The United States economy forms the largest single economy globally. Its Gross Domestic Product was estimated to be more than 15 trillion dollars in the year 2012. Such a projection is indeed enough to guarantee United States that position as the top economy globally. Figures aside, America’s companies are global leaders in as far as innovation is concerned. They top any list that seeks to rank the global enterprises despite the emergence of equally competitive economies from Europe and Asia. It’s worth noting that it’s the success of these companies that keeps the U. S economy going. From a glance, American people strikes a picture of one well graced and better feted people world over. However, a closer look at this enormous economy gives a totally different picture. It bares the suffering of the middle class workforce who are slaving under the huge burden of taxes, low standards of living and a generally hectic life. All these are a result of unfavorable fiscal policies and unconscious economic decisions by few individuals of influence in the government.
Although the United States has been known for greater advancement in technology and by extension efficiency in governance and policy formulation, studies have shown that some of its policies have sparked off economic effects that suffocates other than protect its companies from outside influence and competition. For instance, the current economic policy of attracting foreign investment gives international firms a competitive edge over domestic firms. Setting up a company in the U.S is easier in terms of legal fees than it is for an American company to set up shop in the competitor’s markets. This is an issue that needs urgent attention if at all the U.S needs to be a true giant in the world economic arena where all and not just a fraction of its population attains better standards of living.
In a nutshell, the current economic policies that guides the U.S economy needs an overhaul and a people cantered government that listens and heeds to the cry of the majority whose hard work props up the few rich individuals. Whereas the current Obama administration is doing a good job in redressing the long standing disparity in taxation, a lot needs to be done to ensure that the majority gets a fair share of the national cake. The universal Healthcare Bill is a good start for better things but certainly not enough. The Congress’ decisions to cut the Federal government’s expenditure will do more harm than good. The impact will be so severe if it affects expenditure on infrastructure. Perhaps a smart move is to cut the war budget in the Middle East and instead finance initiatives that will discourage the poor Asian youths from blowing up themselves in the name of religion. Building social institutions for them like schools will certainly yield results at a cheaper cost compared to the ongoing military action.
In conclusion, the U.S government must implement sound economic policies that will increase the aggregate demand for its own companies’ products. Financial institution must be facilitated to sell cheaper credit facilities in order to incubate more innovation and industrial growth. Additionally, the healthcare bill must be propped up by following it up with cheaper credit facilities and affordable real estate without threatening the profitability of the real estate industry.
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software, growth, and the future of the U.S. economy : report of a symposium. Washington, D.C.: National Academies Press.
Miller, D. A. (2010). The U.S. economy. Farmington Hills, MI: Greenhaven Press/Gale
Smith, J. P., & Edmonston, B. (1997). The new Americans economic, demographic, and
fiscal effects of immigration. Washington, D.C.: National Academy Press.
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