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Eco 372 Essay

1069 words - 5 pages

The information within the paper will discuss and analyze the collapsing foundation of the economic structure in the United States. The widespread knowledge of economical stresses has become more apparent in recent years. These stresses include many different aspects such as; unemployment rates, expectations, consumer income, and interest rates which have been severely weakened in the United States` once prosperous economy. The issues can no longer be ignored nor overlooked as it is imperative that the nation acts accordingly, in order to preserve what is left our nation’s financial strength.
A substantial part of these struggles are a result of an abnormal amount of government spending by ...view middle of the document...

Unfortunately, it is apparent that there is a major problem with this new structure as there is a lack of organization and lack of training for each department. The use of employing new employees at a lower wage is a redundant idea as it will cost to train and maintain these new employees who will eventually seek career advancement with higher salaries and benefits.
The re-establishment of the economy in the nation depends on the government being able to further assess their assets considering the current policies have resulted in a 13 trillion dollar deficit. The amount of money in the deficit is astronomical compared to some of the previous data that was discovered during government spending frenzies throughout the last fiscal year. I also believe the healthcare system needs strict scrutiny on how funds are being spent. There is so much extra money generated annually that could be used to support the health care needs of citizens, yet the United States government is hesitant to step in and take a stand for the people. The United States government should distance itself from planning unnecessary projects that take a long time to complete, while spending an unreasonable amount of money to complete the projects. The money would instead be used to take care of the people who work, struggle, and support this country.
The issues discussed within the United States economy are identical to the economy in the 1930`s prior to the Great Depression. The recovery of the United States economy was in part a result of implementing different methods and theories for economic growth. In the economic community, there are two basic types of economic theories which include classical and Keynesian theories. A classical theory is based on the idea of a free market economy without the need for large scale government intervention. In a classical economic theory, Government spending does not affect the lives of the general population. It is believed that spending by consumers and businesses create more of an effect on the economic growth of a nation. In an economic theory, it is also believed that government spending and intervention can hinder the economic growth of a nation due to increasing the public sector and decreasing the private sector. (Vitez, n.d.)
Separately, the other theory is known as the Keynesian economic theory. The Keynesian economic theory depends on spending and aggregate demand to affect the economic market. In this theory, it...

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