IT New York

Economy of US

I wrote a letter to our next president regarding the state of the US economy.

To the Commander and Chief of The United States of America,

Good evening or morning or whatever time it happens to be where you are reading this letter. I congratulate you on your election to presidency. That being said however, not just I but the people that currently live in the United States will be watching you very closely, to see how you handle your presidency. There is a large amount of problems to be solve in the world and one of the biggest concerns for some people is the United States economy. There are many problems that need fixing and people are wondering how it will happen. Kathryn J. Byun and Bradley Nicholson, in their article “The U.S. economy to 2024” state “While the causes of the Great Recession are still very much up for debate, the recession's legacy and its impacts are much clearer. These impacts exposed and amplified structural weaknesses in both the global and U.S. economies and fundamentally changed expectations for growth through 2024.” Is it even possible to make the United States Economy benefit the majority of the people in our country? The short answer is yes.

The problems that I am listing are not the only ones, not even close but these are the ones I was able to get accurate data on. The first example that I found was government debt. The current amount of government debt as of October 2016, according to the US Department of Commerce, is 19.5 Trillion Dollars (U.S) and that is not including state debt and local debt which adds up to 23.277 Trillion Dollars. To put that in perspective, the United States Gross Domestic product of the fiscal year in 2016 was 18.561 Trillion Dollars. This means that if all the money in the United states in FY2016 went to paying of government debt, there would not be enough to pay it all off. Not to mention the fact that debt is compounded annually and therefore grows over time at an exponential rate. Another big problem is Per Capita wage or Minimum wage. While yes the minimum wage is enough to get by if everyone in the house is working, that is not always the case. In some situations, minimum wage is so low, a family “makes” more money by collecting unemployment checks rather than working. Parents need to be able to support and feed their children. While these are only some of the problems that the United States economy faces these are some that I do know exist.

Some might argue that we have more pressing matters to concern ourselves with like police brutality or ISIS. However unlike ISIS or police brutality the United States economy affects everyone. The most basic needs upon which society is built is food, water, and shelter. This is exemplified by the “survival rule of threes,” which states you can survive 3 minutes without air, 3 hours (at least) without shelter, 3 days without water and 3 months without food. You need trade and thus the economy to produce all of the goods you need to live. You can also speculate what would happen if the United States economy, which is one of the most powerful economies in the world, goes from the top to last. Stocks would drop world wide, millions left homeless, crime and poverty rates would sky rocket. To put it bluntly it would be the biggest economic crash since the collapse of the Roman Empire.

So I leave you with this Commander and Chief. You and Congress and all politicians have one job, to help the people make decisions that benefits the majority of the people represented. The first and really only job of any government is to serve the people. So serve US and make America great again.