University of Phoenix
Our team was asked to discuss how each member felt about the current US Economy. We were given some websites to reference to assist in formulating our opinions. Following are our learning team member’s discussions about the US Economy.
Patty Pina Duenas:
The US Economy has been viewed by many Countries as the ideal model of prosperity. This is the place where immigrants migrate to with the promise of the American Dream. However, it is no secret that the US Economy has been suffering for quite some time. It is a well-documented fact that we have been in a recession since December 2007. Poverty levels are higher, unemployment rates are higher, there are not as many jobs due to offshoring of jobs or technological advances, new home construction has been down, there’s a plethora of homes in foreclosure or short sale status due to the mortgage crises, and the list goes on and on and on.
Our economy has been struggling for over five years but it has made progress, albeit sluggish progress. We have started to see the creation of new jobs, in fact 3.7 million jobs according to President Obama. We’ve also started to see a decline in unemployment rates. Unemployment inevitably affects inflation, and according to The Conference Board Leading Economic Index® (LEI) for the inflation for the U.S. declined 0.2 percent in November. In fact, gasoline, medical-related goods, used cars, and apparel, four of the major categories were down. The real estate market has started to make gains as well (housing prices jumped more than 7% in 2012). The fact remains we are not out of the woods yet. We have a huge deficit to contend with and most importantly, we have politics that tend to get in the way at times.
Numerous trends have been studied about our economy to see how Americans feel about the economy. The growth in jobs and the whole economy has deteriorated some. The election had a sturdy influence on the economic opinions. The recovery of the economy is weak, however it has continued, with employment and wages increasing which makes family units feeling more secure. The unemployment rate has remained fixed between 8.1 and 8.3 percent all year and companies have continued to add employees to their workforces. Salaries and consumer spending has even strengthened. The housing subdivision’s developing rescue expects growing employment in the construction, real estate and mortgage sections, as well as increasing family wealth. There is a recovery. Jobs, more income and some improvement is there but the improvement isn’t what we really want it to be as the recovery process is going at a slow pace. Yolanda Adams White:
The recession in 2008 hit the US like a child knocking down a tower of bricks. The recession smashed hopes of retirement plans, upside homes, career choices changed and much more. Many Americans will blame others but we are all to blame. For example the housing market, purchasing homes when people couldn’t afford a mortgage. Many Americans have changed his/her plans for entrepreneur endeavors, college dreams, and vacations are seldom taken. The economy has made several Americans unsure about his/her life and future. A lady from church always said "if you invest money...remember when the roller coaster starts hold on tight and enjoy the ride." I believe this applies to the recession as well. The economy is something that will always be around when many of us have gone, but learning to make adjustments during the storm is important. Americans are tough and will survive but we should all help those that lack the motivation to survive and excel.
The US economy was once very strong and America was a place where dreams come true. Recently, since 2007, the economy as a whole has changed significantly. Many people who were born and raised on US soil can no longer find gainful...
References: Bureau of Labor Statistics, U.S. Department of Labor, Economy at a Glance. Publish Date: January 18, 2013. Retrieved January 23, 2013. Available: http://www.bls.gov/eag/eag.us.htm
Jobless or Underemployed. (2013). Available: http://www.theatlantic.com/business/archive/2012/04/53-of-recent-college-grads-are-jobless-or-underemployed-how/256237/
Johnson, R. (2013) U.S. Economy Not So Fragile After All. Morningstar. Retrieved January 23, 2013. Available: http://finance.yahoo.com/news/u-economy-not-fragile-120000635.html
Lowery, A. (2012, September 27). United States economy still weak, but more feel secure. The New York Times.
The Bureau of Economic Analysis (BEA). U.S. Department of Commerce. U.S. Economy at a Glance: Perspective from the BEA Accounts. Retrieved January 23, 2013. Available: http://www.bea.gov/newsreleases/glance.htm
United States Census Bureau, U.S. Department of Commerce. U.S. Census Bureau Economic Indicators. Retrieved January 23, 2013. Available: http://www.census.gov/cgi-bin/briefroom/BriefRm
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