor markets have undergone tremendous adjustments, partly due to people’s changing lifestyles, as well as globalization. According to Janet Yellen , the U.S. Federal Reserve Chairwoman’s, statement to Congress, the “[country’s] financial conditions have worsened” and the United States economy has become “less supportive of growth” in recent years (Web). The combination of these various factors and
Today the United States Americans more than ever; there is a constant fear of an awaiting recession due to the economy. The recession in the later 2000’s has been known as the greatest economic decline since the Great Depression. The United States of America, the banks and businesses are not able to succeed and are failing due to the market. Many people across America cannot afford their homes or bills due to the unemployment rate that seems to keep increasing. Many people blame this on the higher oil or gas prices, and the wars that the United States acts on. The recession has overall declined our economic activity in business profits, employment, and investment. This is all due to our falling market, and the rise of prices that so many Americans cannot afford.
economic standing of American society as a whole, more specifically in terms of long term
In the U.S., persistent high unemployment remained as of December 2012, along with low consumer confidence, the continuing decline in home values and increase in foreclosures and personal bankruptcies, an increasing federal debt, inflation, and rising petroleum and food prices. A 2011 poll found that more than half of all Americans thought that the U.S. was still in recession or even depression, although economic data showed a historically modest recovery.
America is at the brink of becoming a third world country and anyone can see how it is through the American economy. Many Americans have low income jobs or are unemployed, and businesses are leaving the U.S. to continue their operations overseas (Roberts). The economy is a main foundation of America and if it is not doing well then the country as a whole is prosperous.
The United States is the leading economy across the globe and experienced several tribulations in the recent past following the 2008 global recession. Despite these recent challenges, there are expectations among policymakers and financial experts that the country will experience solid economic growth. Actually, financial analysts have stated that the U.S. economy will be characterized by increased consumer spending, increased investments by businesses, reduced rate of unemployment, and reduction in government cut. Some analysts have also stated that the country’s economy will strengthen in 2014 with an average of 2.7 percent or more. However, these predictions can only be understood through an analysis of the current macroeconomic
Everybody in the United Stated was affected by the recession that began in December of 2007 and spanned all the way to June 2009. Even though the recession is over, many people are still being affected by it and have still not been able to recover from the great recession. “The recent recession features the largest decline in output, consumption, and investment, and the largest increase in unemployment, of any post-war recession”. Many people lost their jobs due to the recession and some of them are still having a hard time finding jobs and getting back on their feet. Businesses
Ever since the recession we have we experienced a serious economic depression. People loosing jobs that they were going to retire from. A change of location and lifestyle has left thousands of families in America out in the cold. Due to financial hardships homes all over America are experiencing a foreclosure crisis.
The U.S. experienced a significant economic decline in December 2007. This was the Great Recession. A recession is a huge drop in consumer spending that has a chain reaction of job lose, and lower business income. It can be caused by an economic shock. And economic shock is when products are priced more than their value. 8.8 million Jobs were lost within 2 years, February 2008-2010. Unemployment was nearly 10% in October of 2010. Since 2012, GDP and employment has made a very slow growth rate. The poverty rate increased to 12.5 % in 2007.
United States had face many events that had put this country in the position that is today. 21st century is an era where we had seen in major impact to our society; one of these challenges could be the new economy. In this new economy was one of the major challenges that had face our country for a better change, Clinton presidency at that time he had a major popularity and he was part on this American economy in the 1990’s. From that time in the 90’s to all the way to 2000 the economy expansion continue with more jobs reflecting that that unemployment stood below 4 percent, as we used to see in the 60’s. Referring to the book “Give Me Liberty by Eric Foner in the Chapter 27 Globalization and its Discontents “A New Economy” (1073-1080).
The economy US is going through huge crisis these days. The evidences are its striking economic situation that is growing adverse day by day. By the end of March 2012, the unemployment rate of US had preceded by 8.2%. Although the GDP growth, income and consumption are not adverse until, the date but they are still below the trend rates that are not showing a positive response towards the future economic situation of the country. The estimated GDP growth is 2% for the year 2012 and 2013 (El-Agraa, 2011).
The changes in the unemployment and output statistics of the United States since October 2014 have been unusual. These numbers can suggest two things: the numbers are fluctuating so much that they might not be meaningful enough to think of our economy as going into a recession or our economy can be in a little recession. To understand this more in-depth two articles describe the numbers of unemployment and output statistics that illustrates that the US economy can be seen as going into a tiny recession.
Unemployment is another symptom of the Great Recession. Here, unemployment stood at 7.8 percent in December 2012, more than three percentage points higher than the 4.6 percent average of 2006 and 2007. That is also higher than the peak unemployment rate following the recession of 2001, and equal to the peak rate following the recession of 1990–1991. Due this, increasing attention has been paid to those states that, despite the urban
Even though much has been done to recover from the 2007 – 2008 economic crisis, it would seem that our nation continues to struggle somewhat fully recover (Soergel, 2016).