American Economics

In: Business and Management

Submitted By rohitkiddo24
Words 2213
Pages 9
A Report on American Economics in English Includes Social Security.

006 American Government-Economics

Most of the problems of the United states are related to the economy. One of the major issues facing the country today is social security.

The United States was one of the last major industrialized nations to establish a social security system. In 1911, Wisconsin passed the first state workers compensation law to be held constitutional. At that time, most Americans believed the government should not have to care for the aged, disabled or needy. But such attitudes changed during the Great Depression in the 1930's.

In 1935, Congress passed the Social Security Act. This law became the basis of the U.S. social insurance system.
It provided cash benefits to only retired workers in commerce or industry. In 1939, Congress amended the act to benefit and dependent children of retired workers and widows and children of deceased workers . In 1950, the act began to cover many farm and domestic workers, non professional self employed workers, and many state and municipal employees. Coverage became nearly universal in
1956, when lawyers and other professional workers came under the system.

Social security is a government program that helps workers and retired workers and their families achieve a degree of economic security. Social security also called social insurance (Robertson p. 33), provides cash payments to help replace income lost as a result of retirement, unemployment, disability, or death. The program also helps pay the cost of medical care for people age 65 or older and for some disabled workers. About one-sixth of the people in the United States receive social security benefits.

People become eligible to receive benefits by working in a certain period in a job covered by social security.
Employers and workers finance the…...

Similar Documents


...ECON3007 Economic Policy Analysis Topic: Institutions and Economic Reforms Wendy Carlin This topic focuses on the role of institutions in economic growth and the implications of this for the design of economic reforms. We examine why some large-scale economic reforms have been surprisingly successful and others have been disappointing. It will be argued that the consistency between existing institutions in the economy and the reforms is an important factor in determining reform success. We look at property rights and contracting institutions, at the experience of transition economies – both in the former Soviet bloc and China and at reform policies including privatization. The empirical techniques that we study include cross-sectional and panel regressions using aggregate (i.e. country-level) data and micro-economic data. Key readings: Institutions and growth: Acemoglu, D., Johnson, S. and Robinson, J. A. (2001) (AJR) “The Colonial Origins of Comparative Development: An Empirical Investigation”. The American Economic Review, Volume 91, Number 5. Use the UCL Economic Journals page and choose the Atypon link. Acemoglu, D., Johnson, S. (2005) (AJ) “Unbundling Institutions” Journal of Political Economy Volume 113, Number 5, 949-995. Use the UCL Economic Journals page. Deaton, A. (2009) ‘Instruments of Development: Randomization in the Tropics and the Search for the Elusive Keys to Economic Development’. NBER Working Paper 14690. Use google. Transition: China and......

Words: 1359 - Pages: 6

American Capitalism and American Democracy

...American Capitalism and American Democracy have always gone hand in hand for the entire history of the United States since it's founding, and many say one cannot exist without the other. Many people today commonly associate Capitalism with Democracy when asked about the United States in general. But this statement is inherently flawed; capitalism is based on profits for the few while democracy is based on rights for many. Cities have been in existence for several thousand years, as much as seven thousand by some accounts (Henslin, 2006). They usually are built near transportation routes or areas rich in natural resources. They can only exist as long as there is the means for producing surplus food and other necessary supplies. Cities grow at different rates and for different reasons and there are different types of cities, or urban centers. Metropolis, megalopolis, and megacity are terms used to classify cities by size. An understanding of the beginning of common schooling in the United States requires attention to such social changes as urbanization, early industrialization, and patterns of immigration, all in the northeastern United States. Ideologically, the common school era was rooted in classical liberalism, which had practical consequences in urban New England different from those in rural Jeffersonian Virginia. These variations were due to differences in regional political economy as well as shifts in religious thought. While Jefferson had encountered difficulty......

Words: 1490 - Pages: 6


...Reducing Unemployment and Underemployment in the United States Name Institutional Affiliation Reducing Unemployment and Underemployment in the United States Reducing Unemployment Unemployment and underemployment are one of the main economic concern in many countries or states in the world today. It is a biting problem in many economies, and governments are always seeking a new way of solving this problem (Miller, 2011, p. 14) According to the Bureau of Labor Statistics, unemployment is a situation where a person does not have a job, but have actively searched in the past four weeks (American Vocational Association, 2008, p. 24). It also includes people who have been laid off for more than seven days. There are many reasons why people end up being unemployed. Understanding the reasons for unemployment is essential in coming up with a solution to the high rate of unemployment in the United States. The most important causes of unemployment are structural, cyclical and seasonal unemployment (Borts, 2010, p. 28). The United States has experienced approximately 11 recessions since 1948 when the postwar ended. The different government regimes have tried various methods over the years to turn around recessions and reduce the high rates of unemployment. Some government regimes have embarked on tax while others have embarked on stimulus spending. Unemployment rate in America remained high at 7.6 % in June 2013 (Clague, 2009,...

