Economy of America – the world’s superpower in all aspects. Let’s take a look at some known facts and some facts lesser known.
Overview Of Economy In America
In the past decades, the economy of United States has experienced ups and downs leading its pathway to becoming the world’s greatest superpower now. For more than a century, U.S. is the world’s economic powerhouse.
Among its many notable titles that the economy has earned a few to name are – world’s military superpower, one of the most affluent nations on the planet for being home to one of the most diverse populations, the No. 1 global exporter of entertainment and the list is endless.
U.S. is not only the world’s largest petroleum producer but also the largest consumer of oil in the world. Not only is it home to the world’s largest employer but also 90% of the world’s largest market cap companies are based in the U.S. The maximum billionaires of the world are in the U.S., more than next four countries combined.
Current Economy Of America Under Trump
President Donald Trump says that the current economy is Best It Has Ever Been. The current U.S. economic expansion is the longest uninterrupted growth period in its modern recorded history. Despite he boasts of best employment and stock market numbers, actual figures show some other side of the story.
Economy growth rates are hovering in the 25% range which is way below the decade ago rates of around 35%-45%. Unemployment rates also do not seem what they are, the markets are not creating jobs while companies complain about shortage of skilled workers. Rising debt levels is also a matter of high concern for the economy.
Also Read: How Much Exactly Is US Debt
Below listed are five interesting facts of economy in America:
Maximum Land Owned By Government
In the U.S., the federal government owns and manages almost 640 million acres of land which is 28% of the 2.27 billion total land acres. A majority portion of the lands which are managed by four agencies across the U.S. is managed for many purposes related to preservation, recreation, and development of natural resources.
There are a few issues in land management by these federal agencies. One of them is the $19.38 billion maintenance backlog of the four major land management agencies. Also, the optimal balance between land protection and use and whether federal lands should be managed primarily to benefit the nation or benefit the localities and states in which the federal lands are located.
Sleep Deprivation Costs Massive To Economy of America
A survey of 7,400 individuals by Harvard University estimated that sleep deprivation costs companies $2,280 per employee, or 11.3 days of productivity, each year. On a national level, this number could be as large as $63.2 billion.
Sleep deprivation is a global issue which dents the economy with billions of dollars. RAND estimates that sleep deprivation in U.S. adds up to 1.2 million working days and $411 billion lost each year or 2.28% of GDP. The countries suffering most from inadequate sleep are Japan and U.S. who are not getting the recommended 7 to 8 hours of sleep for adults.
Significant Population Lives On Social Security Benefits
Social Security benefits not only helps Americans in their retirement benefits but also helps them to sustain above the poverty line. Based on the analysis of March 2019 current population survey, 21.7 million additional Americans would be poor without social security.
Almost 37.8% of elderly Americans would have incomes below the poverty line without these benefits. Also, 6.1 million children under age 18 living in these families receiving social security benefits are lifted from poverty.
Official documents reveal that in 2020, almost 65 million Americans will receive more than $1 trillion in Social Security Benefits. By 2035, the number of Americans 65 and older will increase from approximately 56 million today to over 78 million.
If California Was A Country, It Would Have Fifth Highest GDP
California, a $2.97 trillion economy, has the highest GDP in the United States and on its own it is the fifth largest economy in the world. Termed as the Golden State, it accounts for 14% of the U.S. economy and it would be placed in between Germany and U.K in the world’s top economies.
California holds 3.9 million small businesses accounting for 99.8% of the total state business employing almost 50% of its total workforce. Among the many contributing factors to the growing economy, a few to mention are highest agricultural production, major wine producer, largest seaports, saving maintenance and fuel costs by using electric-city bus systems.
U.S. Healthcare Spending Higher Than OECD Average
Employing more than 11% of American workers, the healthcare sector is a very crucial part of the U.S. economy. A major portion of non-wage compensation, health insurance accounts for 26% while it is also one of the largest categories of consumer spending (8.1% of consumer expenditures).
In 2018, the U.S. spent 16.9% of GDP on health care, nearly twice as much as the average OECD country. Spending more than other large advanced economies like Germany and U.K, U.S. spent almost 17.1% of its GDP in 2017 on the healthcare of its economy.
Public health insurance in the U.S. covers only 34% of the population lesser than universal coverage in countries like Canada and U.K. This means that it would cost much higher to provide coverage in the U.S. than any other country in the world. Most of the U.S. healthcare is provided privately.