GDP per capita growth
Throughout this article, the unqualified term "dollar" and the $ symbol refer to the US dollar .
The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be nearly $14.7 trillion in 2010, [1] approximately a quarter of nominal global GDP . [15] [16] Its GDP at purchasing power parity was also the largest in the world, approximately a fifth of global GDP at purchasing power parity . [15] The U.S. economy also maintains a very high level of output per capita. In 2010, it was estimated to have a per capita GDP (PPP) of $47,284, the 7th highest in the world. The U.S is the largest trading nation in the world. Its three largest trading partners as of 2010 are Canada , China and Mexico .
Historically, the U.S. economy has maintained a stable overall GDP growth rate, a low unemployment rate, and high levels of research and capital investment funded by both national and, because of decreasing saving rates, increasingly by foreign investors. It has been the world's largest national economy since the 1870s [17] [18] and remains the world's largest manufacturer, representing 19% of the world's manufacturing output. In 2009, consumer spending, coupled with government health care spending constituted 70% of the American economy. [19] About 30% of the entire world's millionaire population reside in the United States (in 2009). [20] Furthermore, 34% of the world's billionaires are American (in 2011). [21] [22] The US is also home to the world's largest stock exchange, the New York Stock Exchange . It also boasts the world's largest gold reserves and the world's largest gold depository, the New York Federal Reserve Bank . The United States is also home to 139 of the world's 500 largest companies, which is almost twice that of any other country. [23] A large contributor to the country's success has also been a very strong and stable currency. The US dollar holds about 60% of world reserves, as compared to its top competitor, the euro , which controls about 24%.
Since the 1960s, the United States economy absorbed savings from the rest of the world. The phenomenon is subject to discussion among economists. The US is by far the most heavily invested-into country in the world, with foreign investments made in the US measuring almost $2.4 trillion, which is more than twice that of any other country. [24] The US is also by far the largest investor in the world, with US investments in foreign countries totaling over $3.3 trillion, which is almost twice that of any other country. [25] Like other developed countries, the United States faces retiring baby boomers who have already begun withdrawing money from Social Security ; however, the American population is young and growing when compared to Europe or Japan. The United States public debt is in excess of $14 trillion and continues to grow at a rate of about $5.48 billion each day by direct calculation between December 31, 2010 and July 31, 2011. [26] [27] Total public and private debt was $50.2 trillion at the end of the first quarter of 2010, or 3.5 times GDP. [28] Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion. [29] Due in part to the amount of both public and private investment, the economy of the United States is regarded as a mixed economy.
Considering the latest economic reports by any standard, the United States is still the leader of the world economy. While there is no shortage of capital or tax payers in our system, there is a failure of cooperation which is palpable on national, local and personal levels. How long will it take those in leadership to assess and make recommendations to effectively respond to the economic crises? As the economic engine which drives the rest of the world, we are expected to set the pace of recovery. Instead, we spend all of our time wringing our hands and worrying that the sky is falling. Are we telling the world that we are either too afraid or self-absorbed to do what is necessary to stimulate ourselves? No one wants to lead--particularly the federal government.
Mark Overt Skilbred
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