China: Rising to Be the Next Superpower? Essay

Many citizens, most of them conservatives, have questioned the economic recovery, but evidences have dismissed their arguments. President Obama pointed out that “we do have real, tangible evidences of our progress;” for example, we have created “10.9 million new jobs”

The United States, one of the most powerful nations in the world, was founded less than two hundred and fifty years ago. Since 1776, the year when the thirteen original colonies ratified the Constitution, three cornerstone ideas have been the drivers of the country’s progress-- Life, Liberty, and Pursuit of Happiness. Found in the Declaration of Independence, which was written by Thomas Jefferson, these three concepts have been crucial in the lives of all Americans throughout the existence of this nation. Liberty, which includes personal and economic freedom, was the main reason why the colonies decided to break away from the United Kingdom in the eighteenth century. The U.S. went through many economic booms, various recessions, and several major economic depressions throughout its history. Yet, here it is, mostly unscathed and in full glory, still dominating the world stage in economic and foreign affairs. However, in the past two-three decades, the economic conditions have changed adversely, especially for the younger generations. It is an undeniable fact that the consumer and labor markets have undergone tremendous adjustments, partly due to people’s changing lifestyles, as well as globalization. According to Janet Yellen , the U.S. Federal Reserve Chairwoman’s, statement to Congress, the “[country’s] financial conditions have worsened” and the United States economy has become “less supportive of growth” in recent years (Web). The combination of these various factors and

In 2008, the Global Financial Crisis broke out; both the American economy and the economy in the West suffered a hard blow. However, a big economy system in the East emerged unexpectedly. China is now able to challenge the America’s decades-long dominant position in economic area. Started during the middle of 1990s, China’s manufacturing industry developed rapidly that billions of exports were floating out, and China was given the title of “the world’s factory”(BBC). By the end of 2010, China with a GDP of $5.8 trillion, surpassed Japan’s GDP of $5.48 trillion, became the world’s second largest economy system (BBC). China also exceeded Japan became America’s largest foreign securities holder. Since then, China has been seen as the US’s

Today the United States Americans more than ever; there is a constant fear of an awaiting recession due to the economy. The recession in the later 2000’s has been known as the greatest economic decline since the Great Depression. The United States of America, the banks and businesses are not able to succeed and are failing due to the market. Many people across America cannot afford their homes or bills due to the unemployment rate that seems to keep increasing. Many people blame this on the higher oil or gas prices, and the wars that the United States acts on. The recession has overall declined our economic activity in business profits, employment, and investment. This is all due to our falling market, and the rise of prices that so many Americans cannot afford.

America’s economy is a fading light in an endless void of blackness that is going to keep getting dimmer and dimmer until it sizzles out, and unless America realizes this and does something about it, American economy is doomed. Federal debt, lack of jobs, discouraged workers, jobs overseas, job loss, state and local bankruptcy, and reckless inflation all take a large part in the deteriorating of America’s economy. American’s have failed to acknowledge the growing crisis, and because of this, our economy is reaping the consequences. Each problem that America’s economy is facing is going to require a unique set of solutions and an army of problem solvers. Is fixing the United States’ biggest problem going to be easy? Of course it isn’t going to be easy. But it is possible? With every American working together to pay back our debt and end this economic apocalypse once and for all, anything is possible.

Ever since September 11, 2001, the vitality of America’s economy has never been the same. Aside from America already going through a recession since, the attacks by Islamic terrorists on American soil had escalated the situation in one of the worst ways possible. The purpose of this paper will highlight the issues regarding America’s recession and its overall impact on the economy.

America has recently fallen into a great recession, and though some claim we are no longer in a recession, our country and has never quite bounced back. Our economy is fragile and unstable. “In June 2009….native born workers lost 1.2 million [jobs] (Herbert 565).” Businesses are afraid to hire more workers; for fear that consumers aren’t comfortable spending money quite yet. Consumers are afraid to spend money for fear that they won’t be earning any more. People who were once financially stable are barely getting by, some even homeless. This recession has been said to be equal to, if not worse than, the Great Depression. “The human suffering in the years required to recover from the recession will continue to be immense (Herbert 565).” Recovery may be happening, but is definitely an unstable process.

