Economic Status Essay

Total Length: 1228 words ( 4 double-spaced pages)

Total Sources: 4

Page 1 of 4

Economic Report Card

The nature of the economic world is in constant flux and changes, requiring the student of the subject to be aware of the many patterns and tendencies that are contained within any economic or market system. The purpose of this essay is to examine and compare the current economic situation of today to that of five years ago. This essay will explore the monetary and fiscal policies of the United States since 2009. This essay will explain how different indicators within the economy have the potential to paint different stories and ideas about the true health of the economy. This essay will argue that each component discussed must be held within the context of the larger economic picture in order for it to be totally understood and then implemented into a policy that may help correct or take advantage of that trend.

The Last 5 Years

It is widely accepted that in 2008, the United States experienced a major economic collapse that saw government bailouts, a welfare explosion and the hangover of constant war impact the environment in many ways. To most this was a bottoming out point in which a new low of American fiscal responsibility has been witnessed. Since that time the U.S. economy and fiscal policy has been on a rebuilding track.

Aurebach & Gale (2009) revealed the status of 2009 economic situation and presented ways in which the downward spiral would continue if certain approaches were not modified to represent a more balanced and focused outlook. They wrote "Adjusting for those factors, we project a 10-year deficit of $10.2 trillion, or 5.5% of GDP. In our projection, deficits fall to 4.8% of GDP by 2012 as the economy recovers, but then rise to5.0% of GDP in 2015 (even though the economy returns to full employment by then) and 5.8% of GDP by 2019. In 2019 alone, the difference between our adjusted baseline and the CBO baseline exceeds $1 trillion, (p.
2).

This idea of an economic collapse was well-known in many circles before the last 5 years expired. Much of the fiscal and monetary policies were not fully understood nor divested by those who were willing to radically change the system. In order to fully understand where we are now, it is important to look at where we came from and how the current economic situation has reached the point it has where there appears to be much trouble and confusion about the best way to manage the economy.

Today's Status

The economy today is in much worse shape than it was 5 years ago as the failed attempts to modify the situation back then, are being felt right now. Stillwel (2014) recently reported that "Americans' expectations for the economy deteriorated to a seven-month low in May, a sign that the rebound from weakness earlier this year may be limited by still-cautious consumers." The general malaise that reeks around the media in regards to the economic outlook is very bleak and depressing as there are only slight glimmers of hope in only small corners of the market.

The mark of a strong economy is balance and a productive middle class that buffers the two extremes of the economy. The strength of this demographic has historically demonstrated the strength of the economy. As the middle class has mostly evaporated into a lower form of its former self, economic indicators no doubt can narrate this departure from grace. Snyder (2014) pointed out many of the failures that we are currently experiencing due to the post 2009 handling of the economic situation. He argued that "industrial production is down. Home sales are way down. Retail stores are closing at the fastest….....

Show More ⇣


     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


Related Essays

Economic Disadvantages and Respiratory Issues

Respiratory Issues Complicated by Economic Disadvantage Socio-economic status, commonly referred to as SES can be describes as the economic or social standing of an individual, and is a measure of the person’s economic or social position in a social group. SES is a composition of different measures such as education, earnings, location of housing or job. According to studies, a lower socio-economic status can be related to unequal access to healthcare in several illnesses. There exists emerging data and information on respiratory diseases such as asthma, COPD, pulmonary hypertension, cystic fibrosis and other pulmonary ailments which… Continue Reading...

Euro in Crisis

not belong in the EU and did not have the economic status to benefit from a common currency with other states, as Milton Friedman and other economists pointed out in the 1990s (Trumbull, Roscini & Choi, 2011). States like Greece, Ireland, Spain and Italy lacked the necessary clout to be anything other than a drag on a Union in which each state shared a currency. Greece had been brought into the EU under dubious pretenses and its debt bomb was now exploding. The ECB had to respond, along with the IMF, to ensure that the debt bomb was contained and… Continue Reading...

Emirates Airlines PESTLE AND SWOT Analysis

should capitalize its brand image to be linked to the growth in Dubai to appeal to premium travelers and business travelers (Malek, 2016). 3. Oil The Middle East economic status is largely boosted by oil. However, in recent times, there has been a decline in the demand for oil. This has been largely associated with the increase in the demand and use of alternative sources of energy. The key advantage of this is that the decline in the price of oil is beneficial to Emirates as it leads to a decline in its operational costs. However, the downside to it is that there is also a decline in premium travel in Dubai (Malek, 2016). The health of UAE’s… Continue Reading...

Parkinson's Disease

economic status. This is true for the elderly white male population as for any other population as well. As Parkinson’s disease is something that places the individual at a disadvantage in terms of mobility, the individual must typically rely on some form of support to seek treatment, whether that support comes from family, friends, or neighbors in a retirement community. Access to care is available for those of the elderly white male population who seek it—however, barriers do also exist, depending on the extent to which the elderly white male… Continue Reading...

Protection of the Victims of Crime

those in the above mentioned categories (Office of Juvenile Justice and Delinquency Prevention, n.d). Economic status- it is noted that more crime seems to be prevalent in poorer neighborhoods, though no community is immune to crimes, the lower socioeconomic communities suffer the brunt of it more. The offenders are also seen to be more in such lower economic areas hence increasing the chances of a victim running into an offender. One hence needs to choose where they live and if they happen to live in lower economic zones, then they need to be responsible for being guardians of security. If one lives in such… Continue Reading...

