In the days since the Presidential elections of the United States, much has changed. The new President; Donald Trump, is a businessman by profession and has moved along, making new laws and bringing economic reforms, as a businessman. A nation’s economic well-being is measured by its GDP. The GDP is a monetary measure of the goods and services that are produced by the country(Amadeo, n.d.).
The United States’ economic performance of the current year is much better than the previous year. This year the GDP growth rate is expected to be between 2 % and 3 %, and the unemployment rate will be around 4.2 %. Already, the reports say that despite the hurricanes the economy has grown(Casselman, n.d.). According to some reports, the economy has been growing for the last eight years; which happens to be the longest in the U.S history.
However, the Federal Reserve Bank’s Janet Yellen has said that a lot of workers currently are part-time. Most of these workers are working in the ‘gig economy.’ The ‘gig economy’ refers to the freelance work that most people have started doing; like working for Uber. Yellen claims that people who are unemployed and work for the gig economy might not be able to return to the high paying regular jobs. It might make the employment rate seem low, but that does not mean that it is so.
A report on CNN has claimed that the minimum wage has been set higher than the previous ones; at $ 7.25(“United States – Economic forecast summary (June 2017) – OECD,” n.d.). It seems reasonable, especially for the pro-government economists. However, it doesn’t mean that situation is any better. The reports just suggest that the nature of jobs in the United States have shifted and the professions; previously in demand, no longer have any vacancy. Only those people who have switched to a more current business have stable jobs and are living well. Overall though, the economy of the country is growing, and it is possible for the nation to experiment with more new economic ventures.
Amadeo, K. (n.d.). What Will the Economy Do in 2017 and Beyond? Retrieved November 2, 2017, from https://www.thebalance.com/us-economic-outlook-3305669
Casselman, B. (n.d.). A Peek at Future Jobs Shows Growing Economic Divides. The New York Times. Retrieved from https://www.nytimes.com/2017/10/24/business/economy/future-jobs.html
United States – Economic forecast summary (June 2017) – OECD. (n.d.). Retrieved November 2, 2017, from http://www.oecd.org/unitedstates/united-states-economic-forecast-summary.htm