Economy of the United States
|October 1, 2015 – September 30, 2016|
|GDP||$18.558 trillion (nominal; 2016)
$18.558 trillion (PPP; 2016)
|GDP rank||1st (nominal) / 2nd (PPP)|
GDP per capita
5th (nominal) / 10th (PPP)
GDP by sector
|1.7% (May 2015)|
Population below poverty line
|156 million (7.8mil. unemployed)|
Labor force by occupation
|Farming, Forestry, and Fishing: 0.7%
Manufacturing, Extraction, Transportation, and Crafts: 12%
Managerial, Professional, and Technical: 38%
Sales and Office: 23%
Installation and Maintenance: 3.3%
Other Services: 23%
[note: figures exclude the unemployed]
|Unemployment||4.7% (May 2016)|
|petroleum, steel, motor vehicles, aerospace, telecommunication, chemicals, arms industry, electronics, food processing, consumer goods, lumber, mining|
|Exports||$1.62 trillion (2014)|
industrial supplies, 31.2%
consumer goods (except automotive), 12.3%
motor vehicles and components, 9.8%
food, feed, and beverages, 8.9%
other, 3.9%. (2014)
Main export partners
| Canada 18.6%
|Imports||$2.35 trillion (2014)|
|capital goods 25.2%, consumer goods (except automotive) 23.8%, industrial supplies (except crude oil) 17.8%, motor vehicles and components 14.0%, crude oil 10.5%, food, feed, and beverages 5.4%, other 3.3%. (2014)|
Main import partners
| China 21.5%
|$2.8 trillion (2013)|
|$19.268 trillion; 102% of GDP (Q1 2015)|
|$0.5 trillion, 2.8% of GDP (2014)|
|Revenues||$3.0 trillion (individual income tax, 46.2%; social insurance, 33.9%; corporate taxes, 10.6%; other, 9.3% – FY2014)|
|Expenses||$3.5 trillion (Social Security, 24.3%; defense, 17.2%; Medicare, 14.6%; unemployment and other income security, 14.6%; Medicaid, 11.7%; interest, 6.5%; veterans, 4.3%; education and training, 2.6%; other, 4.2% – FY2014)|
|Economic aid||ODA $48 billion, 0.03% of GDP (2012)|
|$0.14 trillion (May 16, 2014)|
The United States is the world's largest national economy in nominal terms and second largest according to purchasing power parity (PPP), representing 22% of nominal global GDP and 17% of gross world product (GWP). The United States' GDP was estimated to be $17.914 trillion as of Q2 2015. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. The United States has a mixed economy and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. Its seven largest trading partners are Canada, China, Mexico, Japan, Germany, South Korea, and the United Kingdom.
The US has abundant natural resources, a well-developed infrastructure, and high productivity. It has the world's ninth-highest per capita GDP (nominal) and tenth-highest per capita GDP (PPP) as of 2013. Americans have the highest average household and employee income among OECD nations, and in 2010 had the fourth highest median household income, down from second highest in 2007. It has been the world's largest national economy (not including colonial empires) since at least the 1890s.
The U.S. is the world's largest producer of oil and natural gas. It is one of the largest trading nations in the world as well as the world's second largest manufacturer, representing a fifth of the global manufacturing output. The US not only has the largest internal market for goods, but also dominates the trade in services. US total trade amounted to $4.93T in 2012. Of the world's 500 largest companies, 128 are headquartered in the US.
The United States has one of the world's largest and most influential financial markets. The New York Stock Exchange is by far the world's largest stock exchange by market capitalization. Foreign investments made in the US total almost $2.4 trillion, while American investments in foreign countries total over $3.3 trillion. The economy of the U.S. leads in international ranking on venture capital and Global Research and Development funding. Consumer spending comprises 71% of the US economy in 2013. The United States has the largest consumer market in the world, with a household final consumption expenditure five times larger than Japan's. The labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others.
The US economy went through an economic downturn following the financial crisis of 2007–08, with output as late as 2013 still below potential according to the Congressional Budget Office. The economy, however, began to recover in the second half of 2009, and as of November 2015, unemployment had declined from a high of 10% to 5%.
- 1 History
- 2 Business culture
- 3 Demographic shift
- 4 GDP
- 5 Employment
- 6 Research, development, and entrepreneurship
- 7 Income and wealth
- 8 Financial position
- 9 Composition of economic sectors
- 10 Notable companies and markets
- 11 Energy, transportation, and telecommunications
- 12 Finance
- 13 Health care
- 14 International trade
- 15 Currency and central bank
- 16 Law and government
- 17 List of state economies
- 18 See also
- 19 References
- 20 External links
The economic history of the United States began with American settlements in the 17th and 18th centuries. The American colonies went from marginally successful colonial economies to a small, independent farming economy, which in 1776 became the United States of America. In 180 years, the US grew to a huge, integrated, industrialized economy that made up around one fifth of the world economy. As a result, the US GDP per capita converged on and eventually surpassed that of the UK, as well as other nations that it previously trailed economically. The economy maintained high wages, attracting immigrants by the millions from all over the world.
In the early 1800s the United States were largely agricultural with more than 80 per cent of the population in farming. Most of the manufacturing centred on the first stages of transformation of raw materials with lumber and saw mills, textiles and boots and shoes leading the way. The rich resource endowments contributed to the rapid economic expansion during the nineteenth century. Ample land availability allowed the number of farmers to keep growing, but activity in manufacturing, services, transportation and other sectors grew at a much faster pace. Thus, by 1860 the share of the farm population in the US had fallen from over 80 per cent to roughly 50 per cent.
In the 19th century, recessions frequently coincided with financial crises. The Panic of 1837 was followed by a five-year depression, with the failure of banks and then-record-high unemployment levels. Because of the great changes in the economy over the centuries, it is difficult to compare the severity of modern recessions to early recessions. Recessions after World War II appear to have been less severe than earlier recessions, but the reasons for this are unclear.
At the beginning of the century new inventions and improvements in existing inventions opened the door for improvements in the standard of living among American consumers. Many firms grew large by taking advantage of economies of scale and better communication to run nationwide operations. Concentration in these industries raised fears of monopoly that would drive prices higher and output lower, but many of these firms were cutting costs so fast that trends were towards lower price and more output in these industries. Lots of workers shared the success of these large firms, which typically offered the highest wages in the world.
The United States has been the world's largest national economy in terms of GDP since at least the 1920s. For many years following the Great Depression of the 1930s, when danger of recession appeared most serious, the government strengthened the economy by spending heavily itself or cutting taxes so that consumers would spend more, and by fostering rapid growth in the money supply, which also encouraged more spending. Ideas about the best tools for stabilizing the economy changed substantially between the 1930s and the 1980s. From the New Deal era that began in 1933, to the Great Society initiatives of the 1960s, national policy makers relied principally on fiscal policy to influence the economy.
During the world wars of the twentieth century the United States fared better than the rest of the combatants because - aside from the attack at Pearl Harbor on 7 December 1941 - neither world war was fought on American territory. Yet, even in the United States, the wars meant sacrifice. During the peak of Second World War activity, nearly 40 per cent of US GDP was devoted to war production. Decisions about large swaths of the economy were largely made for military purposes and nearly all relevant inputs were allocated to the war effort. Many goods were rationed, prices and wages controlled and many durable consumer goods were no longer produced. Large segments of the workforce were inducted into the military, paid half wages, and roughly half of those were sent into harm´s way.
The approach, advanced by British economist John Maynard Keynes, gave elected officials a leading role in directing the economy, since spending and taxes are controlled by the U.S. President and the Congress. The "Baby Boom" saw a dramatic increase in fertility in the period 1942–1957; it was caused by delayed marriages and childbearing during depression years, a surge in prosperity, a demand for suburban single-family homes (as opposed to inner city apartments) and new optimism about the future. The boom crested about 1957, then slowly declined. A period of high inflation, interest rates and unemployment after 1973 weakened confidence in fiscal policy as a tool for regulating the overall pace of economic activity.
The U.S. economy grew by an average of 3.8% from 1946 to 1973, while real median household income surged 74% (or 2.1% a year). The economy since 1973, however, has been characterized by both slower growth (averaging 2.7%), and nearly stagnant living standards, with household incomes increasing by 10%, or only 0.2% annually.
The worst recession in recent decades, in terms of lost output, occurred during the financial crisis of 2007–08, when GDP fell by 5.0% from the spring of 2008 to the spring of 2009. Other significant recessions took place in 1957–58, when GDP fell 3.7%, following the 1973 oil crisis, with a 3.1% fall from late 1973 to early 1975, and in the 1981–82 recession, when GDP dropped by 2.9%. Recent, mild recessions have included the 1990–91 downturn, when output fell by 1.3%, and the 2001 recession, in which GDP slid by 0.3%; the 2001 downturn lasted just eight months. The most vigorous, sustained periods of growth, on the other hand, took place from early 1961 to mid-1969, with an expansion of 53% (5.1% a year), from mid-1991 to late in 2000, at 43% (3.8% a year), and from late 1982 to mid-1990, at 37% (4% a year).
Since the 1970s, several emerging countries have begun to close the economic gap with the United States. In most cases, this has been due to moving the manufacture of goods formerly made in the U.S. to countries where they could be made for sufficiently less money to cover the cost of shipping plus a higher profit. In other cases, some countries have gradually learned to produce the same products and services that previously only the U.S. and a few other countries could produce. Real income growth in the U.S. has slowed.
