Gdp In America

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Pages: 6

It’s no small achievement to have the world’s largest economy, but that’s exactly what the United States has accomplished over the past decades. They’ve done it through various policies and adjustments made by the founding fathers, the presidents, and the many innovators and entrepreneurs within the United States. The United States is a large country, with a big population and this, combined with the economic structure is what has caused great economic growth in the United States. We’ve seen both the ideas of Jefferson and Hamilton play out over the years. Jefferson wanted the economy to be controlled by small, privately owned companies. The privately owned companies are now the staple of the American economy. Ideas that people have are turned …show more content…
Their GDP has increased every year in those 55 years, except in 2009 during a period known as the great recession in the United States. The GDP that year was $14.42 trillion, a decrease from the 2008 GDP of $14.78 trillion. Despite the economic difficulties during the great recession, the United States economy responded well, and their GDP in 2013 was $16.78 trillion representing a total increase of 61% in GDP since 2000. The main reason the United States has the highest GDP of any country is because of the type of economy in the United States. Their economy was based on the principles of capitalism where private property rights, freedom of choice, and fair market competition are at the forefront of the American economy. But the economy has evolved into a mixed economy as the government has gradually become more involved in the economy. The increased Federal spending would be beneficial if the government invested in land for foreign companies to build factories, this would increase the GDP of the United States because more final goods would be produced within the borders of the United States. This plan of action would also address a problem within the United States’ economy, where there is a goods and services deficit. This means that they are importing more goods and services than they are exporting. In order to better the American economy, plans need to be made so that the United States produces more final goods to be exported. By exporting more than they are importing, they will ensure that their GDP continues to