macroecon ch1 - Gina Balhorn Macroecon Chapter 1 Intro U.S...

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Unformatted text preview: Gina Balhorn Macroecon Chapter 1 Intro. U.S. • Largest economy • One of the highest standards in the world • Communism=history Baby-Boom Generation • Earned higher incomes than any other generation in history • During boom years of late 1990s, corporate recruiters visit college campuses offering jobs Recent economic perform.=not good, most Americans have decent jobs paying wages • Downside: Fed budget deficit at record high and remain high in future Trade deficit at record high and remain high in future We are borrowing > $2 billion/day from foreigners to finance our trade and budget deficits Unless Congress acts soon, our Social Security and Medicare trust funds will run out of money before we reach retirement When we graduate, may not be able to get decent job Our savings rate has fallen below zero Real hourly wage (after inflation) of avg. worker=9%  today than in 1973 The American Economy and the 19 th Century Agriculture Dev’t US always had large and productive agricultural sector During American Revolution: 9/10 Americans lived on farm...
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This note was uploaded on 03/18/2008 for the course ECON 202 taught by Professor Amsler during the Spring '08 term at Michigan State University.

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macroecon ch1 - Gina Balhorn Macroecon Chapter 1 Intro U.S...

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