Mon. Dec 9th, 2019

Money is not the only solution required to fix the economy of the United States

The economy of the United States might look like it is running smoothly, however, it is far from smooth. In spite of steady growth of gross domestic product, as well as, overall low rate of unemployment, majority of the Americans haven’t felt the recovery of economy in our everyday lives: percentage of household income that goes to health insurance has become thrice now, as compared with 1999, and more than 1/3rd of severely delinquent debt in the US is a result of the growing burden of student debt. If we closely behind the major headline numbers, we will realize that the economic growth is only being benefited by those who are at the top level: Over the past 30 years, above-average income growth has been experienced by only the top 10% of earners and, as revealed by a recent Gallup survey, not more than half of United States workers have good jobs. Thinking of the system as rigged by a number of voters is not surprising.

We should consider our economy as a house which is on a weak footing. For years and years, we have been painting the exterior, however, we are failing to address the interior issues which are spreading at a faster rate. There is a high level of inequality in the US, which means that only the top-level benefits from the gains, whereas, the Americans who work hard do not get the rewards of their labor.

The stock market rises, gross domestic growth, as well as, the lower rate of unemployment portrays a fake story of long term economic health. At the ground of this unequal economy are some major structural issues like identity-based discrimination, corporate concentration, declining bargaining power for people who work, and the domination of the capital-rich in politics.