Let's be world leaders in a real and meaningful sense by showing some cooperation on all levels. It's time that we work together on a bipartisan level and as fellow citizens to get this economy back on track and moving in a controlled and purposeful way toward recovery.

::::::::

Companies don't wish to hire until there is more consumer spending.

Consumers won't spend more because they fear losing what they have now.

As per capita income is reduced or eliminated entirely, who can blame consumers for spending less?

Businesses and consumers are looking for guaranteed stability, but are not finding any.

In these uncertain times, no one dares to blink first.

Consumers are not spending and businesses are not hiring.

Americans net worth declined by .3% in the 2nd quarter to $58.5 trillion, their stock portfolios fell .5% and home values dropped by .4%. Corporations held a new record $2 trillion in cash by the end of June, which is an increase of 4.5% from the 1st quarter. As a result of renewed fears of a prolonged recession, Americans are saving at unprecedented rates, with assets in bank deposits near $10 trillion. Banks are awash in cash, but are reluctant to lend, fearing the ongoing recession.

The Census Bureau reported that in 2010 the number of Americans in poverty hit a 52-year high.

Mitch McConnell said that any bill which ends tax credits for wealthy individuals and corporations faces bipartisan opposition. I wonder why that is?

Simplifying the tax code to spread taxes proportionately among all companies small and large and among all individuals, whether rich or poor, would go a long way towards improving tax collection in this country.

Who says that life is fair or should be fair? Why not encourage the dog-eat-dog attitude which already exists? At least half of the reasons given for the formation of our federal government by our founders were to establish justice, ensure domestic tranquility and to promote the general welfare. Looking around, with 1 out of 6 Americans living below the poverty line, would you say that we have achieved these goals? No less than financial guru Warren Buffett has stated that he and his rich friends have been coddled long enough by a billionaire-friendly Congress. John Boehner has reiterated in the past week his opposition to raising taxes for the purpose of balancing the budget. Republicans are opposed to raising taxes on the wealthy, claiming that it is the wealthy who are the job creators in this country. The problem is that these so-called "job creators" are not creating jobs, but are off-shoring jobs, eliminating jobs, lowering wages and generally not helping, but instead hurting our economy. John Boehner says that tax increases are not a viable option. What he should have clarified for us is that he doesn't want the wealthy to pay their fair share of taxes in this country. He further cites tax increases as the reason companies are not hiring.

Economy of the United States

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Economy of the United States

Rank

1st (nominal) / 1st (PPP)

Currency

United States Dollar (USD)

Fiscal year

October 1 -- September 30

Statistics

GDP

$14.527 trillion (2010) [1] ( 1st , nominal and PPP)

GDP growth

3.0% (2010) [1]

GDP per capita

$50,000 (2010) [2] ( 11th , nominal; 6th , PPP)

GDP by sector

agriculture: (1.2%), industry: (21.9%), services: (76.9%) (2009 est.)

Inflation ( CPI )

2.1% (February 2011) [3]

Population
below poverty line

15.1% (2010) [4]

Gini index

45 ( List of countries )

Labor force

154.5 million (includes unemployed) (2009 est.)

Labor force
by occupation

farming, forestry, and fishing: 0.7% manufacturing, extraction, transportation, and crafts: 20.3% managerial, professional, and technical: 37.3% sales and office: 24.2% other services: 17.6%

note: figures exclude the unemployed (2009)

Unemployment

9.2% (June 2011)

Main industries

petroleum , steel , motor vehicles , aerospace , telecommunications , chemicals , creative industries , electronics , food processing , consumer goods, lumber , mining , defense , biomedical research and health care services, computers and robotics

Ease of Doing Business Rank

5th [5]

External

Exports

$1.280 trillion f.o.b (2010) [1]

Export goods

agricultural products (soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0% (2009)

Main export partners

Canada , 13.2%; Mexico , 8.3%; China , 4.3%; Japan , 3.3%. (2009) [6]

Imports

$1.948 trillion c.i.f. (2010) [1]

Import goods

agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys) (2009)

Main import partners

China , 15.4%; Canada , 11.6%; Mexico , 9.1%; Japan , 4.9%; Germany , 3.7%. (2009) [6]

FDI stock

$2.398 trillion (31 December 2009 est.)

Gross external debt

$14.39 trillion (30 Sept 2010) [7]

Public finances

Public debt

$14.72 trillion (Sep 2011) [8] 98% of GDP

Revenues

$2.162 trillion (2010) [9]

Expenses

$3.456 trillion (2010) [9]

Economic aid

ODA $19 billion, 0.2% of GDP (2004) [10]

Credit rating

-          Standard & Poor's : [11]
AA+ (Domestic)
AA+ (Foreign)
AAA (T&C Assessment)
Outlook: Negative [12]

-          Moody's : [12]
AAA
Outlook: Negative [13]

-          Fitch : [12]
AAA
Outlook: Stable

Foreign reserves

US$140.607 billion (May 2011) [14]

Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars

GNI per capita :

   United States(47,240 $)

   Higher GNI per capita compared to United States

   Lower GNI per capita compared to United States

Historical GDP per capita

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    

Authors Bio:
I am a writer/blogger who is interested in diplomatic solutions more than all other options, but who recognizes that proper governance must enforce the rule-of-law, especially when its neglect will result in civil war and anarchy. That being said, I support reforms when they do not conflict with God's laws and when society-as-a-whole will benefit from the change. Some of the subjects that interest me include: diplomacy, sustainable food-supply, good-governance, liberal arts, morality, politics, prison-reform, religion, science, sociology and teaching frameworks. I have a Wikizine on Zimbio called "World Diplomacy For The 21st Century And Beyond" where you are welcome to contribute articles and comments. I am interested in promoting suggestions for the improvement of world diplomacy and how its general pursuit may rid itself of useless baggage and other hindrances to diplomacy. Have we learned enough from our mistakes to move toward the solutions that are so desperately needed? Cold-war tactics are a pointless exercise that risk unnecessary provocation of world-neighbors. I believe that their continued use is a deliberate ruse that prolongs the terms of vested-interest groups who wish to hide in an anonymous role behind puppet-diplomacy. We can short-circuit their plans by exposing their tactics on the blogging world-stage and force them to confront us on our terms. Diplomacy must include more than the selfish ambitions of a few players who seek to turn the world into private divide-and-conquer fiefdoms! Join me in refusing to accept anything but the very best diplomatic solutions for our planet!

Mark Overt Skilbred