Since 1976, the U.S. has sustained merchandise trade deficits with other nations, and since 1982, current account deficits. The nation's long-standing surplus in its trade in services was maintained, however, and reached a record US$231 billion in 2013. In recent years, the primary economic concerns have centered on: high household debt ($11 trillion, including $2.5 trillion in revolving debt), high net national debt ($9 trillion), high corporate debt ($9 trillion), high mortgage debt (over $15 trillion as of 2005 year-end), high external debt (amount owed to foreign lenders), high trade deficits, a serious deterioration in the United States net international investment position (NIIP) (−24% of GDP), and high unemployment. In 2006, the U.S. economy had its lowest saving rate since 1933. These issues have raised concerns among economists and national politicians.
The United States economy experienced a crisis in 2008 led by a derivatives market and subprime mortgage crisis, and a declining dollar value. On December 1, 2008, the NBER declared that the United States entered a recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP. The recession did, however, lead to a reduction in record trade deficits, which fell from $840 billion annually during the 2006–08 period, to $500 billion in 2009, as well as to higher personal savings rates, which jumped from a historic low of 1% in early 2008, to nearly 5% in late 2009. The merchandise trade deficit rose to $670 billion in 2010; savings rates, however, remained at around 5%.
US real GDP grew by an average of 1.7% from 2000 to the first half of 2014, a rate around half the historical average up to 2000.
The U.S. public debt was $909 billion in 1980, an amount equal to 33% of America's gross domestic product (GDP); by 1990, that number had more than tripled to $3.2 trillion – or 56% of GDP. In 2001 the national debt was $5.7 trillion; however, the debt-to-GDP ratio remained at 1990 levels. Debt levels rose quickly in the following decade, and on January 28, 2010, the US debt ceiling was raised to $14.3 trillion. Based on the 2010 United States federal budget, total national debt will grow to nearly 100% of GDP, versus a level of approximately 80% in early 2009. The White House estimates that the government's tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion in 2009.
The U.S. Treasury statistics indicate that, at the end of 2006, non-US citizens and institutions held 44% of federal debt held by the public. As of 2014[update], China, holding $1.26 trillion in treasury bonds, is the largest foreign financier of the U.S. public debt.
The distribution of household incomes in the United States has become more unequal during the post-2008 economic recovery, a first for the US but in line with the trend over the last ten economic recoveries since 1949. Income inequality in the United States has grown from 2005 to 2012 in more than 2 out of 3 metropolitan areas. Median household wealth fell 35% in the US, from $106,591 to $68,839 between 2005 and 2011.
A central feature of the U.S. economy is the economic freedom afforded to the private sector by allowing the private sector to make the majority of economic decisions in determining the direction and scale of what the U.S. economy produces. This is enhanced by relatively low levels of regulation and government involvement, as well as a court system that generally protects property rights and enforces contracts. Today, the United States is home to 29.6 million small businesses, 30% of the world's millionaires, 40% of the world's billionaires, as well as 139 of the world's 500 largest companies.
From its emergence as an independent nation, the United States has encouraged science and innovation. In the early 20th century, the research developed through informal cooperation between U.S. industry and academia grew rapidly and by the late 1930s exceeded the size of that taking place in Britain. After World War II, federal spending on defense R&D and antitrust policy played a significant role in U.S. innovation.
The United States is rich in mineral resources and fertile farm soil, and it is fortunate to have a moderate climate. It also has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico. Rivers flow from far within the continent and the Great Lakes—five large, inland lakes along the U.S. border with Canada—provide additional shipping access. These extensive waterways have helped shape the country's economic growth over the years and helped bind America's 50 individual states together in a single economic unit.
The number of workers and, more importantly, their productivity help determine the health of the U.S. economy. Consumer spending in the US rose to about 62% of GDP in 1960, where it stayed until about 1981, and has since risen to 71% in 2013. Throughout its history, the United States has experienced steady growth in the labor force, a phenomenon that is both cause and effect of almost constant economic expansion. Until shortly after World War I, most workers were immigrants from Europe, their immediate descendants, or African Americans who were mostly slaves taken from Africa, or their descendants.
Beginning in the late 20th century, many Latin Americans immigrated, followed by large numbers of Asians after the removal of nation-origin based immigration quotas. The promise of high wages brings many highly skilled workers from around the world to the United States, as well as millions of illegal immigrants seeking work in the informal economy. Over 13 million people officially entered the United States during the 1990s alone.
Labor mobility has also been important to the capacity of the American economy to adapt to changing conditions. When immigrants flooded labor markets on the East Coast, many workers moved inland, often to farmland waiting to be tilled. Similarly, economic opportunities in industrial, northern cities attracted black Americans from southern farms in the first half of the 20th century, in what was known as the Great Migration.
In the United States, the corporation has emerged as an association of owners, known as stockholders, who form a business enterprise governed by a complex set of rules and customs. Brought on by the process of mass production, corporations, such as General Electric, have been instrumental in shaping the United States. Through the stock market, American banks and investors have grown their economy by investing and withdrawing capital from profitable corporations. Today in the era of globalization, American investors and corporations have influence all over the world. The American government is also included among the major investors in the American economy. Government investments have been directed towards public works of scale (such as from the Hoover Dam), military-industrial contracts, and the financial industry.
GDP by industry
Industries by GDP value added 2011.
|Industry||GDP value added $ billions 2011||% of total GDP|
|Real estate, renting, leasing||1,898||13%|
|State and Local Government||1,336||9%|
|Finance and insurance||1,159||8%|
There are approximately 154.4 million employed individuals in the US. Government is the largest employment sector with 22 million. Small businesses are the largest employer in the country representing 53% of US workers. The second largest share of employment belongs to large businesses that employ 38% of the US workforce.
The private sector employs 91% of working Americans. Government accounts for 8% of all US workers. Over 99% of all employing organizations in the US are small businesses. The 30 million small businesses in the U.S. account for 64% of newly created jobs (those created minus those lost). Jobs in small businesses accounted for 70% of those created in the last decade.
The proportion of Americans employed by small business versus large business has remained relatively the same year by year as some small businesses become large businesses and just over half of small businesses survive more than 5 years. Amongst large businesses, several of the largest companies and employers in the world are American companies. Amongst them are Walmart, the largest company and the largest private sector employer in the world, which employs 2.1 million people world-wide and 1.4 million in the US alone.
There are nearly 30 million small businesses in the US. Minorities such as Hispanics, African Americans, Asian Americans, and Native Americans (35% of the country's population), own 4.1 million of the country's businesses. Minority-owned businesses generate almost $700 billion in revenue and employ almost 5 million workers in the U.S.
Americans have the highest average employee income among OECD nations. The median household income in the US as of 2008 is $52,029. About 284,000 working people in the US have two full-time jobs and 7.6 million have a part-time job in addition to their full-time employment. Of working individuals in the US, 12% belong to a labor union; most union members are government workers. The decline of union membership in the US over the last several decades parallels the decline of labor's share of the economy. The World Bank ranks the United States first in the ease of hiring and firing workers. The United States is the only advanced economy that does not legally guarantee its workers paid vacation or paid sick days, and is one of just a few countries in the world without paid family leave as a legal right, with the others being Papua New Guinea, Suriname and Liberia. In 2014, the International Trade Union Confederation graded the U.S a 4 out of 5+, its third lowest score, on the subject of powers and rights granted to labor unions.
As of February 2013, the unemployment rate in the United States was 7.7% or 12.0 million people, while the government's broader U-6 unemployment rate, which includes the part-time underemployed was 14.3% or 22.2 million people. These figures were calculated with a civilian labor force of approximately 155 million people, relative to a U.S. population of approximately 315 million people.
In 2009 through 2013, following the Great Recession, the emerging problem of jobless recoveries resulted in record levels of long-term unemployment with over 6 million workers looking for work longer than 6 months as of January 2010. This particularly affected older workers. In the year following the recession's end in June 2009 in the United States, immigrants gained 656,000 jobs, while U.S.-born workers lost more than a million jobs.
In April 2010, the official unemployment rate was 9.9%, but the government's broader U-6 unemployment rate was 17.1%. In the period between February 2008 and February 2010, the number of people working part-time for economic reasons has increased by 4 million to 8.8 million, an 83% increase in part-time workers during the two-year period. By 2013, although the unemployment rate had fallen below 8%, the record proportion of long term unemployed and continued decreasing household income remained indicative of a jobless recovery.
After being higher in the postwar period, the U.S. unemployment rate fell below the rising eurozone unemployment rate in the mid-1980s and has remained significantly lower almost continuously since. In 1955, 55% of Americans worked in services, between 30% and 35% in industry, and between 10% and 15% in agriculture. By 1980, over 65% were employed in services, between 25% and 30% in industry, and less than 5% in agriculture. Male unemployment continued to be significantly higher than female unemployment (9.8% vs. 7.5% in 2009). The unemployment among Caucasians continues to be much lower than African-American unemployment (at 8.5% vs. 15.8% in 2009).
The youth unemployment rate was 18.5% in July 2009, the highest July rate since 1948. The unemployment rate of young African Americans was 28.2% in May 2013. Officially, Detroit's unemployment rate is 27%, but Detroit News suggests that nearly half of this city's working-age population may be unemployed.
Employment by sector
United States employment as estimated in 2012, is divided into 79.7% in the service sector, 19.2% in the manufacturing sector and 1.1% in the agriculture sector.