Americans are revolting in the primaries by either voting for Trump or supporting Sanders because they don’t believe the American economy is fine. Unemployment is at an eight-year low but labor force participation is down. There has been six years of uninterrupted growth but at a pace that won’t close the economy’s output gap until 2026. Wage growth is getting higher but not by much. Statistics like these explain why the 2007 – 2009 recession is still present in the electoral scene.

The economy of the United States is now experiencing numerous problems. While most of the wages remain on the

Investors and mortgage holders owe so much money to different firms that is has become almost an irreversible meltdown. The government tried to raise and cut taxes where they think they can get caught up and it doesn’t change. Money is owed by nearly every institution as well as the day to day expenses that each one occurs. Homes in major cities around the country lay to waste leaving blocks of run-down wasteland. Jobs and unemployment are just now starting to stabilize. Th economy is making a slow change for the good, but you must take baby steps after you fall. According to the Bureau of Labor Statistics Chart October 2007 unemployment was at 4.7% and rose to 10% by the year 2009 and everything from construction to professional and business services decreased by an average of 37.4% (Bereau Of Labor Statistics). These statistics are horrible and one can only hope we do not repeat our mistakes. A conclusion can now be made with all the factors stated

The United States economy has always had its ups and downs like the rest of the world’s economies. Since December 2007 it has been in a recession, and it has not been able to come out of it yet; with the passage of time, we sink even more. Our current president Barack Obama has certain strategies to take us out of this, even though according to economists that recession ended since June 2009, the economy is growing too slow and the number of unemployed people is outrageous. For the 2012 elections many Republican candidates are trying to formulate new plans that differ from those that Obama has worked out, all these are strategies to get elected as presidents or in Obama’s case, reelected.

Since the Great Depression of the 1930s, the United States of America has experienced many recession. The most recent of these recessions began December of 2007 and lasted till about January of 2009. Within the time period, the United States lost approximately 8 trillion dollars when the housing market collapsed causing chaos in the financial market led to a collapse in business investments. As consumer spending and business investments declined, it led to the loss of 8.4 million jobs which then caused major employment contraction doubling the unemployment rate from 5% to 10%. Fear began spreading among fellow Americans as their job and financial security was hanging from a small threat, which led to a drastic decrease in consumer spending.

From December 2007 to June 2009 the United States economy was confronted with its greatest challenge since the Great Depression. The financial crisis was so great that it was coined the term the Great Recession. Many factors contributed to the collapse of the U.S economy; such as, the financial crisis (2007–08), U.S. subprime mortgage crisis (2007–09), a shrinking Gross Domestic Product (GDP) growth rate and unpresented unemployment rates. A recent (2016) article in the Wall Street Journal entitled “Post-Recession Rethink: Growth Potential Dimmed Before Downturn” examines the economic aftermath of the Great Recession.

• As previously stated in the executive summary, the United States’ economy is currently stagnating. From week to week we may see a rise in one indicator while there is a fall in another indicator, but none of the rises or falls are drastic enough to have an overwhelming impact on the economy as a whole. Although the economy is not near as strong as it was before the 2008-2009 recession, arguably one of the biggest economic crises of the past decade, there has been much growth and strength throughout the past few years with this year being the first year in which the economy is in somewhat of a holding pattern. I believe, that even with the little growth and movement of the United States economy over the past year, it is still perhaps one of the strongest economies in the world at the moment.

The Great Recession officially ended in 2009. Since then, the US economy has been sluggish but has shown signs of improvement. The Obama administration submitted bills to help stabilize the financial system and automobile industries. The Federal Reserve has maintained low interest rates in an attempt to encourage borrowing and spending money. The unemployment rate has dropped to approximately half what it was in 2009. Although wages haven’t increased to keep up with inflation, they are starting to show signs of improvement. Overall, the