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Create a 6 pages page paper that discusses primary reasons for the current status of the united states economy.
Create a 6 pages page paper that discusses primary reasons for the current status of the united states economy. Our ability to conduct business is tremendously affected because loans go into default and the numbers of people, as well as businesses’ falling into bankruptcy, are rising in recent years. United States consumers are as well dependent on the importation and exportation of foreign goods to keep the economy growing and the high dollar financing of the Gulf War has restricted this tremendously.
The United States has natural resources such as oil, gas, and rubber and is not making thorough use of these resources. As a result, there is much competition in other countries making the price of these commodities rise in the United States.
Wall Street economists state that potential rate hikes in the interest rates are quite premature as of the September 2009 policy meeting. Bernanke states that the recession that the United States is most likely over but he feels a very dismal outlook for the labor force for a very long time to come. Data from GOP growth has shown that the retail sales continue to outperform expectations so that is positive for the United States economy but it is very slow in coming. Jerry Williams of the San Francisco Fed states that we should hold off until 2010 to spike the interest rates. “Williams further feels that the Federal Government would come closer to achieving its goals without affecting inflation and the unemployment rate by postponing these rate hikes until the beginning of 2010 because the normal 2% rate that banks currently use for inflation targets could be too low” (BW Staff, 2009). Waiting a year could allow a little stronger inflation target hike. The following chart represents the Gross National Product (GNP) changes for the past twenty (20) years in the United States.
In Western worlds like the United States, the growth of the economy is based on the value of the currency.
