Analysis of Current Us Economy
Conduct internet research, (sources must be documented using MLA format), and write a brief analysis of the current status of the U.S. economy. Include current values and trends for at least three of the following indicators:
GDP
Productivity
Inflation
Unemployment rate
CPI
Balance of Payments and/or Trade
The United States is still managing to continue on its downward spiral as far as the economy goes. Actually, it is more like a rollercoaster with small hills. We will appear to be getting better or see the light at the end of the tunnel, but then we drop again. We are also becoming less and less competitive. In 2008, before Obama took office, we ranked first in the Global Competitive Index. For the fourth year in a row now, we have ranked below that, last year coming in fifth and this year, in seventh. It is said to be attributed to the lack of trust in our government and in our politicians. It is also because of our large debt. We continue to borrow trillions of dollars a year.
Something else that is causing our fall in the economy is the unemployment rate. As of July 2012, according to the Bureau of Labor Statistics, the unemployment rate was 8.3% which is up from the previous month by .1%. 12.8 million people are looking for jobs. Speaking from experience, this is so difficult to do. I was unemployed from November of last year until May of this year. I do not have a college degree, but was qualified by past employment for many positions. At one point, I actually applied for 75 jobs in one day though Career Builder and did not receive one response! It is very discouraging for people to find jobs these days. Not to mention that so many people are sucking up unemployment benefits that the people that deserve it are being denied and are stuck with absolutely no income unless they find a job, which was the situation my wife and I were in. If we don’t have an income, we cannot spend money to help boost the economy. Once people are
GDP
Productivity
Inflation
Unemployment rate
CPI
Balance of Payments and/or Trade
The United States is still managing to continue on its downward spiral as far as the economy goes. Actually, it is more like a rollercoaster with small hills. We will appear to be getting better or see the light at the end of the tunnel, but then we drop again. We are also becoming less and less competitive. In 2008, before Obama took office, we ranked first in the Global Competitive Index. For the fourth year in a row now, we have ranked below that, last year coming in fifth and this year, in seventh. It is said to be attributed to the lack of trust in our government and in our politicians. It is also because of our large debt. We continue to borrow trillions of dollars a year.
Something else that is causing our fall in the economy is the unemployment rate. As of July 2012, according to the Bureau of Labor Statistics, the unemployment rate was 8.3% which is up from the previous month by .1%. 12.8 million people are looking for jobs. Speaking from experience, this is so difficult to do. I was unemployed from November of last year until May of this year. I do not have a college degree, but was qualified by past employment for many positions. At one point, I actually applied for 75 jobs in one day though Career Builder and did not receive one response! It is very discouraging for people to find jobs these days. Not to mention that so many people are sucking up unemployment benefits that the people that deserve it are being denied and are stuck with absolutely no income unless they find a job, which was the situation my wife and I were in. If we don’t have an income, we cannot spend money to help boost the economy. Once people are
Cited: "Gross Domestic Product." World Development Indicators and Global Development Finance-Google Public Data Explorer. 6 Sept. 2012. World Bank. 06 Sept. 2012 <http://www.google.com/publicdata/explore?ds=d5bncppjof8f9_>. Newman, Alex. "Study: As U.S. Drops Again, Swiss Economy Still Most Competitive." The New American. 6 Sept. 2012. Sharper Neo Demo. 06 Sept. 2012 <http://www.thenewamerican.com/economy/economics/item/12737-study-as-us-drops-again-swiss-economy-still-most-competitive>. "United States Economy at a Glance." U.S. Bureau of Labor Statistics. 30 Aug. 2012. U.S. Bureau of Labor Statistics. 02 Sept. 2012 <http://www.bls.gov/eag/eag.us.htm>. "United States Unemployment Rate." Trading Economics. 2012. Trading Economics. 06 Sept. 2012 <http://www.tradingeconomics.com/united-states/unemployment-rate>.