The Relationship Between Parental Involvement and Student Success

economic status). In the authors’ own review, “parental involvement was not related to achievement in more than half (53%) of the 1,556 associations between parental involvement and achievement,” contrary to expectations (Harris and Robinson, 2016, p.187). Again, this highlights common controversies within the social sciences in regards to determining accuracy in research. In this particular work, studies that did find a strong association between parental involvement and school success determined that the effect was enhanced in the primary grades. But even then, comparison between studies was problematic, given what constituted… Continue Reading...

Reflection on Holistic Victim Restitution Plan

victimization include living in certain neighborhoods, social economic status, and ethnicity or race (McGraw-Hill Education, n.d.). Vulnerabilities to crime differ across different age groups and ability levels, especially with regards to socio-economic status. Empirical data regarding crime victims show that children are at high risks of being victims of crime as compared to adults and the elderly. Some of the vulnerabilities/situations that increases crime victimization among children include innocence, their tendency to trust easily, immaturity, neglect, and susceptibility to being abused by adults (Finkelhor, 2011). On the other hand, the elderly become vulnerable to crime victimization due… Continue Reading...

Social Work Mental Health Issues

also in terms of needs diversity, gender, gender identity, and sexual orientation diversity, diversity of socio-economic status, and other issues that require a personalized plan of care (Marsella, 2011). Another emerging issue globally is recognition of the need to link mental health care and social work with the immediate recovery needs for specific target populations; those recovery needs often include employment training and/or coaching and also education and personal development (Shankar, Martin & McDonald, 2009). Providing holistic attention for clients, taking into account higher needs like finding meaning and purpose in life might also become a more pressing concern for social workers in the future.… Continue Reading...

Diversity As a Reflection of Your Identity

taken additional classes related to notion of socio-economic status and privilege. I realize that as a part of the dominant race in this country, I have received a certain degree of privilege that others who are not part of my race may not have experienced. I tend to consider this form of privilege I terms of what John Keats referred to as negative capability. For instance, I have never been followed around in a retail store. When most people look at me, they assume that I am harmless. They do not think that I am a thief… Continue Reading...

The Mis-Education of the Negro by Carter G. Woodson

economic status of the African American, the paucity of African Americans in positions of power, and the slow pace of development among African American communities can be traced to mis-education. Woodson also knows that education in early childhood lays the important foundations for identity development. Even if the African American goes on to attend college or university, the institutionalized racism continues in other ways. For example, the white person has access to numerous means of support for starting a business. African Americans have fewer options for applying their education, training,… Continue Reading...

Happy 2011 Film Psychology

accident, and individuals from a variety of nations, occupations, and socio-economic statuses. Belic’s search was spawned by the fact that while some individuals in the developed world enjoy high levels of affluence, they are very rarely happy. How is it possible that someone can be happier as an impoverished Cajun fisherman or a rickshaw driver in India than someone with all of the material comforts one could want in an American suburb? Belic found that community and a sense of purpose was the driving factor in what made people happy. For example, the rickshaw driver he interviewed said that earning… Continue Reading...

Cause of US Revolution

to the Revolutionary War. At the core of the disagreement was the economic status of the colonies and the people that lived in them. This was the primary long-run tension that led to the revolution. Great Britain was the world's most powerful nation at the time, and was in the process of building an expansive empire, all over the world. The empire was still rising at the time of the revolution, and would only peak in the 19th century. Great Britain essentially saw its colonies as a source of wealth. The people that lived in those colonies were British subjects. Both Crown… Continue Reading...

Health Disparities

to what the term 'health disparities' actually refers to. Disparities are largely witnessed on the basis of socioeconomic status (SES), and racial/ethnic identity. A number of health indicator-related differences exist among different racial and ethnic groups in America. This paper will endeavor to explain what health disparities implies, the health indicator-related differences among different racial/ethnic populations, causes for such differences, and potential ways to bring about health improvements for underserved populations. "Health Disparities" Defined There is considerable debate regarding the precise meaning of "health disparities." One key facet of a majority of accepted meanings is that every health status difference between different population groups is not a… Continue Reading...

An Indepth Analysis of Diversity Management

differences between them are on account of numerous variables including race/ethnicity, sex, religion, political beliefs, socioeconomic status, sexual orientation, disability and ideologies (Rice, 2010). Companies capable of formulating and implementing requisite processes and strategies in this regard will enjoy a competitive edge over rivals, in addition to increased efficacy. Private sector models of competition are not exactly perfectly suited to public sector institutions as the latter lack a profit motive for existence. Nevertheless, public sector organizations ought to strive towards drawing in, hiring and retaining the cream of the labor force to accomplish their statutory goals, which constitute their bottom lines (Gore & National Partnership… Continue Reading...

Children of Divorce and How They Can Be Helped

are few and far between. Moreover, there are external factors that play as much a role in the development of the child as the stress that comes with divorcing parents. For instance, socioeconomic status, school situation, peers, involvement in activities outside the home, integration with the family, and relationships between the child and the parents are all elements that impact the child's development (Amato, Bruce, 1991). Added to this is the argument of Siegel and Bryson (2012) that a child is never solely overwhelmed or handicapped by a single, isolated event; on the contrary, a "child's brain is constantly being wired and rewired" by experience (p. 7). In short, it is the sum of experience that impacts a child's development; and the… Continue Reading...

sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Economic Status" (2014, May 24) Retrieved May 3, 2024, from
https://www.aceyourpaper.com/essays/economic-status-189409

Latest MLA Format (8th edition)

Copy Reference
"Economic Status" 24 May 2014. Web.3 May. 2024. <
https://www.aceyourpaper.com/essays/economic-status-189409>

Latest Chicago Format (16th edition)

Copy Reference
"Economic Status", 24 May 2014, Accessed.3 May. 2024,
https://www.aceyourpaper.com/essays/economic-status-189409