Essay on Economy and Budget of the United States

One of the major backbones of a country is its economy; the economy is undoubtedly an imperative sector that defines the superiority of countries in the race of becoming the worlds number one superpower. According to the report of the President to the Financial Year 2017, the economy of the United States is now not only the strongest in the world but the most durable too. Making reference to the same report, it is undeniably true that the economy of the United States was in a crisis and one of the worst ever in its history.

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There are claims that the economy of the US was plummeting at an alarming rate and to a critical unrecoverable economic state because of the existing policies that seemed oppressive to the middle and low-class Americans. One of the areas that contributed to the falling of the economy is the rate of unemployment. The report points out that every month, 800,000 people in America were losing their jobs. For any economy to grow, it is important that there be as many working citizens as possible and due to the increasing rate of unemployment at the time, the economy had to suffer as well. The taxes imposed on working families is another reason for the decline of the economy together with an auto industry that was not performing as per expected.

Based upon the letter of the President to the Congress, one of the tasks that had to be started was the transition to using more renewable energy. Consequently, this became a success since, in 2015, it was recorded that the use of energy had decreased and yet there was remarkable growth evident, which pointed out the fact that energy was being used more efficiently and if this was to go on (decreased use of energy yet increased growth) it was assumed that technology would continue developing and that the policies in the future would do well to ensure that the use of energy is done efficiently. The assumption is correct because, if people are sensitized on the importance of effectively using energy, then the decline of energy intensity is guaranteed to be a life-long endeavor. Additionally, policy makers are expected to have the best interest of the country at heart, and therefore it is safe to assume that the future plans will be even more favorable in allowing the use of energy in an efficient way.

The assumption that the growth of the Gross Domestic Product is reliant upon the Presidents policy proposals is wrong because that they are just proposals and not fully enacted policies. Predictions on the future can be put in place but the outcome remains unknown and bearing this in mind, it is only safe to state that hope is what Americans can have. Hope that the policy proposals will be fully enacted policies some day and that they will be for the growth of GDP.

Over the past five years, the economy of the United States has been advantageous at a personal level in the following ways. To begin with, being a student, I am constantly afraid of what the future holds. It is scaring not to know how you are going to survive in the future, let alone thrive. However, ever since a new President got into office, there is more confidence in what the future holds. The reduced taxes have been such a relief to many people including myself. My intuition can be easily afforded, and life, as it is, has more to offer. Additionally, with the rise in rate of employment and the increased number of job opportunities in the businesses industry has renewed the hope of many. The streets are safer because want-to-be criminals have reformed and gone to make honest livings. In short, three advantages of the current economic conditions are confidence in the future, affordable intuition, and safety.

Reference

House, T. W. (2017). Economic report of the President. Washington DC: United States Government.