United States non-farm employment by industry sector February 2013.
|Industry||Employment thousands February 2013||Percent of total employment|
|Accommodation and food services||11,965||8%|
|Professional and technical services||8,024||6%|
|Administrative and waste service||7,816||5%|
|Ambulatory health care services||6,459||4%|
|Local government (excluding education)||6,270||4%|
|Finance and insurance||5,869||4%|
|Transportation and warehousing||4,472||3%|
|Non-durable goods manufacturing||4,471||3%|
|Nursing and residential care||3,209||2%|
|Membership associations and organizations||2,947||2%|
|State government (excluding education)||2,657||2%|
|Management of companies and enterprises||2,022||1%|
|Arts, entertainment and recreation||1,988||1%|
|Real estate, rental and leasing||1,974||1%|
|Personal and laundry services||1,330||1%|
|Repair and maintenance||1,203||<1%|
|Mining and logging||869||<1%|
|Durable goods manufacturing||349||<1%|
Research, development, and entrepreneurship
The United States has been a leader in scientific research and technological innovation since the late 19th century. In 1876, Alexander Graham Bell was awarded the first U.S. patent for the telephone. Thomas Edison's laboratory developed the phonograph, the first long-lasting light bulb, and the first viable movie camera. Nikola Tesla pioneered the AC induction motor and high frequency power transmission used in radio. In the early 20th century, the automobile companies of Ransom E. Olds and Henry Ford popularized the assembly line. The Wright brothers, in 1903, made the first sustained and controlled heavier-than-air powered flight.
American society highly emphasizes entrepreneurship and business. Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.
The most obvious form of entrepreneurship refers to the process and engagement of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.
According to Paul Reynolds, entrepreneurship scholar and creator of the Global Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers." And in recent years, business creation has been documented by scholars such as David Audretsch to be a major driver of economic growth in both the United States and Western Europe.
Venture capital, as an industry, originated in the United States, which it still dominates. According to the National Venture Capital Association 11% of private sector jobs come from venture capital backed companies and venture capital backed revenue accounts for 21% of US GDP.
Some new American businesses raise investments from angel investors (venture capitalists). In 2010 healthcare/medical accounted for the largest share of angel investments, with 30% of total angel investments (vs. 17% in 2009), followed by software (16% vs. 19% in 2007), biotech (15% vs. 8% in 2009), industrial/energy (8% vs. 17% in 2009), retail (5% vs. 8% in 2009) and IT services (5%). [clarification needed]
Americans are "venturesome consumers" who are unusually willing to try new products of all sorts, and to pester manufacturers to improve their products.
Income and wealth
Wealth (billions in USD)
||This section may lend undue weight to certain ideas, incidents, or controversies. (August 2014)|
As of Q4 2013, total household net worth in the United States is $80.664 trillion, an increase of $9.8 trillion from 2012. Employee compensation amounts to $8.969 trillion, while gross private investment totals $2.781 trillion. The mean net worth of US adults increased to $301,140 in 2013, with the majority being held in financial assets, due to higher activity by shareholders and more private investment. Including human capital such as skills, the United Nations estimated the total wealth of the United States in 2008 to be $118 trillion.
Americans have the highest average household income among OECD nations, and in 2010 had the fourth highest median household income, down from second highest in 2007. While inflation-adjusted household income had been increasing almost every year from 1945 to 2007, it has since been flat and even decreased recently. U.S. median household income fell from $51,144 in 2010 to $50,502 in 2011. According to one analysis middle class incomes in the United States fell into a tie with those in Canada in 2010, and may have fallen behind by 2014, while several other advanced economies have closed the gap in recent years.
The top 1 percent of income-earners accounted for 95 percent of the income gains from 2009 to 2012, while their share of total income has more than doubled from 9 percent in 1976 to 20 percent in 2011. According to a 2014 OECD report, 80% of total income growth went to the top 10% from 1975 to 2007. The top 10% wealthiest possess 80% of all financial assets. Wealth inequality in the U.S. is greater than in most developed countries other than Switzerland and Denmark. Inherited wealth may help explain why many Americans who have become rich may have had a "substantial head start". In September 2012, according to the Institute for Policy Studies, "over 60 percent" of the Forbes richest 400 Americans "grew up in substantial privilege".
A number of economists and others have expressed growing concern about income inequality, calling it "deeply worrying", unjust, a danger to democracy/social stability, or a sign of national decline. Yale professor Robert Shiller has said, "The most important problem that we are facing now today, I think, is rising inequality in the United States and elsewhere in the world." Thomas Piketty of the Paris School of Economics argues that the post-1980 increase in inequality played a role in the 2008 crisis by contributing to the nation's financial instability. In 2016, the economists Peter H. Lindert and Jeffrey G. Williamson claimed that inequality is the highest it has been since the nation's founding.
Others disagree, saying there is a lack of evidence that the success of some harms others, and that the inequality issue is a political distraction from what they consider real problems like chronic unemployment and sluggish growth. George Mason University economics professor Tyler Cowen has called inequality a "red herring", saying that factors driving its increase within a nation can simultaneously be driving its reduction globally, and arguing that redistributive policies intended to reduce inequality can do more harm than good regarding the real problem of stagnant wages. Robert Lucas Jr. has argued that the salient problem American living standards face is a government that has grown too much, and that recent policy shifts in the direction of European style taxation, welfare spending, and regulation may be indefinitely putting the US on a significantly lower, European level income trajectory. Some researchers have disputed the accuracy of the underlying data regarding claims about inequality trends, and economists Michael Bordo and Christopher M. Meissner have argued that inequality cannot be blamed for the 2008 financial crisis.
About 30% of the entire world's millionaire population resides in the United States (as of 2009[update]). The Economist Intelligence Unit estimated in 2008 that there were 16,600,000 millionaires in the U.S. Furthermore, 34% of the world's billionaires are American (in 2011).
According to a report by the Congressional Research Service, decreased progressiveness in capital gains taxes was the largest contributor to the increase in overall income inequality in the US from 1996 to 2006. According to the Federal Reserve Board, in 2010 single Black and Hispanic women ages 18–64 had a median wealth of $100 and $120 respectively, excluding vehicles, while the median for single white women was $41,500.
As of 2010 The U.S. had the fourth widest income distribution among OECD nations, behind Turkey, Mexico and Chile. The Brookings Institution said in March 2013 that income inequality was increasing and becoming permanent, sharply reducing social mobility in the US. The OECD ranks the US 10th in social mobility, behind the Nordic countries, Australia, Canada, Germany, Spain, and France. Of the major developed nations, only Italy and Great Britain have lower mobility. This has been partly attributed to the depth of American poverty, which leaves poor children economically disadvantaged, though others have observed that a relative rise in the U.S. is mathematically harder due to its higher and more widely distributed income range than in nations with artificial income compression, even if one enjoys more absolute mobility in the U.S., and have questioned how meaningful such international comparisons are.
The average home in the United States has more than 700 square feet per person, which is 50%–100% more than the average in other high-income countries. Similarly, ownership rates of gadgets and amenities are relatively high compared to other countries.
Between June 2007 and November 2008 the global recession led to falling asset prices around the world. Assets owned by Americans lost about a quarter of their value. Since peaking in the second quarter of 2007, household wealth is down $14 trillion. The Fed also said that at the end of 2008, the debt owed by nonfinancial sectors was $33.5 trillion, including household debt valued at $13.8 trillion.
It was reported by Pew Research Center in 2016 that, for the first time in 130 years, Americans aged 18 to 34 are more likely to live with their parents than in any other housing situation.
Profits and wages
In March 2013, as the stock market's Dow Jones Industrial Average set record highs, household and personal income were both down sharply from their 2007 peaks. In 1970, wages represented more than 51% of the U.S. GDP and profits were less than 5%. But by 2013, wages had fallen to 44% of the economy, while profits had more than doubled to 11%. Inflation-adjusted ("real") per-capita disposable personal income rose steadily in the U.S. from 1945 to 2008, but has since remained generally level.
In 2005, median personal income for those over the age of 18 ranged from $3,317 for an unemployed, married Asian American female to $55,935 for a full-time, year-round employed Asian American male. According to the US Census men tended to have higher income than women while Asians and Whites earned more than African Americans and Hispanics. The overall median personal income for all individuals over the age of 18 was $24,062 ($32,140 for those age 25 or above) in the year 2005.
The overall median income for all 155 million persons over the age of 15 who worked with earnings in 2005 was $28,567. As a reference point, the minimum wage rate in 2009 was $7.25 per hour or $15,080 for the 2080 hours in a typical work year. The minimum wage is a little more than the poverty level for a single person unit and about 50% of the poverty level for a family of four.
The gap in income between rich and poor is greater in the United States than in any other developed country. Starting in the 1980s relative poverty rates have consistently exceeded those of other wealthy nations, though analyses using a common data set for comparisons tend to find that the U.S. has a lower absolute poverty rate by market income than most other wealthy nations. Extreme poverty in the United States, meaning households living on less than $2 per day before government benefits, doubled from 1996 levels to 1.5 million households in 2011, including 2.8 million children. In 2013, child poverty reached record high levels, with 16.7 million children living in food insecure households, about 35% more than 2007 levels. As of 2015, 44 percent of children in the United States live with low-income families.
In 2014, 14.8 percent of the U.S. population lives in poverty. According to a survey by the Associated Press, four out of five U.S. adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives. Feeding America reported in 2014 that 49 million Americans are "food insecure." In June 2016, The IMF warned the United States that its high poverty rate needs to be tackled urgently.
The population in extreme-poverty neighborhoods rose by one-third from 2000 to 2009. People living in such neighborhoods tend to suffer from inadequate access to quality education; higher crime rates; higher rates of physical and psychological ailment; limited access to credit and wealth accumulation; higher prices for goods and services; and constrained access to job opportunities. As of 2013, 44% of America's poor are considered to be in "deep poverty," with an income 50% or more below the government's official poverty line.
