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Real GDP in the United States - Assignment Example

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The paper "Real GDP in the United States" highlights that the real wages of American workers have been held stagnant for decades due to the fact that the cost of living in the United States has been rising at a faster rate than the income generated by the workers…

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Subject: Macro & Microeconomics
Type: Assignment
Level: High School
Pages: 1 (250 words)
Downloads: 2
Author: pansy32

Extract of sample "Real GDP in the United States"

The reason that real GDP per capita has failed to grow during the last four years is because the United States 2008 entered into a major recession that had global repercussions. The 2008 recession has been compared to the Great Depression.

Some of the products that have gone up in price the most are food items, medical expenses, gasoline, and energy costs. The minimum wage salary was held at $5.15 for a long time. In 2007 the government finally made changes to its minimum wage law to gradually increase the minimum wage to eventually reach $7.25 within three years (Taxpolicycenter). Inflation has been depleting the budgets of many American families for a long time. The main problem with the real wages of American workers is that money is simply not worth what it used to be. The purchasing power of money has decreased a lot and as a consequence, Americans cannot buy as many goods and services as they used to with the same money.

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