In “How the recovery went wrong”, Mr. Golub argues that even though the economy is moving in the right direction, it is the slowest and worst recovery from a recession in the last 60 years. Mr. Golub points out that all recoveries will “go in the right direction” by definition but in spite of President Obama’s continuous reassurances of the economy’s positive development, going in the right direction is not enough. The two most significant indicators of a recovery, job growth and GDP growth, show below-average figures and backs up Mr. Golub’s claims. Both indicators rank at the bottom of the 11 recoveries through the last 60 years and signify the economic problems. The government has used all the tools available to get the economy going as an attempt to make people spend…
Although I’m only a first-year student, I’m continually developing my economic background by reading The Economist on a daily basis. The Economist is a fantastic source of news regarding macro and micro economics going on in our ever-globalizing economy today. Currently, the news source is flooded with…
Miller, J., & Wicks-Lim, J. (2011). Unemployment: a job deficit or a skills deficit? (Some political figures are claiming that the jobs people are looking for are in fact there, but people do not have the skills to fill them.), Retrieved from http://www.dollarsandsense.org/archives/2011/0111millerwickslim.html…
The national unemployment…
(c) Information about the general state of the economy and the industry of US market:…
Twenty-four years ago a charismatic and slick governor of Arkansas usurped the presidency after twelve years of Reaganomics and a Republican in the White House. Despite his opponent, sitting President George H. W. Bush having a 90% approval rating following the successful ground invasion of Iraq, Americans’ opinions turned sharply negative when more than a year later in August of 1992, 64% of Americans disapproved of Bush’s performance. Capitalizing on that anger and frustration, Bill Clinton and his campaign strategist James Carville came up with the theme “The economy, stupid.” The phrase, which Carville consistently said over and over again to…
This article by Julia Limitone describes the state of our current economy and what some economic advisors are expecting for the future. While a few have a negative outlook, some believe the United States economy is doing incredibly well under the circumstances.…
Forbes Magazine. "The Worst Economic Recovery Since The Great Depression." 12 January 2012. Forbes. Document. 21 June 2012.…
Capitalism is an economic system based on the pursuit of profit and the principle of private ownership, according to our text. Workers produce more product and get paid little to nothing for their hard work. The U.S. economy is based off of a dual labor market that provides a “primary market, with relatively high wages and employee benefits and protections for workers, and a secondary market, where workers receive lower rages, fewer benefits, and less opportunity for advancement… Dual labor market also maintains profit through globalization strategies”. (p482)The changing nature of the U.S. economy have three features. The first, feature is in new technology such as electronic communications. Technology has replaced workers and made some jobs…
* Thomas, Mark. “How Many People Have Lost Their Jobs?” Economist View. N.p., 18 Sep. 2008. Web. 7 Sep. 2011.…
“The Great Recession: Causes, Consequences, and Responses.” New Political Science 33.4 (2011): 1-12. Web. 31 March 2014.…
IMAGE CREDIT: STEPHEN WEBSTER/WONDERFUL MACHINE IF YOU HAPPENED to be watching NBC on the first Sunday morning in August last summer, you would have seen something curious. There, on the set of Meet the Press, the host, David Gregory, was interviewing a guest who made a forceful case that the U.S. economy had become “very distorted.” In the wake of the recession, this guest explained, high-income individuals, large banks, and major corporations had experienced a “significant recovery”; the rest of the economy, by contrast—including small businesses and “a very significant amount of the labor force”—was stuck and still struggling. What we were seeing, he argued, was not a single economy at all, but rather “fundamentally two separate types of economy,” increasingly distinct and divergent. This diagnosis, though alarming, was hardly unique: drawing attention to the divide between the…
The United States has one of the world’s largest economy. The GDP is valued at $17.914 trillion dollars! (World Bank)2 So how can one of the world’s largest economies belong to a country that has an increasing gap between rich and poor? Simple, the way it is run! The US government has lost control of and has virtually stopped regulating our economy. We have allowed our jobs to be outsourced in the name of profit. Politicians have allowed big business to run not only our economy, but our government. According to PBS1, only 1% of the population controls most of the wealth in America. The result is a corrupt government that resembles an Oligarchy where the rich get richer and the poor stay poor. This problem needs to be addressed at its source…
Although the United States has the leading economy in the world, it was in a recession in 2008, and began to slowly emerge from the financial woes of that time in 2009. The United States, at this time has an unemployment rate of 6.2 percent according to the U.S. Bureau of Labor and Statistics ("Employment Situation," 2014, p. 1), which is a slight decrease from the 6.7 percent rate in March 2014, and a great decrease from the unemployment rate of 10.0 percent in October 2009. This had a direct effect on the inflation rate. In 2004 he inflation rate was 3.3 percent, and reached a high of 4.1 percent in 2007, which is the highest it had been in the previous ten years. As of July 22, 2014 inflation rate was 2.1 percent, which is a vast improvement from the rates listed above, but still not as low as the rate of 0.1 percent in 2008. ("Inflation Rate," 2014, p. 1)…
Bill Moyers, Jacob Hacker, and Paul Pierson had a discussion about who they think is to blame for the economic disparity in the United States that hasn’t been around since the Great Depression. Hacker and Pierson call the economy today the ‘winner-take-all economy’, These men argue that the economy that is seen today isn’t a factor of expected consequence, but rather the government that has essentially concentrated the effects of their policies and focused it…