There were about 643,000 sheltered and unsheltered homeless persons in the U.S. on a single night in January 2009. Almost two-thirds stayed in an emergency shelter or transitional housing program and the other third were living on the street, in an abandoned building, or another place not meant for human habitation. About 1.56 million people, or about 0.5% of the U.S. population, used an emergency shelter or a transitional housing program between October 1, 2008 and September 30, 2009. Around 44% of homeless people are employed.
The United States has one of the least extensive social safety nets in the developed world, reducing both relative poverty and absolute poverty by considerably less than the mean for wealthy nations. The living standards for the poor in the United States are also among the highest in the world.[not in citation given] However, over the last three decades the poor in America have been incarcerated at a much higher rate than their counterparts in other developed nations, with penal confinement being "commonplace for poor men of working age." Some scholars contend that the shift to neoliberal social and economic policies starting in the late 1970s has expanded the penal state, retrenched the social welfare state, deregulated the economy and criminalized poverty, ultimately "transforming what it means to be poor in America."
The overall financial position of the United States as of 2014 includes $269.6 trillion of assets owned by households, businesses, and governments within its borders, representing more than 15.7 times the annual gross domestic product of the United States. Debts owed during this same period amounted to $145.8 trillion, about 8.5 times the annual gross domestic product.
Since 2010, the U.S. Treasury has been obtaining negative real interest rates on government debt. Such low rates, outpaced by the inflation rate, occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, pensions, or bond, money market, and balanced mutual funds are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk. Lawrence Summers and others state that at such low rates, government debt borrowing saves taxpayer money, and improves creditworthiness.
In the late 1940s through the early 1970s, the US and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay so low. In January 2012, the U.S. Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association unanimously recommended that government debt be allowed to auction even lower, at negative absolute interest rates.
Composition of economic sectors
The United States is the world's second largest manufacturer, with a 2013 industrial output of US$2.4 trillion. Its manufacturing output is greater than of Germany, France, India, and Brazil combined. Its main industries include petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining.
The US leads the world in airplane manufacturing, which represents a large portion of US industrial output. American companies such as Boeing, Cessna (see: Textron), Lockheed Martin (see: Skunk Works), and General Dynamics produce a majority of the world's civilian and military aircraft in factories across the United States.
The manufacturing sector of the U.S. economy has experienced substantial job losses over the past several years. In January 2004, the number of such jobs stood at 14.3 million, down by 3.0 million jobs, or 17.5 percent, since July 2000 and about 5.2 million since the historical peak in 1979. Employment in manufacturing was its lowest since July 1950. The number of steel workers fell from 500,000 in 1980 to 224,000 in 2000.
The U.S. produces approximately 18% of the world's manufacturing output, a share that has declined as other nations developed competitive manufacturing industries. The job loss during this continual volume growth is the result of multiple factors including increased productivity, trade, and secular economic trends. In addition, growth in telecommunications, pharmaceuticals, aircraft, heavy machinery and other industries along with declines in low end, low skill industries such as clothing, toys, and other simple manufacturing have resulted in some U.S. jobs being more highly skilled and better paying. There has been much debate within the United States on whether the decline in manufacturing jobs are related to American unions, lower foreign wages, or both.
Although agriculture comprises less than two percent of the economy, the United States is a net exporter of food. With vast tracts of temperate arable land, technologically advanced agribusiness, and agricultural subsidies, the United States controls almost half of world grain exports. Products include wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; forest products; fish.
Notable companies and markets
In 2011, the 20 largest U.S.-based companies by revenue were Walmart, ExxonMobil, Chevron, ConocoPhillips, Fannie Mae, General Electric, Berkshire Hathaway, General Motors, Ford Motor Company, Hewlett-Packard, AT&T, Cargill, McKesson Corporation, Bank of America, Federal Home Loan Mortgage Corporation, Apple Inc., Verizon, JPMorgan Chase, and Cardinal Health.
In 2013, eight of the world's ten largest companies by market capitalization were American: Apple Inc., Exxon Mobil, Berkshire Hathaway, Wal-Mart, General Electric, Microsoft, IBM, and Chevron Corporation.
According to Fortune Global 500 2011, the ten largest U.S. employers were Walmart, U.S. Postal Service, IBM, UPS, McDonald's, Target Corporation, Kroger, The Home Depot, General Electric, and Sears Holdings.
A 2012 Deloitte report published in STORES magazine indicated that of the world's top 250 largest retailers by retail sales revenue in fiscal year 2010, 32% of those retailers were based in the United States, and those 32% accounted for 41% of the total retail sales revenue of the top 250. Amazon.com is the world's largest online retailer.
Most of the world's largest charitable foundations were founded by Americans.
American producers create nearly all of the world's highest-grossing films. Many of the world's best-selling music artists are based in the United States. U.S. tourism sector welcomes approximately 60 million international visitors every year. The Wall Street Journal is the most circulated newspaper in the United States, reflecting strong business, finance, market and entrepreneurial culture in the US economy.
Forbes top 10 U.S. corporations by revenue
Top 10 U.S. corporations by revenue in 2013
|RANK||CORPORATION||REVENUE $ millions 2012||PROFIT $ millions 2012||ASSETS 12/31/12||DEBT RATIO 12/31/12||HEADQUARTERS||EMPLOYEES 2012||MARKET CAP 4/1/13 $ billions||INDUSTRY|
|1||Exxon Mobil||454,926||41,060||334||50%||Irving, TX||99,100||403||Energy|
|2||Wal-Mart Stores||446,950||15,699||203||62%||Bentonville, AR||2,200,000||246||Retail|
|3||Chevron||245,621||26,895||233||41%||San Ramon, CA||61,189||230||Energy|
|5||General Motors||150,476||9,190||149||76%||Detroit, MI||202,000||38||Auto|
|6||General Electric||147,616||14,151||685||82%||Fairfield, Connecticut||301,000||240||Diversified|
|7||Berkshire Hathaway||143,688||10,254||427||56%||Omaha, NE||288,500||259||Diversified|
|8||Fannie Mae||137,451||−16,855||3,221||99%||Washington D.C.||7,300||1||Finance|
|9||Ford Motor||136,264||20,213||190||91%||Dearborn, MI||164,000||50||Auto|
|10||Hewlett-Packard||127,245||7,074||108||80%||Palo Alto, CA||350,610||43||Computers|
Energy, transportation, and telecommunications
The U.S. economy is heavily dependent on road transport for the movement of people and goods. Personal transportation is dominated by automobiles, which operate on a network of 4 million miles of public roads, including one of the world's longest highway systems at 57,000 miles. The world's second largest automobile market, the United States has the highest rate of per-capita vehicle ownership in the world, with 765 vehicles per 1,000 Americans. About 40% of personal vehicles are vans, SUVs, or light trucks.
Mass transit accounts for 9% of total U.S. work trips. Transport of goods by rail is extensive, though relatively low numbers of passengers (approximately 31 million annually) use intercity rail to travel, partly because of the low population density throughout much of the U.S. interior. However, ridership on Amtrak, the national intercity passenger rail system, grew by almost 37% between 2000 and 2010. Also, light rail development has increased in recent years. The state of California is currently constructing the nation's first high-speed rail system.
The civil airline industry is entirely privately owned and has been largely deregulated since 1978, while most major airports are publicly owned. The three largest airlines in the world by passengers carried are U.S.-based; American Airlines is number one after its 2013 acquisition by US Airways. Of the world's 30 busiest passenger airports, 12 are in the United States, including the busiest, Hartsfield–Jackson Atlanta International Airport.
The United States is the second largest energy consumer in total use. The U.S. ranks seventh in energy consumption per-capita after Canada and a number of other countries. The majority of this energy is derived from fossil fuels: in 2005, it was estimated that 40% of the nation's energy came from petroleum, 23% from coal, and 23% from natural gas. Nuclear power supplied 8.4% and renewable energy supplied 6.8%, which was mainly from hydroelectric dams although other renewables are included.
American dependence on oil imports grew from 24% in 1970 to 65% by the end of 2005. Transportation has the highest consumption rates, accounting for approximately 69% of the oil used in the United States in 2006, and 55% of oil use worldwide as documented in the Hirsch report.
In 2013, the United States imported 2,808 million barrels of crude oil, compared to 3,377 million barrels in 2010. While the U.S. is the largest importer of fuel, the Wall Street Journal reported in 2011 that the country was about to become a net fuel exporter for the first time in 62 years. The paper reported expectations that this would continue until 2020. In fact, petroleum was the major export from the country in 2011.
Measured by value of its listed companies' securities, the New York Stock Exchange is more than three times larger than any other stock exchange in the world. As of October 2008, the combined capitalization of all domestic NYSE listed companies was US$10.1 trillion. NASDAQ is another American stock exchange and the world's 3rd largest exchange after the New York Stock Exchange and Japan's Tokyo Stock Exchange. However NASDAQ's trade value is larger than Japan's TSE. NASDAQ is the largest electronic screen-based equity securities trading market in the U.S. With approximately 3,800 companies and corporations, it has more trading volume per hour than any other stock exchange.
Because of the influential role that the US stock market plays in international finance, a New York University study in late 2014 interprets that in the short run, shocks that affect the willingness to bear risk independently of macroeconomic fundamentals explain most of the variation in the US stock market. In the long run, the US stock market is profoundly affected by shocks that reallocate the rewards of a given level of production between workers and shareholders. Productivity shocks however play a small role in historical stock market fluctuations at all horizons in the US stock market.
