- March 25, 2020
The Growth and the Challenges of the US Economy
TheGrowth and the Challenges of the US Economy
The U.S. economy has undergone significant growth in the past due tothe presence of enough natural resources and the help from thegovernment. In fact, multiple firms have been able to develop as aresult of the proper supportive environment. However, the unequaldistribution of resources has been a problem because a few people arecontrolling the entire nation’s wealth. The government needs toprovide more job opportunities and improve the curriculum to enhancethe economic growth. This essay will be able to highlight the factorsthat have maintained its stability, the challenges that the economicgrowth is facing currently, and the changes needed to correct theproblems.
The success of the U.S. economy has arisen from the way that thenation has a vast range of natural resources as well as a properagricultural sector that provides enough food security. Most of thenatural resources such as oil and minerals have supported theindustrial part of the economy. In this case, the food security hasbeen a critical issue since the government gets a chance to focus onother productive issues. More importantly, the intellectual propertylaws have created a supportive environment where the students andcompanies have been able to generate life-changing innovations andinventions that have improved the lives of people in the US (Spence &Hlatshwayo). Besides that, a stable currency system and the strongernational system have also been able to create an environment thatsupports business activities in the region too.
The U.S. economy has fallen in some areas because of the insufficienteducation system, and the income inequality too. In this case, theanalysis of the current millennials in the job market reveals thatthey have poor literary and the problem-solving skills compared toother nations in the world. The scenario shows that the educationsystem does not have efficient and practical ideologies that aresupposed to guide the students in dealing with the various complexproblems. On the other hand, the income inequality means that only afew people have a share of the national resources yet, the othercivilians are wallowing in poverty (Spence & Hlatshwayo, 724).The imbalanced scenario and the impractical education system haveaffected the economic development since the nation is lesscompetitive compared to some other European nations.
The current situation shows that the nation should encourage the fairand equal distribution of resources and an improvement of theeducational system. First, the government is supposed to ensure thateveryone has a share of the natural resources rather than a fewpeople controlling the materials. In this case, the government willalso provide more job opportunities to reduce the rate ofunemployment that has undermined the economic growth (Khan, 16).Apart from that, the education department needs to initiatecorrective measures that will enhance the curriculum. Moreimportantly, the scenario was appropriate in making sure that thestudents are introduced to some practical ideologies. For instance,they will have the problem-solving skills as well as the rhetoricalabilities that will be helpful while they deal with various complexassignments. In the process, their effort and expertise will help inboosting the economic growth in the nation.
In conclusion, the U.S. economy has thrived because of the vastnatural resources as well as the supportive government however, theunequal distribution of wealth has shown the need for the change inthe curriculum and providing enough job opportunities. In fact,correcting the curriculum will help the students in being moreproductive and nurture the economic activities and make sure that thestudents are creative too.
Khan, Mushtaq H. "The political economy of inclusive growth."Promoting inclusive growth: Challenges and policies (2012):15-53.<https://books.google.com/books?hl=en&lr=&id=rTOEro07W90C&oi=fnd&pg=PA15&dq=Khan,+Mushtaq+H.+%22The+political+economy+of+inclusive+growth.%22+Promoting+inclusive+growth:+Challenges+and+policies+(2012):+15-53.&ots=z9DFo1xvAW&sig=0aIv4Bo_2UbMlwZi8NwCLIHmn2Y&redir_esc=y#v=onepage&q&f=false>
Spence, AM and Hlatshwayo. The evolving structure of the Americaneconomy and the employment challenge CFR Working Paper, Council onForeign Relations: New York, 2011.<http://www.cfr.org/industrial-policy/evolving-structure-american-economy-employment-challenge/p24366>
Spence, Michael, and Sandile Hlatshwayo. "The evolving structureof the American economy and the employment challenge."Comparative Economic Studies 54.4 (2012): 703-738.<http://link.springer.com/article/10.1057/ces.2012.32>