Economy of the United States

A community portal about Economy of the United States with blogs, videos, and photos. According to Wikipedia.org: The United States has the largest national economy in the world, with a GDP for 2006 of 13.3 trillion dollars. It is the... [more]

A community portal about Economy of the United States with blogs, videos, and photos. According to Wikipedia.org: The United States has the largest national economy in the world, with a GDP for 2006 of 13.3 trillion dollars. It is the world's foremost economic power. In this mixed economy, corporations and other private firms make the vast majority of microeconomic decisions, and governments prefer to take a minimal role in the domestic economy. Because of this, the U.S. has a small social safety net, and business firms in the U.S. face considerably less regulation than those in many other nations. The fiscal policy of the nation since the New Deal has followed the general ideals of Keynesian economics, which replaced Hamiltonian economics following the Great Depression. Neoliberal ideals have become more prominent since the presidency of Ronald Reagan and with the growing influence of globalization. Since the early 1980s, the United States has transformed from being the world's largest creditor to world's largest debtor. As of 2006, the gross external debt has exceeded 10 trillion dollars or 70% of GDP, and continues to grow fueled by large current account and federal government deficits.