The U.S. finance industry comprised only 10% of total non-farm business profits in 1947, but it grew to 50% by 2010. Over the same period, finance industry income as a proportion of GDP rose from 2.5% to 7.5%, and the finance industry's proportion of all corporate income rose from 10% to 20%. The mean earnings per employee hour in finance relative to all other sectors has closely mirrored the share of total U.S. income earned by the top 1% income earners since 1930. The mean salary in New York City's finance industry rose from $80,000 in 1981 to $360,000 in 2011, while average New York City salaries rose from $40,000 to $70,000. In 1988, there were about 12,500 U.S. banks with less than $300 million in deposits, and about 900 with more deposits, but by 2012, there were only 4,200 banks with less than $300 million in deposits in the U.S., and over 1,800 with more.
Top ten U.S. banks by assets
|Rank||Bank||Assets $ millions 12/31/12||Profit $ millions 2012||Headquarters||Employees|
|1||JP Morgan Chase||2,359,000||21,280||New York, NY||258,965|
|2||Bank of America||2,209,000||4,188||Charlotte, NC||276,600|
|3||Citigroup||1,865,000||7,415||New York, NY||259,000|
|4||Wells Fargo||1,422,000||18,890||San Francisco, CA||265,000|
|5||Goldman Sachs||923,220||7,475||New York, NY||57,726|
|6||Morgan Stanley||749,890||−117||New York, NY||57,726|
|7||U.S. Bancorp||353,000||5,600||Minneapolis, MN||62,529|
|8||Bank of NY Mellon||359,301||2,569||New York, NY||48,700|
|9||HSBC North American Holdings||318,801||N/A||New York, NY||43,000|
|10||Capital One Financial||286,602||3,517||Tysons Corner, VA||35,593|
A 2012 International Monetary Fund study concluded that the US financial sector has grown so large that it is slowing economic growth. New York University economist Thomas Philippon supported those findings, estimating that the US spends $300 billion too much on financial services per year, and that the sector needs to shrink by 20%. Harvard University and University of Chicago economists agreed, calculating in 2014 that workers in research and development add $5 to the GDP for each dollar they earn, but finance industry workers cause the GDP to shrink by $0.60 for every dollar they are paid. A study by the Bank for International Settlements reached similar conclusions, saying the finance industry impedes economic growth and research and development based industries.
||The neutrality of this section is disputed. (August 2015) (Learn how and when to remove this template message)|
Many distinct organizations provide health care in the US. Facilities are largely owned and operated by private sector businesses. Health insurance for public sector employees is primarily provided by the government. 60–65% of healthcare provision and spending comes from programs such as Medicare, Medicaid, TRICARE, the Children's Health Insurance Program, and the Veterans Health Administration. Most of the population under 65 is insured by their or a family member's employer, some buy health insurance on their own, and the remainder are uninsured. On March 23, 2010, the Patient Protection and Affordable Care Act (PPACA) became law, providing for major changes in health insurance. Of 17 high-income countries studied by the National Institutes of Health in 2013, the United States ranked at or near the top in obesity rate, frequency of automobile use and accidents, homicides, infant mortality rate, incidence of heart and lung disease, sexually transmitted infections, adolescent pregnancies, recreational drug or alcohol deaths, injuries, and rates of disability. Together, such lifestyle and societal factors place the U.S. at the bottom of that list for life expectancy. On average, a U.S. male can be expected to live almost four fewer years than those in the top-ranked country, though Americans who reach age 75 live longer than those who reach that age in peer nations.
A comprehensive 2007 study by European doctors found the five-year cancer survival rate was significantly higher in the U.S. than in all 21 European nations studied, 66.3% for men versus the European mean of 47.3% and 62.9% versus 52.8% for women. Americans undergo cancer screenings at significantly higher rates than people in other developed countries, and access MRI and CT scans at the highest rate of any OECD nation. People in the U.S. diagnosed with high cholesterol or hypertension access pharmaceutical treatments at higher rates than those diagnosed in other developed nations, and are more likely to successfully control the conditions. Diabetics are more likely to receive treatment and meet treatment targets in the U.S. than in Canada, England, or Scotland.
The U.S. lags in overall healthcare performance but is a global leader in medical innovation. America solely developed or contributed significantly to 9 of the top 10 most important medical innovations since 1975 as ranked by a 2001 poll of physicians, while the EU and Switzerland together contributed to five. Since 1966, Americans have received more Nobel Prizes in Medicine than the rest of the world combined. From 1989 to 2002, four times more money was invested in private biotechnology companies in America than in Europe.
According to the World Health Organization (WHO), the United States spent more on health care per capita ($7,146), and more on health care as percentage of its GDP (15.2%), than any other nation in 2008. In 2010, 49.9 million residents or 16.3% of the population reported not carrying health insurance to the U.S. Census. Of that number 18.3 million had annual household incomes at or greater than $50,000, 9.5 million had household incomes of $75,000 or higher, 16.2 million had household incomes of less than $25,000, 27.2 million were under age 35, and 9.7 million were non-citizens. The Census has stated that its surveys likely underreport insurance coverage. For example, a quality control analysis revealed that 16.9% of those enrolled in Medicaid incorrectly reported being uninsured. Analyses have also shown that millions of uninsured are eligible for coverage through programs like Medicaid but have not signed up or have let their enrollments expire. According to Physicians for a National Health Program, this lack of insurance causes roughly 48,000 unnecessary deaths per year. The group's methodology has been criticized by John C. Goodman for not looking at cause of death or tracking insurance status changes over time, including the time of death. A 2009 study by former Clinton policy adviser Richard Kronick found no increased mortality from being uninsured after certain risk factors were controlled for.
The high cost of health care in the United States is attributed variously to technological advance, administration costs, drug pricing, suppliers charging more for medical equipment, the receiving of more medical care than people in other countries, the high wages of doctors, government regulations, the impact of lawsuits, and third party payment systems insulating consumers from the full cost of treatments. The lowest prices for pharmaceuticals, medical devices, and payments to physicians are in government plans. Americans tend to receive more medical care than people do in other countries, which is a notable contributor to higher costs. In the United States, a person is more likely to receive open heart surgery after a heart attack than in other countries. Medicaid pays less than Medicare for many prescription drugs due to the fact Medicaid discounts are set by law, whereas Medicare prices are negotiated by private insurers and drug companies. Government plans often pay less than overhead, resulting in healthcare providers shifting the cost to the privately insured through higher prices.
The United States is the world's second largest trading nation. There is a large amount of U.S. dollars in circulation all around the planet; about 60% of funds used in international trade are U.S. dollars. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.
In 2013, U.S. exports goods and services amounted to $2.27 trillion and imports goods and services amounted to $2.74 trillion, with a trade deficit was $450.3 billion. The deficit on petroleum products was $232 billion. The trade deficit with China was $318 billion in 2013, a new record and up from $304 million in 1983.
The United States had a $231 billion surplus on trade in services, and $703 billion deficit on trade in goods in 2013. China has expanded its foreign exchange reserves, which included $1.6 trillion of U.S. securities as of 2013[update]. In 2010, the ten largest trading partners of the U.S. were Canada, China, Mexico, Japan, Germany, the United Kingdom, South Korea, France, Taiwan, and Brazil.
According to the KOF Index of Globalization and the Globalization Index by A.T. Kearney/Foreign Policy Magazine, the U.S. has a relatively high degree of globalization. U.S. workers send a third of all remittances in the world.
Currency and central bank
The United States dollar is the unit of currency of the United States. The U.S. dollar is the currency most used in international transactions. Several countries use it as their official currency, and in many others it is the de facto currency.
The federal government attempts to use both monetary policy (control of the money supply through mechanisms such as changes in interest rates) and fiscal policy (taxes and spending) to maintain low inflation, high economic growth, and low unemployment. A private central bank, known as the Federal Reserve, was formed in 1913 to supposedly provide a stable currency and monetary policy. The U.S. dollar has been regarded as one of the more stable currencies in the world and many nations back their own currency with U.S. dollar reserves.
The U.S. dollar has maintained its position as the world's primary reserve currency, although it is gradually being challenged in that role. Almost two-thirds of currency reserves held around the world are held in US dollars, compared to around 25% for the next most popular currency, the Euro. Rising US national debt and quantitative easing has caused some to predict that the US Dollar will lose its status as the world's reserve currency, however these predictions have not come to fruition.
Law and government
The United States ranked 4th in the Ease of Doing Business Index in 2012, 18th in the Economic Freedom of the World index by the Fraser Institute in 2012, 10th in the Index of Economic Freedom by the Wall Street Journal and Heritage Foundation in 2012, 15th in the 2014 Global Enabling Trade Report, and 3rd on the Global Competitiveness Report.
According to the 2014 Index of Economic Freedom, released by the Wall Street Journal and Heritage Foundation, the US has dropped out of the top 10 most economically free countries. The US has been on a steady 7 year economic freedom decline and is the only country to do so. The index measures each nation's commitment to free enterprise on a scale of 0 to 100. Countries losing economic freedom and receiving low index scores are at risk of economic stagnation, high unemployment rates, and diminishing social conditions. The 2014 Index of Economic Freedom gave the United States a score of 75.5 and is listed as the 12th freest economy in world. It dropped two rankings and its score is half a point lower than in 2013.
The U.S. federal government regulates private enterprise in numerous ways. Regulation falls into two general categories.
