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The economy of the united states of American, like those of other nations except those in the eastern world, suffered serious shocks necessitated by the 2008/9 global…
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American Current Macroeconomic Situation Due If there is ever one thing that the American population always cares to keep track of, it has to be the economy. The economy of the united states of American, like those of other nations except those in the eastern world, suffered serious shocks necessitated by the 2008/9 global credit crunch, leading to closure of several industries and massive lay-offs as a result dwindling economic fortunes in the both the manufacturing and service sectors. The government reacted by formulating policies such as the economic stimulus package that aided in the recovery from the serious economic pitfalls (Verma, 2013).
In the ensuing years, beginning 2010, the economy started to pick up, as the firms that had closed down during the financial crisis resumed and people were slowly but surely getting back their jobs. As early as 2013, the fight against the fiscal cliff was almost concluded and every other macroeconomic element looked to be back in their right shape. Since the end of the credit crunch, the US has enjoyed years of uninterrupted economic gains. Unemployment has significantly reduced, as well as the inflation rate. However, much as things have been improving, economists argue that the pace is a bit slower than the one that was witnessed in the wake of World War II. Statistically speaking, the US economic growth rate has averaged about 2.25% since it started bouncing back from the effects of the 2008/9 credit crunch. In 2014, the growth rate was thought to have gone below 1%, and unemployment hasn’t reduced to desired levels (Recession and Recovery, 2014).
The dragging growth rather is mainly attributed to the budget problems. The fiscal cliff did not do enough to reduce the budget deficit which was almost $0.98 trillion in 2014. In the years preceding the global financial crisis, the United States economy was growing at a rate of about 3.25% and the budget deficit was as low as $0.5 trillion. As it stands currently, the budget deficit needs to be cut by about $0.3 trillion for the economy to be said to be recovering at a good pace.
The following statistics show the standing of the macroeconomic elements as at the end of 2014 (Verma, 2013):
Unemployment: For four years since 2009, the unemployment statistics in the US had been coming down at a slow but a steady pace. For instance, by the start of 2014, about 160 jobs opportunities had been created and the unemployment rate stood at 7.7%.
Taxes: The fiscal cliff debates were mostly about raising taxes for the rich, but it emerges that most of the middle-class Americans part with an additional $600-1200 annually. This is mainly attributable to the expiration of the payroll tax cut.
Inflation: Inflation rates have significantly reduced. Rise in consumer prices has been kept in the palatable bracket between zero and 2%. This has been achieved because of the adoption of the Federal Reserve’s quantitative easing policy, which was a big success.
Household debt: Credit card debt had peaked even before the global recession, but has reduced to about 16% as of the third quarter of the 2013/14 fiscal year. Families can now think of stepping up their spending as things improve.
Home prices: The home market is on an upward growth trend, and is projected to improve as the unemployment rate reduces.
Gas prices: Gas prices haven’t been stable. They had been tending slowly downward and a little upward and in 2014, the prices moved higher. The gas prices have been relatively high by historical standards, largely because oil prices more than doubled during the global recession.
References
Verma, N. (2013). Recession and its Aftermath Adjustments in the US, Australia and the Emerging Asia. New Delhi: Springer.
Recession and Recovery [Motion Picture]. (2014). Films Media Group. Read More
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