The Current Economic Situation

Paper Summary:

The paper states that at the core of economics is the study of human behavior in producing, distributing and consuming material goods and services in a world of scarce resources. The author feels that the United States must face the current economic situation with an eye to the scarcity of resources it possesses and the fact that no decision occurs without a component cost. The author underscores the fact that current common economic indicators, which do not perfectly obey the textbook definition of stasis, boom or recession, only exacerbates the sense of indecision around how to manage this current situation.

From the Paper:

"The United States is currently in the grips of an economic situation that defies customary, conventional suppositions of recession and boom. The stock market is on shaky ground, having weathered one of the most crushing crashes over the past two years in recent memory, as well as a constant state of economic uncertainty in its technological sector. The market swings up for several weeks then back down again. Consumer confidence is down, even though the unemployment rate is above recession levels. Retirement funds are in jeopardy, yet the economy itself does not seem to be contracting. The United States government is facing a budgetary crisis, yet it also must budget for war. It wishes to lower income taxes to stimulate the economy, yet not face an overwhelming deficit."

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