Words: 1831 - Pages: 8

The Economic Development of the American Indian

...The Economic Development of the American Indian When discussing the effect of colonialism on native economies, whether in terms of dependency theory, colonialism, or other factors, one interesting example lies very close to home: the economic fate of the American Indian. Historically, American Indians were hunters and gatherers. These practices played a part in molding the culture of these people. When the white settlers came to America and began to force the American Indian people off of best parts of land, and killing many of the animals that they used for food, clothing and shelter, these military and economic challenges caused the hunting and gathering economic system of the American Indians to collapse, just like many of the other colonized nations discussed in Jefferey Sachs’s article Notes on a New Sociology of Economic Development. In this situation, the best thing for a society to do would be to industrialize, but a stigma for all things white made industrialization an unpopular idea for the American Indians. Even if they had wanted to industrialize, they had few natural resources to do so, and their only contact with international economy was through the people that were oppressing them. In addition, a written language was not part of their culture till fairly recently, and in many tribes mathematics beyond counting and record keeping was not widely used or taught. Both a written language and education of mathematics are cultural factors that contribute to a......

Words: 964 - Pages: 4


...perspective is a symptom of larger sociopolitical conditions and ideologies borne out of complex socialization processes. We no more can quash the deficit perspective without acknowledging, examining, and quashing these processes than we can eliminate racism without comprehending and battling white supremacist ideology. Otherwise we are dealing merely with symptoms, as we do when we attempt to redress racism with programs that © Paul C. Gorski, 2010 Unlearning Deficit Ideology and the Scornful Gaze 3 celebrate diversity but ignore systemic racism or when we respond to class inequities by studying a fictitious “cultural of poverty” rather than attacking, or at least understanding the educational implications of, the sociopolitical context of economic injustice. The ideology underlying the deficit perspective has been described as “deficit theory” (Collins, 1988; Dudley-Marling, 2007; Gorski, 2008a), “deficit ideology” (Sleeter, 2004), and “deficit thinking” (Ford & Grantham, 2003; Pearl, 1997; Valencia, 1997; Yosso, 2005). I have chosen to use the term “deficit ideology” in this chapter in order to emphasize that it is, in fact, an ideology, based upon a set of assumed truths about the world and the sociopolitical relationships that occur in it. Despite variations in terminology, scholars who have studied deficit ideology similarly refer to something deeper than individual assumptions and dispositions. They describe an institutionalized worldview, an ideology woven into......

Words: 9486 - Pages: 38


...Economic Terms and Health Care History LaTasha Frost HCS/440 February 25, 2014 Instructor Name William Byrd Jr. Economic Terms and Health Care History Before the 1900’s healthcare had a different perception, now in the twenty-first century healthcare is an everyday thing to Americans. Economics is the science that contracts with the distribution, the material welfare of humankind, production, or the ad consumption of goods and services. Even though there are many different reasons why healthcare economics have changed over the years, the most effective reason is health care finance and the supply and demand of care. This paper will discuss the evolution of health care economics, the history and timeline of health care funding. [pic] Doctors had more power and were paid better than before in the early part of the twentieth century. Associations, for example American Hospital Association (AHA) and American Medical Association (AMA), started in the late 1800s, developed sturdier. Work unions then employers began offering a variety of aids to workforces, with funded health care. National health insurance became connected with collectivism and the idea became disliked in the United States, which opened entries to protect the increasing costs of medicinal care for secretive health insurance. Blue Cross was recognized at the end of 1920s and it was the first large medical insurance company established back then. The 1930s saw an increasing number of health...

Words: 634 - Pages: 3

Redistribution of Income a Valid Economic Function in the American System of Government

...incomes across a society through the transfer of income from wealthier to poorer individuals, either directly or indirectly. Proponents of this practice argue that it promotes the development of a democratic society and addresses a number of social problems that are linked with poverty. Opponents believe that it is a form of theft, suggesting that it involves taking legitimately earned funds away from people and giving them to others. Many governments around the world practice some form of income distribution, and there are varying ways to approach it”. In my opinion, redistribution of income is a valid economic function of our American system of government because it’s a good way to support those who have lower incomes. Every American’ dreams of finding a job that pays well enough so that they may comfortably take care of their loved ones and themselves for years to come. Most Americans hope to find some way to make a living that they enjoy, something that they view as productive. Unfortunately, many do not have this luxury. In our society, a good portion of the population is forced to hold the base of our country in place while hardly being redeemed for their time and effort, and thus the problem of income inequality. Numbers of these people live from paycheck to paycheck, barely getting by, not because they manage their money poorly, but because the value of their time at work is negligible. Some may even sacrifice happiness at work to find a job that pays better simply......

