US Economy-A Cursory Look

The United States is a very big and a developed country, and known by many names, such as ‘the United States of America’, ‘the US’, or at times, ‘the States’. It is a federal republic country and composed of a single federal district and 50 states. The nation is home to multiple cultures and a wide range of ethnic groups, values and traditions. The open perception that people of America enjoys high social mobility plays a significant role in attracting immigrants from almost every corner of the world.

The country is home to the third-largest population in world, and has the one of the largest economies, apart from ethnic culture, well-developed infrastructure and transport, well-developed education and health sector, and more importantly, strong economy. The country is also world renowned for its variety of tourist destinations, like natural attractions of Yellowstone & Alaska, the towering buildings of Manhattan and Chicago, warm sunny beaches of Hawaii, Southern California and Florida.

The economy of a country is the mixture of the distribution, production, trade and consumption of goods and services by different agents in a fixed geographical location. A country’s economy is the outcome of a fixed process that includes its values, history, culture, political structure, education, technological evolution, legal organizations, and social organization along with its natural resource endowment, geographical location and ecology, as the main influencing factors. These factors contribute and set the fixed parameters and conditions in which the economy of the country works and grows.

US Economy is a mixture of capitalist mixed economy and, as mentioned before, is one of the strongest economies in the whole world. The country continues to win the title of one of the largest and successful manufacturers, and being the world’s foremost economic and military power it accounts for approximately 37% of the total military spending making it the strongest economic and military power in the globe.

US economy is excellently supported by its chemical products as the country is the world’s largest producer of nuclear and electrical energy and of sulphur, liquid natural gas, salt and phosphates. The country holds the ninth rank globally in nominal GDP per capita and its currency; dollar is the world’s primary reserve currency. The economic fall of the recession of 2008-2012 had a significant impact on the nation’s economy and it resulted in high unemployment. However, the world’s largest economy is admirably recovering from the 2008 financial loss.

The World Bank (WB) has rated the nation the Number 1 country when it comes to hiring and firing workers globally. The country’s economy is the only advanced economy that does not ensure its workers paid vacation and is one of the few countries worldwide that does not guarantee paid family leave as a legal right.

Since, the late 19th century, the US has been a leader in scientific research and technological innovation. Restoring the US from the recession of 2008-2012 to a set place among the world’s “free” economies will need a significant policy reform, mainly in reducing the size of the existing government, transforming costly entitlement programs, overhauling the tax system, and streamlining regulations.

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