http://www.washingtonpost.com/business/new-report-says-us-hasnt-seen-expected-great-recovery-as-economy-continues-to-fall-short/2013/06/05/9c3ffa2e-cde4-11e2-8573-3baeea6a2647_story.html
The world has been in an economic downfall since 2009, but withing the last two years America, along with the world has slowly began to recover. Currently America is recovering from this downfall, but the economy is not recovering as fast as people had hoped. Currently the GDP (Gross Domestic Product) is at 1.9%. By 2015 this is only expected to grow to 3%. Most economic specialists hoped this number to be closer to 4% or higher by this year to early next year. The percentage can increase or decrease depending on how well the housing market does. On top of the slowed GDP rate, the unemployment rate in America is also not decreasing as much as they had hoped. The national unemployment rate is at 6.9%, and this number is expected to drop to 6.6% by the end of this year. Currently many companies are not hiring because they are not sure how stable the current economy is, and they are able to get all the products they make or sell with the current amount of workers they have, so they have no need to hire anyone.
Edward Leamer, a researcher at UCLA, says that "It is not a recovery. It's not even normal growth, its bad." Do you agree with this statement based on what you have heard or read? How do you think America is doing compared to the worlds economy?
I think the small increase is somewhat an improvement but it is still bad and needs to increase a lot more for things to actually get better. I agree that even with this increase in percentage of GDP, the growth is not at a normal rate and it is still bad. I think America is doing so much better than the entire world is because we have a more stable government than some other countries. The economy is still bad but compared to other countries in the world who have it much worse, it is a little better.
ReplyDeleteI disagree with Edward Leamer's opinion about the recovery rate of our economy. Even thought the GDP is not at is ideal percentage, we still have to look at the bright side of the situation which is that our country is on the path recovery. The fact that our country is no longer in a downfall is a positive. It is also a positive that the unemployment rate is decreasing. I agree with Hannah when she says that a small increase is still improvement. Based on what I have heard on the news and in school, our economy seems to be a lot more stable than other countries. The fact that immigrants move to our country to get better jobs and start a new life proves that the United States' economy is more stabilize. If our country continues to do what we are doing to improve it, I think that the GDP rate will continue to increase more and more.
ReplyDeleteAccording to other articles the economy has been growing due to the thousands of jobs being created by the private sector in Washington, this although does not mean unemployment will survive. According tot he statistics in this article, it is clear as day that unemployment is still present. I don't believe the rate of the U.S' growth economically is nor good or bad but reasonable and it is a good start to solve an internal crises that has been going on for so long.
ReplyDeleteIn my opinion, any amount of improvement is great and should not be discouraged when it comes to the economy in the U.S. I think that even though an almost 7% unemployment rate is pretty high, it is still a vast improvement. At such a high rate of 10% during the end of 2009, the rate has for the most part only decreased since then. That's great. In my opinion, as the unemployment rate drops, the better the economy will be. I think that compared to Europe, the United State's economy isn't as well, but I do think that compared to all other countries, we are doing extremely well. As a whole, the U.S has a very high gross domestic product rate compared to other countries.
ReplyDeleteI feel as though everyone is expecting way too much to happen too quickly. As we all know, America is a very impatient country as a whole. We want a quick fix to our problem that barely has a slow solution. I think the government is doing a great job on their end of the solution. The economy was in such shambles after President Bush left office, that now, being this well off is a miracle. while we aren't perfect and can still improve, the outcome at this stage could be much worse.
ReplyDeleteLike many other students, I disagree with Edward Leaner's opinion. Since President Obama has taken office, in the last few years, the American economy has slowly but surely been improving. And, there is proof of this. As Maxine stated, the unemployment rate has decreased by three percent. Also, in the last few years, millions of jobs have been created. I believe that this increase in workers has improved the American economy. But, there was one pint about Mr. Learner's statement that really bothered me. He stated "...It's not even normal growth". But, the real question here that we need to ask is : What is a normal growth rate, and why does Learner have the authority to determine this? I do not think that the progress of the American economy should be determined by a set interval of progress, but by each step of progress made. Our country's economy is currently in a hole, but it can climb out. We, as a country, have fought this battle before during the Great Depression and have worked our way back up. There is no reason why America cannot do this again.
ReplyDeleteAs for our economy based on the world, we are not as bad off as many other countries, especially in places such as the Middle East and Africa. There are European countries that have better economies, but we could look at it in a different way. Those countries modeled their economies after ours, many years ago. Therefore, we have all of the tools to be a successful as they are.
I think that the economy is getting better but I wouldn't necessarily call it a recovery. I found in my article that many states are finding they have extra money, which is good, but this extra money is already accounted for by other debts. America is largely in debt, to each other and to the world. Its going to take a long time to pay off of these debts and to start actually recovering. We need to first pay off the debts to each other and become prosperous in the U.S. before we can really begin to recover.
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