Some efforts seek, either directly or indirectly, to control prices. Traditionally, the government has sought to create state-regulated monopolies such as electric utilities from while allowing prices in the level that would ensure them normal profits. At times, the government has extended economic control to other kinds of industries as well. In the years following the Great Depression, it devised a complex system to stabilize prices for agricultural goods, which tend to fluctuate wildly in response to rapidly changing supply and demand. A number of other industries—trucking and, later, airlines—successfully sought regulation themselves to limit what they considered as harmful price-cutting, a process called regulatory capture.
Another form of economic regulation, antitrust law, seeks to strengthen market forces so that direct regulation is unnecessary. The government—and, sometimes, private parties—have used antitrust law to prohibit practices or mergers that would unduly limit competition.
Bank regulation in the United States is highly fragmented compared to other G10 countries where most countries have only one bank regulator. In the U.S., banking is regulated at both the federal and state level. The U.S. also has one of the most highly regulated banking environments in the world; however, many of the regulations are not soundness related, but are instead focused on privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and promoting lending to lower-income segments.
Since the 1970s, government has also exercised control over private companies to achieve social goals, such as improving the public's health and safety or maintaining a healthy environment. For example, the Occupational Safety and Health Administration provides and enforces standards for workplace safety, and the United States Environmental Protection Agency provides standards and regulations to maintain air, water, and land resources. The U.S. Food and Drug Administration regulates what drugs may reach the market, and also provides standards of disclosure for food products.
American attitudes about regulation changed substantially during the final three decades of the 20th century. Beginning in the 1970s, policy makers grew increasingly convinced that economic regulation protected companies at the expense of consumers in industries such as airlines and trucking. At the same time, technological changes spawned new competitors in some industries, such as telecommunications, that once were considered natural monopolies. Both developments led to a succession of laws easing regulation.
While leaders of America's two most influential political parties generally favored economic deregulation during the 1970s, 1980s, and 1990s, there was less agreement concerning regulations designed to achieve social goals. Social regulation had assumed growing importance in the years following the Depression and World War II, and again in the 1960s and 1970s. During the 1980s, the government relaxed labor, consumer and environmental rules based on the idea that such regulation interfered with free enterprise, increased the costs of doing business, and thus contributed to inflation. The response to such changes is mixed; many Americans continued to voice concerns about specific events or trends, prompting the government to issue new regulations in some areas, including environmental protection.
Where legislative channels have been unresponsive, some citizens have turned to the courts to address social issues more quickly. For instance, in the 1990s, individuals, and eventually the government itself, sued tobacco companies over the health risks of cigarette smoking. The 1998 Tobacco Master Settlement Agreement provided states with long-term payments to cover medical costs to treat smoking-related illnesses.
Between 2000 and 2008, economic regulation in the United States saw the most rapid expansion since the early 1970s. The number of new pages in the Federal Registry, a proxy for economic regulation, rose from 64,438 new pages in 2001 to 78,090 in new pages in 2007, a record amount of regulation. Economically significant regulations, defined as regulations which cost more than $100 million a year, increased by 70%. Spending on regulation increased by 62% from $26.4 billion to $42.7 billion.
Taxation in the United States is a complex system which may involve payment to at least four different levels of government and many methods of taxation. Taxes are levied by the federal government, by the state governments, and often by local governments, which may include counties, municipalities, township, school districts, and other special-purpose districts, which include fire, utility, and transit districts.
Forms of taxation include taxes on income, property, sales, imports, payroll, estates and gifts, as well as various fees. When taxation by all government levels taken into consideration, the total taxation as percentage of GDP was approximately a quarter of GDP in 2011. Share of black market in the U.S. economy is very low compared to other countries.
Although a federal wealth tax is prohibited by the United States Constitution unless the receipts are distributed to the States by their populations, state and local government property tax amount to a wealth tax on real estate, and because capital gains are taxed on nominal instead of inflation-adjusted profits, the capital gains tax amounts to a wealth tax on the inflation rate.
U.S. taxation is generally progressive, especially at the federal level, and is among the most progressive in the developed world. There is debate over whether taxes should be more or less progressive.
The United States public-sector spending amounts to about 30% of GDP.
Each level of government provides many direct services. The federal government, for example, is responsible for national defense, research that often leads to the development of new products, conducts space exploration, and runs numerous programs designed to help workers develop workplace skills and find jobs (including higher education). Government spending has a significant effect on local and regional economies—and on the overall pace of economic activity.
State governments, meanwhile, are responsible for the construction and maintenance of most highways. State, county, or city governments play the leading role in financing and operating public schools. Local governments are primarily responsible for police and fire protection.
The welfare system in the United States began in the 1930s, during the Great Depression, with the passage of the New Deal. The welfare system was later expanded in the 1960s through Great Society legislation, which included Medicare, Medicaid, the Older Americans Act and federal education funding.
Overall, federal, state, and local spending accounted for almost 28% of gross domestic product in 1998.
As of January 20, 2009, the total U.S. federal debt was $10.627 trillion. The borrowing-cap debt ceiling as of 2005 stood at $8.18 trillion. In March 2006, Congress raised that ceiling an additional $0.79 trillion to $8.97 trillion, which is approximately 68% of GDP. Congress has used this method to deal with an encroaching debt ceiling in previous years, as the federal borrowing limit was raised in 2002 and 2003. As of October 4, 2008, the "Emergency Economic Stabilization Act of 2008" raised the current debt ceiling to US$11.3 trillion.
The federal government's debt rose by $680 billion in 2013, and now stands at $17.091 trillion. While the U.S. public debt is the world's largest in absolute size, another measure is its size relative to the nation's GDP. As of October 2013 the debt was 107.0% of GDP. This debt, as a percent of GDP, is still less than the debt of Japan (192%) and roughly equivalent to those of a few western European nations.
CBO reported in October 2014: "The federal government ran a budget deficit of $486 billion in fiscal year 2014...$195 billion less than the shortfall recorded in fiscal year 2013, and the smallest deficit recorded since 2008. Relative to the size of the economy, that deficit—at an estimated 2.8 percent of gross domestic product (GDP)—was slightly below the average experienced over the past 40 years, and 2014 was the fifth consecutive year in which the deficit declined as a percentage of GDP since peaking at 9.8 percent in 2009. By CBO's estimate, revenues were about 9 percent higher and outlays were about 1 percent higher in 2014 than they were in the previous fiscal year."
|Revenue by Source||Revenue $ billions 2012 fiscal year||Percent of revenue|
|Individual income taxes||1,165||47.19%|
|Social Security receipts||841||34.06%|
|Customs and duties||31||1.26%|
|Estate and gift taxes||11||0.44%|
Fiscal expenses fiscal year 2011
|Expenses by department||Expenses $ millions 2011 fiscal year||Percent of expenses|
|Health and Human Services||891,244||24.76%|
|Social Security Administration||784,194||21.79%|
|Office of Personnel Management||74,091||2.06%|
|Housing and Urban Development||57,005||1.58%|
|Other Defense Civil Programs||54,862||1.52%|
|International Assistance Programs||24,355||0.68%|
|National Aeronautics and Space Administration||17,617||0.49%|
|Other independent agencies||14,496||0.40%|
|Environmental Protection Agency||10,770||0.30%|
|Corps of Engineers||10,138||0.28%|
|National Science Foundation||7,146||0.20%|
|Small Business Administration||6,162||0.17%|
|General Services Administration||1,889||0.05%|
List of state economies
- Economy of California
- Economy of Oklahoma
- Economy of Texas
- Economy of Washington
- Economy of New York State
- Economy of Puerto Rico
- Energy policy of the United States
- Historical Statistics of the United States
- Job creation index
- Labor unions in the United States
- List of industry trade groups in the United States
- World oil market chronology from 2003
- "The Global Financial Centres Index 18" (PDF). Long Finance. September 2015.
- "Report for Selected Countries and Subjects". IMF.
- http://www.washingtonpost.com/blogs/wonkblog/wp/2015/05/29/analysts-expect-decline-in-u-s-gdp-in-first-quarter/ "U.S. economy shrinks in first quarter" Check
|url=value (help). Retrieved 29 May 2015.
- "US economy shrank 0.7 percent at beginning of 2015". Retrieved 29 May 2015.
- "US economy contracts thanks to strong dollar and poor weather - live updates". Retrieved 29 May 2015.
- "FIELD LISTING :: GDP - COMPOSITION, BY SECTOR OF ORIGIN". Central Intelligence Agency World Factbook. Central Intelligence Agency. Retrieved May 17, 2016.
- "CONSUMER PRICE INDEX – OCTOBER 2014" (PDF). Bureau of Labor Statistics. Bureau of Labor Statistics. Retrieved December 4, 2014.
- "Income, Poverty and Health Insurance Coverage in the United States: 2013". US Census.
- "OECD Factbook 2013: Economic, Environmental and Social Statistics" (PDF). Organisation for Economic Co-operation and Development.
- Unemployment Level - Civilian Labor Force - LNS13000000
- "Employment Situation Summary". bls.gov.
- "Labor Force Statistics from the Current Population Survey". Bureau of Labor Statistics. Retrieved July 5, 2014.
- Schwartz, Nelson D. (February 5, 2016). "Wages Rise as U.S. Unemployment Rate Falls Below 5%". New York Times. Retrieved February 5, 2016.
- "Doing Business in the United States 2013". World Bank. Retrieved December 4, 2013.
- "U.S. International Trade in Goods and Services" (PDF). BEA. February 5, 2015.
- "Exports of goods by principal end-use category" (PDF). Census Bureau.