Words: 845 - Pages: 4


...Americans are facing yet another foreign policy dilemma in a far-off corner of the globe. At issue is the fate of the people of the tiny island of East Timor, located in the far reaches of the Indonesian archipelago. At issue is the desire of the East Timorese to secede, which goes against the desires of the central government to maintain the territorial integrity of their country. Like minority peoples in the former Republic of Yugoslavia, Iraq, Chad, Burundi and many other places, the succession-minded East Timorese are facing brutal repression from the central government. Perhaps we should send troops to defend the defenseless civilian population of East Timor. Although this scenario is increasingly common in the latter 20th century, the United States has yet to draft a consistent foreign policy stance capable of systematically addressing minority succession movements. One of the prime difficulties in developing a policy is our inability to identify the "right" and "wrong" parties. Philosophically, we should recognize the right of self-determination for all nations, but realistically the creation of thousands of micro-national states presents enormous potential for conflict. The best strategy we could embrace would be a preventative one. We should monitor the human and civil rights records of foreign country and keep a close eye on the treatment of minority populations. We may be able to pressure majority populations to respect the rights of minority, thereby......

Words: 423 - Pages: 2

American American Financial Issues

...Blair, Lauri Journal #3 African-American Consumers and the Economic March 30, 2010 202-07 Dr.Ferdnance 1) Create a detailed consumer profile of the average African-American household. Find the average income, wealth, and primary purchases of the African-American household. Compare and contrast the consumption pattern of the African-American with European, Asian, and Hispanic Americans. African-American household Average income- $37,150 Wealth- $6,000 White Household Average income- $55,463 Wealth- $88,000 Comparing African American households to European, Asian and Hispanic Americans, African Americans have the lowest income. Second of all, in response to a lower income theoretically one would think that African Americans would save more and spend less and begin to invest, yet in response to poor financially education, and decisions African Americans spend more than any other race on materialistic things. African Americans spend a large amount and above any other races median in clothing, video game hardware, pc software and shoes. African Americans have been found to be very brand loyal to body soap, sneakers, potato chips, soda, hair products, and cookies and nail polish. African-American/Black Market profile found that African Americans are very persuaded through marketing, such as commercials, music videos, radios, and locals ads to buying cars, car accessories, communication gadgets and cosmetic products, and theses products are not being......

Words: 1171 - Pages: 5

Vietnamese-American Economic Relation

...Vietnamese vs. American communication stylesnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn nnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnb fddk^phikrtonhglfbglblv:,bvn,b,nvb,n;,bvn;,bvn,bvn,blmvno*j^hnhgknlkhgnhnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn ngn nb n b b b b b b b b b b b b b b b b b b b b b bvv;b,fd,b kgpo ipigofd gjdfoigjd jgifdjgdf igofpdiThe commercial relation between the US and Vietnam before and after the integration into the WTO of Vietnam (2007) Chapter 1: The commercial relation between the US and Vietnam before 2007 1.1. Factors affecting the commercial relation between the US and Vietnam 1.2.1. General factors 1.2.2. Factors in Vietnam’s side 1.2.3. Factors in the US’s side 1.2. The commercial relation between the US and Vietnam before 2007 1.3.4. The commercial relation between the US and Vietnam before the two countries signed trade agreements (2001) 1.3.5. The commercial relation between the US and Vietnam since the two countries signed trade agreements (2001) * Total exportation and importation throughout the years * Main export – import products 1.3.6. The role of the bilateral trade agreements between the two countries to the commercial relation of the US and Vietnam Chapter 2: The commercial relation between the US and Vietnam since 2007 2.1. Total exportation of Vietnam via the US 2.2. Total importation of Vietnam from the US 2.3.......

Words: 348 - Pages: 2


...Congress passed the Employment Act. This act committed the government of the United States to “promote maximum employment, production, and purchasing power”. The President was mandated to issue a report each year explaining how he will achieve these goals (this report is called The Economic Report of the President). A new agency, the Council of Economic Advisers, was created to advise the President in writing this report. Although “maximum employment” was not defined in the act, the federal government was for the first time committed to manage the American economy in an attempt to bring about “full employment”. The role of the federal government in the American economy has been very different since the passage of this act. From that time forward, any President who failed to achieve good economic performance would be considered a failed President. “Good economic performance” requires low rates of unemployment, low rates of inflation, and high rates of economic growth. Presidents Ford, Carter, and Bush (41) were defeated in their re-election campaigns in large part because they did not achieve “good economic performance”. The main tools available to the President and the Congress to achieve “good economic performance” are those of fiscal policy. Fiscal policy involves changes in government spending (discussed in Chapter 16) and in tax revenues (discussed in Chapter 17 --- notice that the government calls them “revenues”). The difference between government spending......

