America’s economic policies are carefully drafted to meet the requirements of its citizens and also to overcome all the financial hurdles in the country. Here are five interesting facts you might not have heard about the economic policies of the US. The US is on the road for becoming the country for most extended economic growth. The economic policies drafted by the US have been working miracles on their economic growth that it is on the road to becoming the longest in the world. Despite the slow growth during the recession, the US has still managed to raise the bar and stay on top of the list. In May 2019, it was considered as the worlds second-longest economic growth on the record.
With the increase in the economic growth of the US in the last ten years, there have been over 20 million job opportunities for all kinds of workers. It has caused a 3.4% wage growth every year, for a decade. Although the job rates fell at a drastic 3.8%, it didn’t seem to affect the country much.
Sleep deprivation costs the US economy.
More than one-third of the US population is always sleep-deprived. This not only costs the individuals but also puts the US economy to a downfall. Lack of sleep can cause $400 billion loss to the entire economy, losing 1.2 million workdays every year. Now, that’s a severe problem for the world economy as well.
Individuals born between 1997 to 2012 are called generation Z individuals. It is estimated that by 2021, they’re going to make up to the 40% expenses of the US alone, which will include $143 billion on direct spending. This can become a potential problem for retailers to cope with the increasing internet trend. However, this heads-up can result in changing and rearranging some of the economic policies int the following financial years.
Import and Export
US is continually involved in import and export, especially with its neighbors Mexico and Canada. When we talk about car parts, the import-export business happens eight times. 14% of all the US trade is based on importing car parts worth $27billion and exporting worth of 21.1.billion dollars to Mexico. Meanwhile, Canada contributes to 13% of the US import-export car business. This alone raises the economy of the country, drastically every year.
Economy on defense
We all know the popularity of the US military and defense. The main reason for their fear is because the country pays attention to their threat and their security. It spends money on defense, more than seven nations combined. It spends $610 billion annually, which is more than India, China, Russia and many other countries combined. And surprisingly, this contributes to only 15% of their federal economic funding.