- "Export Partners of the United States". CIA World Factbook. 2015. Retrieved 26 July 2016.
- "Imports of goods by principal end-use category" (PDF). Census Bureau.
- "Import Partners of the United States". CIA World Factbook. 2015. Retrieved 26 July 2016.
- "Stock of Foreign Direct Investment". CIA World Factbook.
- "The Debt to the Penny and Who Holds It". U.S. Treasury Department. Retrieved March 27, 2015.
- Monthly Budget Review: Summary for Fiscal Year 2014. Congressional Budget Office, November 10, 2014. Retrieved April 12, 2015.
- "Receipts by Source, 1934-2020". OMB.
- "Outlays by Function, 1940-2020". OMB.
- US Overseas Loans and Grants, usaidallnet.gov, retrieved May 31, 2014
- "Sovereigns rating list". Standard & Poor's. Retrieved August 20, 2011.
- Rogers, Simon; Sedghi, Ami (April 15, 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved May 28, 2011.
- Riley, Charles (August 2, 2011). "Moody's affirms AAA rating, lowers outlook". CNN.
- "Fitch Affirms United States at 'AAA'; Outlook Stable". Fitch Ratings.
- "U.S. International Reserve Position". U.S. Department of Treasury. May 16, 2014. Retrieved May 31, 2014.
- "National Income and Product Accounts". Bureau of Economic Analysis. U.S. Department of Commerce. September 25, 2015. Retrieved September 25, 2015.
- "The Implementation of Monetary Policy – The Federal Reserve in the International Sphere" (PDF). Retrieved August 24, 2010.
- Benjamin J. Cohen, The Future of Money, Princeton University Press, 2006, ISBN 0-691-11666-0; cf. "the dollar is the de facto currency in Cambodia", Charles Agar, Frommer's Vietnam, 2006, ISBN 0-471-79816-9, p. 17
- U.S. Economy – Basic Conditions & Resources. U.S. Diplomatic Mission to Germany. "The United States is said to have a mixed economy because privately owned businesses and government both play important roles." Accessed: October 24, 2011.
- (4)Outline of the U.S. Economy – (2)How the U.S. Economy Works. U.S. Embassy Information Resource Center. "As a result, the American economy is perhaps better described as a "mixed" economy, with government playing an important role along with private enterprise. Although Americans often disagree about exactly where to draw the line between their beliefs in both free enterprise and government management, the mixed economy they have developed has been remarkably successful." Accessed: October 24, 2011.
- "US GDP Growth Rate by Year". multpl.com. US Bureau of Economic Analysis. March 31, 2014. Retrieved June 18, 2014.
- "Top Trading Partners – August 2014". U.S Census Bureau. November 2013. Retrieved October 12, 2014.
- Wright, Gavin, and Jesse Czelusta, "Resource-Based Growth Past and Present", in Natural Resources: Neither Curse Nor Destiny, ed. Daniel Lederman and William Maloney (World Bank, 2007), p. 185. ISBN 0-8213-6545-2.
- "List of Countries by GDP PPP per capita". International Monetary Fund. International Monetary Fund. April 2014. Retrieved June 18, 2014.
- "List of countries by GDP Nominal per capita". International Monetary Fund. International Monetary Fund. April 2014. Retrieved June 18, 2014.
- "Household Income". Society at a Glance 2014: OECD Social Indicators. OECD Publishing. March 18, 2014. doi:10.1787/soc_glance-2014-en. Retrieved May 29, 2014.
- "OECD Better Life Index". OECD. Retrieved November 25, 2012.
- Digital History; Steven Mintz. "Digital History". Digitalhistory.uh.edu. Archived from the original on 2004-03-02. Retrieved April 21, 2012.
- "U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia". Bloomberg.
- "Key World Energy Statistics" (PDF). International Energy Agency. International Energy Agency. 2013. Retrieved June 18, 2014.
- Phillip Inman, economics correspondent (11 February 2013). "China overtakes US in world trade". London: Guardian. Retrieved 2013-10-20.
- Vargo, Frank (March 11, 2011). "U.S. Manufacturing Remains World's Largest". Shopfloor. Retrieved March 28, 2012.
- "Global 500 2014". Fortune. Number of companies data taken from the "Country" box.
- Table A – Market Capitalization of the World's Top Stock Exchanges (As at end of June 2012). Securities and Exchange Commission (China). Retrieved June 1, 2014.
- "CIA – The World Factbook". Cia.gov. Retrieved April 21, 2012.
- "CIA – The World Factbook". Cia.gov. Retrieved April 21, 2012.
- Adapting and evolving - Global venture capital insights and trends 2014. EY, 2014. Retrieved March 25, 2015
- "Personal consumption expenditures (PCE)/gross domestic product (GDP)" FRED Graph, Federal Reserve Bank of St. Louis
- "United Nations Statistics Division – National Accounts Main Aggregates Database".
- "COUNTRY COMPARISON :: NET MIGRATION RATE". Central Intelligence Agency. The World Factbook. 2014. Retrieved June 18, 2014.
- Rankings: Global Competitiveness Report 2013-2014 (PDF), World Economic Forum, retrieved June 1, 2014
- "Chart Book: The Legacy of the Great Recession". Center on Budget and Policy Priorities. 2013-09-10. Retrieved 2013-10-20.
- "Federal Debt: Total Public Debt as Percent of Gross Domestic Product – FRED – St. Louis Fed". Research.stlouisfed.org. Retrieved 2015-05-06.
- Flow of Funds report (PDF), Federal Reserve, p. L.5, L.125, retrieved July 3, 2010
- "Persons Obtaining Legal Permanent Resident Status in the United States of America", US Department of Homeland Security.
- Baten, Jörg (2016). A History of the Global Economy. From 1500 to the Present. Cambridge University Press. p. 88ff. ISBN 9781107507180.
- W. J. Rorabaugh, Donald T. Critchlow, Paula C. Baker (2004). America's promise: A Concise History of the United States. Rowman & Littlefield. p. 210. ISBN
- Moore, Geoffrey H.; Zarnowitz, Victor (1986), Appendix A The Development and Role of the National Bureau of Economic Research's Business Cycle Chronologies in Gordon 1986, pp. 743–745[clarification needed]
- Knoop, Todd A. (July 30, 2004), Recessions and Depressions: Understanding Business Cycles, Praeger Publishers, pp. 166–71, ISBN 0-275-98162-2
- Baten, Jörg (2016). A History of the Global Economy. From 1500 to the Present. Cambridge University Press. p. 95. ISBN 9781107507180.
- Baten, Jörg (2016). A History of the Global Economy. From 1500 to the Present. Cambridge University Press. p. 97f. ISBN 9781107507180.
- Steven Mintz and Susan Kellogg, Domestic Revolutions: a Social History of American Family Life (1988) ch 9
- Buchanan, James M.; Wagner, Richard E. (1977), Democracy in Deficit: The Political Legacy of Lord Keynes, New York: Academic Press, pp. 1–55, ISBN 0-86597-227-3, archived from the original on August 21, 2008, retrieved January 19, 2011
- "Current Population Reports: Money Income of Households and Persons in the United States (1987)" (PDF). U.S. Department of Commerce.
- "Current Population Reports: Income of nonfarm families and individuals (1946)" (PDF). U.S. Department of Commerce.
- Income, Poverty, and Health Insurance Coverage the United States (2008) (PDF), Census Bureau, retrieved November 17, 2008
- Global Crisis News, GCN, October 30, 2009, archived from the original on November 3, 2009
- Worries grow of deeper U.S. recession, CNN, archived from the original on June 11, 2008, retrieved November 17, 2008
- "Is China facing a Japanese future?", Time, February 14, 2011, retrieved February 27, 2012
- Zuckerman, Mortimer B. (December 15–22, 2008), Editorial: Heading Off a Depression, US News and World Report
- Bivens, L. Josh (December 14, 2004). Debt and the dollar Economic Policy Institute. Retrieved on July 8, 2007.
- "Millions of Unemployed Face Years Without Jobs" article by Peter S. Goodman in The New York Times February 20, 2010
- Associated Press (January 30, 2006).US savings rate hits lowest level since 1933MSNBC. Retrieved on May 6, 2007.
- Cauchon, Dennis and John Waggoner (October 3, 2004). The Looming National Benefit Crisis. USA Today
- dollar hits record low against euro, oil prices rally
- US recession 'began last year', BBC News, December 1, 2008, retrieved December 1, 2008
- "Department of Commerce: Top U.S. Trade Partners" (PDF). Ita.doc.gov. Retrieved April 21, 2012.
- "BEA: Personal income and its disposition, 2000–09". Bea.gov. March 30, 2012. Archived from the original on December 13, 2011. Retrieved April 21, 2012.
- "National Income and Product Accounts Gross Domestic Product: Second Quarter 2014 (Advance Estimate) Annual Revision: 1999 through First Quarter 2014". Bureau of Economic Analysis. Bureau of Economic Analysis. Retrieved July 31, 2014.
- FY 2010 Budget Historical Tables Pages 127–128. Retrieved June 1, 2014.
- "US spends its way to 28 Eiffel towers: made out of pure gold". The Times. March 17, 2006.
- "Senate backs increase in debt limit to $14.3 trillion". Reuters. January 28, 2010.
- "2010 Budget-Summary Tables S-13 and S-14" (PDF). Archived from the original (PDF) on October 10, 2011. Retrieved July 21, 2014.
- "Debt has become America's life blood". Abc.net.au. December 15, 2009.
