Economic policy in the USA - Essay Example

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In the paper “Economic policy in the USA” the author analyzes how the founders of the government divvy up responsibility for economic policy, what theoretical tenets have guided economic policy, and how has economic policy evolved over time…
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Economic policy in the USA
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Economic policy in the USA
Essay 1: Consider economic policy in the United States. How did the founders of the government divvy up responsibility for economic policy, what theoretical tenets have guided economic policy, and how has economic policy evolved over time? More specifically, explain how fiscal and monetary policies are tools that the government can use to help the economy.
Since Early 1970, United States through the Office of Economic Policy has altered its economic management. As United States began to enjoy economic progress, it applied critical tenets in regard to political goodwill. United States applied Keynesian approach that supports fiscal policy as the best measure to boost socio-economic growth. Fiscal policy is important in managing economy within the projections of the government (Cohen 67). United States has over time used fiscal policy at national level as the best way to enhance expansionary economic policy. For instance, increased taxation has given the country revenue to fund various sectors and more importantly initiate economic stimulus programme. Such programmes help in creating more jobs which constitute expansionary measures hence boosting the overall national income per capita.
The changing socio-economic and political structure of the contemporary society has initiated free-market economy. In this regard, United States uses monetary policy through its reserve bank to regulate inflation and hence boosts its global competitiveness in trade. The theoretical tenet behind monetary policy is the free interaction of forces of demand and supply (Cohen 120). It is also the basis of capitalism which has seen United States remain consistent in terms of global economic performance ranking. The monetary policy has also been critical to the United States considering the use of its currency as the standard of measure. This means consideration of its foreign policy on trade which depends on the strength of its currency in global market. Fiscal policy remains in force within United States towards welfare of the citizens and particularly towards provision of education and healthcare.
Essay 2: In your opinion, what are the greatest social policy challenges of the 21st century? As you address this question, explain the relationship between how a problem becomes important to policy makers and the politics of making decisions about the problem; OR Explain why social policy is considered a safety net. Think back to the different ways that the government is involved in social policy and evaluate whether the safety net has grown into a hammock (as dubbed by Representative Paul Ryan), or whether there is a need for more government involvement with increased risks in the global economy.
The 21st century is characterized by rapid globalization which has swept the world socio-economic and political policy makers. At the centre of social policy is access to quality healthcare by every person. There is an increasing campaign for healthcare insurance and other healthcare related policies that seek to mitigate the emerging conditions like obesity among others. The correlation between economic development and better healthcare program to the poor, elderly and minority groups is critical is always highly positive. Healthcare as one of the social policy challenges attracts mixed reactions across the political divide although the common goal is to improve the welfare of the society (Wallace 92). There is significant political interest in healthcare policy as one of the development agenda. However, mode of achieving it has significant influence on the overall economic framework which provokes involvement of politics. Taking the example of Obamacare, the republican and democrat expressed divergent opinions and this led to heated campaign for and against the bill .The attempts to promote equity in distribution of resources necessitates access to critical services which includes healthcare hence the interest of political leadership(Wallace 121).
The reason behind the emerging interest in healthcare access is the economic policy consequences that emphasize fiscal policy with perceived increase in burden to taxpayers. The bottom line is that social policy played central role in boosting the productivity of the citizens and hence increase national income. Social policy like healthcare access for instance the elderly poor in United States is a socio-economic pillar that politicians capitalize on to advance their interests.
Work cited
Cohen, Stephen D. The Making of United States International Economic Policy: Principles, Problems, and Proposals for Reform. Westport, Conn. [u.a.: Praeger, 2000. Print.
Wallace, Helen M. Health and Welfare for Families in the 21st Century. Boston: Jones and Bartlett, 2003. Print. Read More
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