The United States Economy

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Introduction

The United States economy is undoubtedly the world 's largest and most influential with an estimated Gross Domestic Product (GDP ) of 13 .84 trillion according to CIA world fact book in the year 2008 . This figure represents a triple of the second largest economy GDP , Japan approximated at 4 .4 trillion . However , despite its strong position as the world 's leading economy , the United States economy is facing unprecedented and a serious economic downturn and recession . These problems have exposed fundamental

economic weaknesses which would have otherwise been avoided (R . Pettinger , para1

Underlying problems of the United States economy

National dept and Budget deficit

National dept has been an issue of concern across the United States . It is estimated that the Federal Reserve dept index as at the beginning of 2008 was 9 .2 trillion . This is approximately 67 percent of the gross domestic product representing 79 ,000 per individual American taxpayer amounting to slightly over 117 million American population . Comparisons of the national debt figures during Clinton and Bush administration reveals a sharp rise in the national debt in the latter case . The national dept as a percent of the GDP as stated by WhiteHouse .Gov indicates arise of 40 between 1980 and 1990 during Bush senior and Reagan administration . Contrary , the period between 1990 to 2000 witnessed a significant fall in national debt index of up to 15 . This was the period during Clinton 's administration . Beyond this period the national debt...