Warm Southern Breeze

"… there is no such thing as nothing."

The United States Economy

Posted by Warm Southern Breeze on Sunday, February 27, 2011

Recently, I had the pleasure to revisit with a good friend, and we shared pleasantries, and updated each other on our lives. For several hours, we had a genuinely pleasant time.

My friend has dual citizenship – that is, he is a citizen of the United States and of another nation. He is also an entrepreneur.

What he shared with me gave me serious pause for thought – however, it wasn’t as if I had never seriously considered the implications of the subject he addressed. The subject was about the American economy.

Before we parted ways, I said that I would ponder the ideas he had shared with me, and as part of my promise to him to consider some of the ideas he shared, I began my research by reading the CIA World Factbook. What I read was seriously disconcerting.

I had also read a page about another nation, but specifically, what was disconcerting was when I read the page about the United States.

Like many others, I have researched the increasingly troubling economic indicators in the United States, and the difficulties that the average American citizen endures. Quite honestly, as anyone might imagine, it’s not a pretty picture, and though the ideas I have to remedy our problem are not necessarily popular, I have found no other genuinely simple way to remedy the problem. And to be honest, we do not have one solitary problem in these United States, but we have a myriad of problems, all of which are largely symptomatic of an even greater sickness. Yes, sickness.

I have never been a member of any political party, and as an independent voter, I can say that there have been times that some of the ideas of the Democratic and Republican parties have genuinely serious merit, and I have supported them.

To be certain, however, I do not believe that one party has all the solutions to any of our problems, economic or moral. As well, I realize that compromise is the nature of the political process, which to some, may complicate matters. I fully believe in the power of the American people, and in her form of governance – that being a democratic republic, with three co-equal branches of government, those being the executive, legislative and judicial.

There are doubtless more ideas and ideals which I could, and probably should, share. However, you are probably interested in reading the quote from the CIA’s World Factbook about the United States’ economy. I encourage you, the reader, to read the entire economic entry.

Since 1975, practically all the gains in household income have gone to the top 20% of households.
ref: CIA – The World Factbook: United States>Economy

4 Responses to “The United States Economy”

  1. You should discuss your ideas for improving the country.

    Like

  2. If I’m not mistaken, most of those gains haven’t just gone to the top 20%, but to the top 1% or 2%. According to one measure of wealth inequality, the GINI coefficient (can’t remember what it stands for), we are one of the most unequal countries around these days.

    Even though our per capita income is still pretty high, so the median person here is better than the median person in many other countries with less income inequality, we aren’t going in the right direction.

    About half of the people in our country don’t pay income taxes because they don’t have enough income to pay them! That’s absolutely horrible; it really is.

    Like

    • Warm Southern Breeze said

      Thanks, Molly for your readership, and for your thoughtful response. Per capita income is not a good measure of individuals’ or families’ income. It neither measures income distribution, which is what we often actually want to measure. To illustrate, if the average income in the USA was $1000/yr, and we had the same GDP, the per capita income would remain the same. Put another way, per capita income will increase when only a small class, such as the über-wealthy increase income, and even if the working poor lose income. So per capita income is a very skewed measurement. Median income is actually a better measure of income, because it measure the middle item. Remember the bell curve from statistics?

      Like

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