Assessment of The Current Economic Situation in the US Essay

Assessment of The Current Economic Situation in the US - Essay Example This essay offers a brief informative review of the developments in the US economy after the financial crisis of 2008. The United States economy growth rate has declined considerably, after the economic crisis. The number of unemployed persons remains high. The slowing economic growth remains a concern due to the negative impacts it has had on the GDP. United States is considered to have the most technologically advanced economy with an approximated GDP of about $48, 000. The private sector dominates the economic sector with the government purchasing most of its goods and services from the private sector. One of the major disasters facing United States is the high level of unemployment, which is attributable to the 2008-2009 economic recessions. The economic recession is considered to be the worst economic crisis after the great depression. About 8.3% people remain unemployed within the U.S. The number increased after the 2008 recession as most companies tried to reduce their workforce as an attempt to counteract the inflation. In the attempt to offset the increased unemployment, the federal government enacted the American Jobs Act. The Act aimed at creating ways to prevent the slowed economic growth The United States financial sector remains fragile with increasing budget deficits. The gross domestic product remains delicate. Attempts to cut down on financial spending affected the revenues negatively. The slowed economic growth has the disadvantage of subsequent increase in unemployment but diminished possibility of inflation.