The U.S. Economy and its Future

Paper Summary:

The paper explores U.S. unemployment and wage issues, the U.S. trade deficit and the aggregate supply-aggregate demand (AS-AD) model of the current U.S. economy. The paper reveals that the current U.S. economy is experiencing an inflationary period, according to its macroeconomic indicators of a growing GDP, growing customer price indices, growing producer price indices and growing employment. The paper discusses how the expansion of U.S. fiscal policy continues to have a deep impact on domestic economic processes. The paper predicts that the economy of the US will continue to grow until the end of this year and will probably reach its peak the next year. The paper includes tables and color graphs.

Outline:
Unemployment and Wage Issues
Trade Deficit
The AS-AD Model of Current U.S. Economy
Fiscal Policies of G. Bush

From the Paper:

"The United States is the country with the world's largest Gross Domestic Product, (GDP) which was estimated to be $13.22 trillion in 2006. The U. S. economic model is typical for countries with a "market economy"; it's often called a "mixed" economy, as a majority of the microeconomic decisions made by big corporations and firms in the private economic sector are also regulated by government. The current U.S. economy is considered to be one of the most stable and strongest economies, due to a high GDP with reasonably high and stable GDP growth, a low unemployment rate and high standards of living. Yet, recent geopolitical issues, high oil prices and external debt create some economic concerns. National debt, which includes interests and government deficits in the year of 2006, was nearly equal to $9 trillion (or nearly 64% of GDP)."

Sample of Sources Used:

• Bernstein, Jared (2007) Moderate top-line growth masks underlying weakness. Retrieved July, 26 2007 from The Economic Policy Institute Web site: http://www.epi.org/content.cfm/webfeatures_econindicators_jobspict_20070706
• Griswold, Daniel (2007) Are Trade Deficits a Drag on U.S. Economic Growth? Retrieved July, 26 2007 from Free Trade Bulletin Web site: http://www.freetrade.org/node/598
• Goodman, Peter S. (2007) Oil Prices, Imported Goods Push Trade Gap to Record: Growth Forecasts Cut; Democrats Urge Action. Washington Post
• US Census Bureau Web site: http://www.census.gov/
• Andrews, E. (2007, Jan 27) U.S. deficit forecast to decline this year International Herald Tribune Web site: http://www.iht.com/articles/2007/01/25/business/deficit.php

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