“The Economic Report of the President” contains statistical information about th
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Question
“The Economic Report of the President” contains statistical information about the economy as well as the Council of Economic Advisers’ analysis of current policy issues. Find a recent copy of this annual report at the library or visithttp://w3.access.gpo.gov/eop/ and read a chapter about an issue that interests you. Summarize the economic problem at hand and describe the council’s recommended policy.
Your assignment should look like an essay. Be sure to discuss, define and give examples highlighting if the policy is expansionary or contractionary and if and how monetary or fiscal policy is utilized.
Explanation / Answer
In recent years there was a movement called occupy wall street which clearly was a result of income inequality that is at its highest right now,
Due to economic crisis in 2008 economy was shedding 800,000 jobs a month. This resulted in massive unemployment that sweeped across united states destroying hundreds of middle class families. The crisis since then has receded, but clearly underlying problem of inequality still exists till date.
After financial crisis unemployment numbers were record high, Later on companies did not hire full time workers, they just went for temporary workers who were only paid part time wages. Unemployment receded, but more workers right now are under employed which would not show in unemployment index, This further increases poverty among ordinary people
1% problem : Income earned by 1% rich people is 20% right now, But the reality is that many jobs are outsourced or offshored. High skilled jobs still exist in US, but these job skills do not exist with people who were laid off from manufacturing sector.
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