Words: 9913 - Pages: 40

The American Economic Crisis Tuesday the 29th the stocks had crashed again as over 16million shares were sold. This was the start of what would be known as the great depression. From 1929 until 1939 America suffered the greatest economic crisis the country had ever seen and is perhaps the worst even to this day. During that 10 years unemployment reached nearly 24 percent. Amazing and horrifying considering the average rate is about 4 or 5 percent. In the beginning there was no minimum wage, no unemployment benefits and no welfare. It is estimated that the average wage was around .05 to .20 cents an hour for those lucky enough to have steady work. With gas around .15c per gallon, eggs .18c a dozen, and bread .08c a loaf feeding your family was possible but was definitely not extravagant. The economy slowly saw improvement until 1937 when another recession hit. It wasn’t until the outbreak of World War II in 1939 that the government in support of England and France started defense manufacturing, creating jobs. But it was the attack on Pearl Harbor that lead the government to declare war and our factories went into full production. This lead to some of the lowest unemployment rates in history and out of the Great depression. War, what is it good for? The Economy. The 1970’s oil crisis After American involvement in the “Yom Kippur War” in 1973, OAPEC began an oil embargo. By the end of the embargo the price of oil would rise from 3dollars to 12dollars per barrel. This was accompanied by a stock......

Words: 720 - Pages: 3

The Richest Americans Are Winning the Economic Recovery

...U.S. Census Bureau data out Wednesday underscore just how lousy the recovery has been if you aren't rich. Looking at eight groups of household income selected by Census, only those whose incomes are already high to begin with have seen improvement since 2006, the last full year of expansion before the recession. Households at the 95th and 90th percentiles had larger earnings through 2014, the latest year for which data are available. Income for all others was below 2006 levels, indicating they're still clawing their way out of the hole caused by the deepest recession in the post-World War II era. "Each decade, it's taken longer for the poor to recover from recession, for the poverty rate to start turning around after the official end of the recession," said Arloc Sherman, a senior fellow at the Center on Budget and Policy Priorities in Washington. "There's quite a bit of work left to do." Median household income is 6.5 percent lower than in 2007, the year the recession started. Overall, median income was $53,657 in 2014, not a statistically significant difference on an inflation-adjusted basis from 2013's median of $54,462. It's the third straight year that there's been no significant change, after two consecutive years of annual declines. That's happened even though the labor market has posted steady progress. The number of men working full time and year-round in 2014 increased by 1.2 million from a year earlier while the number of women gained 1.6 million. The changes...

Words: 301 - Pages: 2

Explain the Fundamental Differences in Political, Social, and Economic Ideas Which Separated the American Colonies and Great Britain After 1763.

...differences in political, social, and economic ideas which separated the American colonies and Great Britain after 1763. In the years following 1763 the American Colonists were looking for separation from Great Britain due to political, social, and economic differences. Politically the American Colonists wanted freedom to govern their colonies without influence from Great Britain. Socially the American Colonists sought to build a set of ideals based upon individual rights while the Englishmen wanted them to conform to British principals, traditions and authority. Economically the Englishmen thought that the American Colonists should pay the same taxes to the King and the Americans wanted to keep their money in America. The American Colonists had the idea that all white men should participate in government and they did not believe in having an aristocracy that had a part in politics, such as the Englishmen did. Rather the Americans answer to the King, they felt they should create their own governments and handle all matters themselves. The Englishmen wanted the same traditions performed in America as Great Britain. This meant answering to the King and the aristocrats. The American Colonists did not want to do that, they believed in individualism, freedom and equality of white men. They wanted to create their own laws and govern them, not abide by the rules and old traditions that Great Britain set forth and abided by. The American Colonists did not want to......

Words: 439 - Pages: 2


...Intro to Economic Thought (ECO 105) Robert Ellmann Financial Crises Irina Sterpu __________________________________________________________________________________ OUTLINE           Introduction into the topic and its origins The Great Depression 1929-1939 German Hyperinflation 1918-1923 The Great Recession 2008 1973 Oil Crisis European Sovereign Debt Crisis 2009, onward Ruble Crisis 1998 Black Monday 1987 Conclusion References Financial crises – definitions and origin The majority of economists and monetarists define financial crises as a manifestation form of banking crises, with an impact on financial stability and reaching the state of collapse of the financial infrastructure in the absence of central bank‟s intervention. Financial collapse which affects most of the companies generates quickly problems over the banking system as the following consequences: the panic of the clients, inability to distinguish between the efficiency and the difficulty of banks, deposit withdrawals. Jack Reed, an American politician mentions: “The financial crisis is a stark reminder that transparency and disclosure are essential in today's marketplace.” In economic literature, the problems in the banking system are the main sources of the financial crises. All the economic collapses require injections of liquidity or public financial funds, in some cases, private funds from banks and international institutions. Financial crises have......

Words: 2177 - Pages: 9

Skam HDTV 720p AC3 5.1 | MORE INFO | Montres, pièces, accessoires