The United States Economy: Outline - Essay Example

Summary

What this paper helps to do is to identify three problems affecting the American economy and provide some simple solutions to help remedy the situation. Firstly, this paper will provide a critical discussion on the effect that a cumbersome tax code has had on the U.S. economy and discuss what effect a simplification will potentially have on the U.S. business sector…

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Subject: Macro & Microeconomics
Type: Essay
Level: Undergraduate
Pages: 3 (750 words)
Downloads: 3
Author: lindsaymcclure

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According to Chan (2010) it is the case that the Chairman of the Federal Reserve, Ben Bernake identified that at present, the United States personal and corporate tax code is very inefficient. Ultimately congress could help spur economic growth by making the tax code more efficient through the closing of loopholes, making the system clearer for entities that file taxes and through streamlining of the IRS. For example if the tax code is clearer organizations would have to divert fewer resources (Man-hours) and money towards the simple filing of taxes which would allow for more physical investment in other projects.

On one extreme end of the spectrum is the case of Estonia which according to the Landler (2005) has most of their population file their taxes electronically which saves fortunes in paper administrative costs (For both the revenue service and individual entity that is filing). Moreover according to Landler (205) Estonia uses a flat-tax system which would save fortunes in administrative costs. A shift in this direction could save money for organizations who could divert these savings to new projects.

A second issue facing the United States is a trade imbalance. According to the CIA World Factbook (2011) in the United Sates the trade deficit reached $840 billion, $506 billion and $630 billion in the years 2008, 2009 and 2010. What this translates to ultimately is that more goods are coming in than going out. From a mercantilist viewpoint one could argue that nations should strive to have more goods going out than coming in. According to Fox (2008) the port of Savannah has been able to generate higher exports than imports and can serve as a model for other U.S. ports.

Ultimately the port has had a focus on products that are highly desired by foreign nations such as frozen chicken parts, wood pulp

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