America’s Economic Situation, Essay Example
The economy has continued to grow over the past decades. New innovations and advances in technologies have kept it, for the most part on an economic increase. Also aiding in the economic advancement is the fact that there was a high civil labor force and a low unemployment rate. “Population growth and civilian labour force growth were also key factors in growth in the 50s and 60s, and less so in later decades: according to US Census Bureau figures, US population growth declined from 19% in the 10 years to 1959, to 14% in the 10 years to 1969 and to 9.7% in the 10 years to 1989.” (Growth) There are several drivers that aid in the economic growths as well. First is the employment participation rates and population growth. Second would be capital investment. Third is the increase in the total factors of productivity. It could also be considered the efficiency gains from the first two considerations. Throughout the decades this fluctuation has gone high to low, positive to negative.
The economic contract is the agreement that is between the socialist organizations and the juridical persons. The purpose is to direct towards an economic end and a planned nature. It is essentially an assignment of the national economic plan in detail. The economic contract was based on the civilian labor force and the economic growth surrounding that. The idea was to invest in the American infrastructures and public education as well. This is done by educating the youth to be able to stimulate the economy upon completion of their education. Making work pay, that hard work and personal investment yields fair and equitable personal returns. Health care options for the working class so that they can provide necessary medical treatment for themselves and their families. Fairer taxes for all, this not only financing the government, but it allows families to keep more of the money they work so hard to earn. Lastly, to strengthen democracy, this is putting more into the political system that makes our government and economy function successfully.
President Dwight D Eisenhower, John F. Kennedy, Richard Nixon, and Ronald Reagan all played a role in America’s economic situation. President Eisenhower supported free enterprise economy, and it should be self-sufficient. He took minimal interest in the domestic policy. Eisenhower did not cut taxes until the budget was able to be balanced. He signed the Federal-Aid Highway Act of 1956, which was basically the establishment of the interstate. President Kennedy added to the deficit, but aided the people which were necessary. His goal was to get money to the economy quickly. Kennedy required all Federal agencies to hurry up their procurement, releasing a billion dollars for the highway fund. He also implemented the food stamp program for needy families. President Nixon moved slowly on economical issues. He did some minor trimming of the federal spending during the first year. Inflation reached 6.5 percent by the mid 1970s. He is best known for his involvement in the Watergate affair and his resignation versus impeachment. Lastly, President Reagan was criticized for the national debt increase. He took the national debt from $2 trillion to over $15 trillion. However his policies for enduring economic recovery was proven successful through sound monetary policy, real and sustained tax relief, fiscal integrity, and smart regulatory reform. All of the presidents played a role in the success and down falls of the economy during this time period.
“Growth dynamics have changed a bit and are in between times…”Depth Dynamics, 2012. Web. 5 December 2012.
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