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Economic situation - Essay Example

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This resulted in increased inflation, high lending rates and increased rate of unemployment. For instance, the economic recession witnessed five years ago saw the dollar being devalued by more than 40%. However, the current account deficit is yet to be solved since then. However, the economy of the U.S. is currently on the recovery face and has been continually experiencing a significant growth since the economic recession. Despite significant growth experienced in the past few years when the economy registered a growth rate of 1.8% in 2011, the growth has declined to -0.15 according to figures released by the Financial Forecast Center on February, 2013. This current negative growth rate is proving worse compared to five years ago (Bureau of Economic Analysis, 2013). At the same time, the government has not done much in terms of reducing the unemployment rate in the country. This is because, in 2007, the rate of unemployment in the country stood at 4.5%, and has been increasing at an alarming rate of up to 10% before settling at the current rate of 7.90 % according to estimates released in February 2013. This implies that the government should do a lot to create employment opportunities for its citizens in order to improve the economy (Bureau of Economic Analysis, 2013). As earlier stated, the great recession witnessed five years ago lead to increased interest and inflation rates in the U.S. For example, five years ago in 2007/2008, the inflation in the country stood at 2.076% in 2007 before

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increasing to 4.281% the worst ever witnessed in more than a century. Nevertheless, the government through initiation of strong monetary policies has helped contain the rate of inflation, which has declined since then to 1.595%. However, it has to be pointed out that this figure is higher compared to the 2009 rate in which inflation in the country declined to an all time low of 0.030% (Bureau of Economic Analysis, 2013). With regard to the interest rates, the government of the U.S. has to be recommended for initiating measures to contain interest rates to promote borrowing. This is because the government has maintained its interest rates at an all time low of 0.25% since 2008. Further, the rates are expected to remain low in the foireseable future following measures put in place to revamp the economy of the country (Bureau of Economic Analysis, 2013). 2. Propose two (2) strategies that the federal government could implement that would encourage people to spend more money in order to create employment opportunities. The federal government plays a big role as far as encouraging spending and job creation is concerned. However, there several strategies that can be applied by the federal government to encourage spending among its people so as to create employment opportunities in the country. Firstly, the government can do this by lowering taxes on it working class. This is because people of the working class tend to invest or save excess money. Therefore, lowering taxes will encourage them to spend more money. Secondly, the government should create an optimism environment every time regardless of the economic situation to encourage spending. This is because saving rates tends to decrease during optimism periods and increases during periods of uncertainties. Lastly, the federal gover

Summary

Economic Situation Name Institution Economic Situation 1. Analyze the current economic situation in the U.S. as compared to five (5) years ago. Include interest rates, inflation, and unemployment in your analysis. Bureau of Economic Analysis (2013) notes that the United States economy is the largest in the world when measured in terms of purchasing power parity (GDP), which stood at 15.08 trillion dollars in 2011…
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