Tuesday, January 21, 2020
Americas Economic Debate :: essays research papers
â€Å"Government that governs least governs best.†                                                  Thomas Jefferson 43% percent of the National Income (spending) is controlled by state and local sectors instead of the prominent private sector. Why do they immediately control how deep in debt the whole country is in? In the end it is the following generation that will unwillingly be endowed with this record high national debt and growing deficit. It is said that in America our government has marginal influence on our economy; that it does not get involved with our market. Laissez-Fair for example a core policy which America proudly claims to practice, and is included in every US History book in the nation seems to be just that... history. Such accusations are being heard across the nation as Americans are greeted every morning with a headline or two reminding us of how much more in debt our country really is. Many are quick to point the finger at someone; anyone (Bush, Iraq etc.) But the truth is that Bush inherited a receding economy from the all famous Clinton administration. In addition to his inherited downward slope, the events that occurred on the 11th of September did not help, in fact it had a cataclysmic effect on the economy. At this point America was confused; it was only a little over a year ago that politicians were bragging about a $557 billion surplus!(2001) The US was at an all time low and all it could do was sit back and wait for things to turn around, things that made our great economy work; like confidence, security, things that kept consumers want to keep spending. And like the great nation that America is; slowly but surely things did begin to turn around, but the decision to retaliate the attack on our demoralized constitutional republic proved to be just another setback on the latter of the goal to reach a strong and secure economic standard. This is not a history paper but this information will later be used to make a point. The total economy is made up of 2 basic components: the portion dependant on federal, state and local government spending is called the GOVERNMENT SECTOR, the part remaining is not dependant on government spending. In fact it depends on growth of national productivity, savings and real incomes. This portion of the economy is called the PRIVATE SECTOR. In the past the Private sector rightfully so was much larger than the Government sector, but as
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