The American economy is one of the biggest from the entire world. According to the statistics, U.S.A is the first economy power in the world (and second if we are talking about purchasing power parity).
During the time, America had different periods, good and bad depending on the leader (the president) and his persons. But, instead of that their economy growth very fast and U.S.A become the greatest power in a very short time.
Why is the America so good and so big? Because this country had leaders that knew how to rule his country, in time, it becomes the most powerful country in the world.
An important role has the Wall Street businesses- from New York City. This street is very known in the entire world because there are the most important financial markets. This road made New York City the most powerful city in the U.S.A. In the beginning, Wall Street was a slave marketplace, but it doesn’t matter what kind of market is because it helped America to grow. In time, influent and business people started new businesses here, and it became an example for people in the entire world. It helped a lot the American economy, and it still is a place of reference in U.S.A.
We will talk a little about the biggest corporations from America to understand why it has such a prosperous economy.
The first one (According to statistics from 2013) is Exxon Mobil in the energy industry that had a revenue of 454,926 million. Ford Motors is in the ninth place with 136,264 million- and everyone heard about Ford corporation. To not forget that Google company is in America and it is very powerful and becomes more and more powerful.
For example, in the entire world exists 500 large corporations and 128 are in U.S.A.
According to the statistics, the GDP growth is with 1,9% in 2016; the GDP capital is 57,000$, and the totally GDP is $18,34 trillion.
American economy suffers in 2007-2008 because of the financial crisis, but it recovered quickly, in 2009.
During Obama presidency, the unemployment rate declined to 4,9 % from 7,1%. But the labour participation rate and homeownership rate also fell. Obama also reformed health care and cut some taxes. Also, the FY increased from 253 billion in 2008 to 441 billion in 2017, and in 2011 it was 1,3 trillion.
Donald Trump, the new president, thinks that economic growth under Obama presidency was weak and he wants to do more for America. He intends to eliminate some taxes, for example, the marriage penalty, the inheritance tax and more. Donald wants to simplify the tax preparations and remain with three taxes despite seven. He also seeks to cut the waste and in this way to reduce the deficit, to keep healthcare intact and to negotiate trade agreements better. He gave an extraordinary example of the trade agreements problem: China doesn’t pay taxes for exports, but America pays this tax to them.