US High School Economics class: America’s robust national economy hides its weak spots
==========
The article discusses the state of the American economy post-pandemic compared to other G7 nations. President Joe Biden highlighted several economic indicators in his State of the Union address. There is a disconnect between the national economic data and Americans' faith in handling the economy, as suggested by surveys. The growing divide between urban and non-urban areas in the US economy is attributed to factors such as automation, globalization, and the decline of manufacturing jobs. America's geographic income inequality has increased between 1980 and 2021. The cost of living varies across different states, affecting voters' perceptions of the economy. Consumer spending has shown a trend of recovery, but credit delinquency remains a concern. It is important to look beyond aggregate data to understand the true state of the US economy. GDP per capita provides a more accurate measure of economic well-being than total GDP. GDP does not provide information about inequality. The limitations of using GDP as an indicator of a country's overall well-being in relation to environmental sustainability can be seen in examples such as high pollution levels in a country with a high GDP. The "shadow economy" can affect how we understand a country's economy using GDP. The article suggests that while America's national economy may appear strong based on numbers like GDP, not all areas and people in the country are doing well.
#UsEconomy #EconomicIndicators #IncomeInequality #Gdp
https://www.ft.com/content/c136a06c-55b2-49c2-ac09-02107f51d5aa
Financial Times /
npub1ey5…tq7p
2024-04-12 02:15:28
Author Public Key
npub1ey55s7y4px7nuw9qq987mhc2lm8qp30xvyrkgqk9p626n78zfcxqw0tq7pPublished at
2024-04-12 02:15:28Event JSON
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"content": "US High School Economics class: America’s robust national economy hides its weak spots\n==========\n\nThe article discusses the state of the American economy post-pandemic compared to other G7 nations. President Joe Biden highlighted several economic indicators in his State of the Union address. There is a disconnect between the national economic data and Americans' faith in handling the economy, as suggested by surveys. The growing divide between urban and non-urban areas in the US economy is attributed to factors such as automation, globalization, and the decline of manufacturing jobs. America's geographic income inequality has increased between 1980 and 2021. The cost of living varies across different states, affecting voters' perceptions of the economy. Consumer spending has shown a trend of recovery, but credit delinquency remains a concern. It is important to look beyond aggregate data to understand the true state of the US economy. GDP per capita provides a more accurate measure of economic well-being than total GDP. GDP does not provide information about inequality. The limitations of using GDP as an indicator of a country's overall well-being in relation to environmental sustainability can be seen in examples such as high pollution levels in a country with a high GDP. The \"shadow economy\" can affect how we understand a country's economy using GDP. The article suggests that while America's national economy may appear strong based on numbers like GDP, not all areas and people in the country are doing well.\n\n#UsEconomy #EconomicIndicators #IncomeInequality #Gdp\n\nhttps://www.ft.com/content/c136a06c-55b2-49c2-ac09-02107f51d5aa",
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