- "Wave of Debt Payments Facing US Government". The New York Times. November 22, 2009.
- "Analytical Perspectives of the FY 2008 Budget".
- "Major Foreign Holders of Treasury Securities". United States Department of the Treasury. July 2014. Retrieved August 23, 2014.
- Tcherneva, Pavlina R. (August 2014). "This Chart Shows Just How (Un)Equal Things Are During A 'Champion' Of The 99%'s Administration". Independent Journal Review. Retrieved 13 September 2014.
- Binyamin, Appelbaum (September 4, 2014). "Fed Says Growth Lifts the Affluent, Leaving Behind Everyone Else". New York Times. Retrieved 13 September 2014.
- Chokshi, Niraj (August 11, 2014). "Income inequality seems to be rising in more than 2 in 3 metro areas". Washington Post. Retrieved 13 September 2014.
- "Median Household Net Worth by Quintile" (PDF). United States Census.
- Anderson, Jack (May 22, 2006), "Tax Misery & Reform Index", Forbes, retrieved November 17, 2008
- "Global 500 2010: Countries". CNN.
- "Forbes". Forbes. March 14, 2011.
- "Office of Advocacy – Frequently Asked Questions – How important are small businesses to the U.S. economy?" (PDF). SBA.gov. Archived from the original (PDF) on December 2, 2010. Retrieved April 21, 2012.
- "Where the millionaires are now". MSN. October 22, 2007. Retrieved April 21, 2012.
- Walker, William (1993). "National Innovation Systems: Britain". In Nelson, Richard R. National innovation systems : a comparative analysis. New York: Oxford University Press. pp. 61–4. ISBN 0195076176.
- U.S. Department of state: How the U.S. Economy Works Retrieved December 1, 2008
- "Trends in International Migration 2002: Continuous Reporting System on Migration". Organisation for Economic Co-Operation and Development (2003). OECD Publishing. p.280. ISBN 92-64-19949-7
- Peter S. Canellos (November 11, 2008), "Obama victory took root in Kennedy-inspired Immigration Act", The Boston Globe, retrieved November 14, 2008
- "An Introduction to Bilingualism: Principles and Processes". Jeanette Altarriba, Roberto R. Heredia (2008). p.212. ISBN 0-8058-5135-6
- "GDP growth (annual %)". Data.worldbank.org. Retrieved 8 December 2014.
- GDP by industry data, BEA
- McFeatters, Dale (September 6, 2010). "Saluting 154 million in workforce on Labor Day". Napa Valley Register.
- "Obama: Small Business 'Heart' of Economy – YouTube". Youtube. Retrieved April 21, 2012.
- "Global 500 2010: Global 500 1–100". CNN.
- Walmart Corporate and Financial Facts. Retrieved June 1, 2014.
- "Minority population growing in the United States, census estimates show". Los Angeles Times. June 10, 2010.
- "Current Unemployment Rates for States and Historical Highs/Lows". BLS. June 2012. Retrieved June 15, 2012.
- Median Household Income for States: 2007 and 2008, September 2009, census.gov.
- Doree Armstrong (February 12, 2014). Jake Rosenfeld explores the sharp decline of union membership, influence. UW Today. Retrieved December 19, 2014. See also: Jake Rosenfeld (2014) What Unions No Longer Do. Harvard University Press. ISBN 0674725115
- Keith Naughton, Lynn Doan and Jeffrey Green (February 20, 2015). As the Rich Get Richer, Unions Are Poised for Comeback. Bloomberg. Retrieved February 20, 2015.
- "A 2011 study drew a link between the decline in union membership since 1973 and expanding wage disparity. Those trends have since continued, said Bruce Western, a professor of sociology at Harvard University who co-authored the study."
- Michael Hiltzik (March 25, 2015). IMF agrees: Decline of union power has increased income inequality. Los Angeles Times. Retrieved March 26, 2015.
- "Doing Business in the United States (2006)". World Bank. Retrieved June 28, 2007.
- Rebecca Ray, Milla Sanes, and John Schmitt (May 2013). No-Vacation Nation Revisited. Center for Economic and Policy Research. Retrieved September 8, 2013.
- Tara Siegel Bernard (February 22, 2013). In Paid Family Leave, U.S. Trails Most of the Globe. The New York Times Retrieved August 27, 2013.
- Maxwell Strachan, Alissa Scheller, Jan Diehm (October 29, 2013). 15 Ways The United States Is The Best (At Being The Worst). The Huffington Post. Retrieved 11 November 2013 2013.
- Ishaan Tharoor (May 20, 2014). MAP: The worst places in the world to be a worker. The Washington Post. Retrieved May 28, 2014; see also: ITUC Global Rights Index.
- "Federal Reserve Database-FRED-Data Series UNRATE-Retrieved March 2013". Research.stlouisfed.org. September 6, 2013. Retrieved October 20, 2013.
- "Federal Reserve Database-FRED-Data Series Unemploy". Research.stlouisfed.org. Retrieved October 20, 2013.
- "Federal Reserve Database-FRED-Data Series U6RATE-March 2013". Research.stlouisfed.org. September 6, 2013. Retrieved October 20, 2013.
- "Federal Reserve Database-CLF160V Data Series". Research.stlouisfed.org. Retrieved October 20, 2013.
- "FRED Database-POP Data Series-U.S. Population-Retrieved November 2012". Research.stlouisfed.org. Retrieved October 20, 2013.
- "Immigrants top native born in U.S. job hunt". CNNMoney.com. October 29, 2010.
- "Broader U-6 Unemployment Rate Increases to 17.1% in April". The Wall Street Journal. May 7, 2010.
- Four million more people working part time than 2 years ago, EconPost.com, March 17, 2010, retrieved March 30, 2010
- Schwartz, Nelson (March 3, 2013). "Recovery in U.S. Is Lifting Profits, but Not Adding Jobs". New York Times. Retrieved March 18, 2013.
- Constance Sorrentino and Joyanna Moy (June 2002). "U.S. labor market performance in international perspective" (PDF). Monthly Labor Review. Bureau of Labor Statistics. Retrieved August 22, 2013.
- "Chronic Unemployment in the Euro Area: Causes and Cures" (PDF). World Economic Outlook. International Monetary Fund. 1999. Retrieved August 22, 2013.
- "Unemployment". Euro Economics. University of North Carolina. Retrieved August 22, 2013.
- Time-Life Books, Library of Nations: United States, Sixth European English language printing, 1989
- Current Population Survey, Bureau of Labor Statistics, US Government, June 5, 2009, retrieved June 19, 2009
- "Employment and Unemployment Among Youth Summary". United States Department of Labor. August 27, 2009.
- "The Unemployment News Is Worse For Many". Forbes. June 7, 2013.
- "Nearly half of Detroit's workers are unemployed". The Detroit News. December 16, 2009.
- "The World Factbook (United States)". CIA.gov. September 25, 2013. Retrieved October 26, 2013.
- "CPI Detailed Report – Data for February 2013" (PDF). Bureau of Labor Statistics. Retrieved June 1, 2014.
- Benedetti, François (December 17, 2003). "100 Years Ago, the Dream of Icarus Became Reality". Fédération Aéronautique Internationale (FAI). Archived from the original on September 12, 2007. Retrieved August 15, 2007.
- Shane, Scott "A General Theory of Entrepreneurship: the Individual-Opportunity Nexus", Edward Elgar
- Reynolds, Paul D. "Entrepreneurship in the United States", Springer, 2007, ISBN 978-0-387-45667-6
- "Mandelson, Peter. "There is no Google, or Amazon, or Microsoft or Apple in the UK, Mandelson tells BVCA." BriskFox Financial News, March 11, 2009". Briskfox.com. Retrieved April 21, 2012.
- Venture Impact (5 ed.). IHS Global Insight. 2009. p. 2. ISBN 0-9785015-7-8. Archived from the original on June 30, 2014.
- Sohl, Jeffrey (March 31, 2010). "Full Year 2009 Angel Market Trends" (PDF). University of New Hampshire Center for Venture Research. Archived from the original (PDF) on January 20, 2013. Retrieved September 27, 2011.
- "The United States of Entrepreneurs", The Economist, March 12, 2009
- "Z.1: Financial Accounts of the United States" (PDF). Federal Reserve Board of Governors. March 6, 2014. Retrieved May 31, 2014.
- Keating, Giles et. al. (September 17, 2013). "United States: Full steam ahead". Global Wealth Report 2013. Credit Suisse. Retrieved June 1, 2014.
- "Free exchange: The real wealth of nations". The Economist. Economist Group. June 30, 2012. Retrieved June 1, 2014.
- "The Most Important Chart in American Politics" Time, February 4, 2013
- "Household Income for States: 2010 and 2011" United States Census, American Community Survey Briefs, September 2012, Appendix Table 1, page 5
- David Leonhardt and Kevin Quealy (April 22, 2014). The American Middle Class Is No Longer the World's Richest. The New York Times. Retrieved April 28, 2014.
- Saez, Emmanuel (September 3, 2013). "Striking it Richer: The Evolution of Top Incomes in the United States". University of California, Berkeley. Retrieved September 11, 2013.
- Alvaredo, Facundo; Atkinson, Anthony B.; Piketty, Thomas; Saez, Emmanuel (2013). "The Top 1 Percent in International and Historical Perspective". Journal of Economic Perspectives. Retrieved August 16, 2013.
- Focus on Top Incomes and Taxation in OECD Countries: Was the crisis a game changer? OECD, May 2014. Retrieved August 14, 2014.
- Hurst, Charles E. (2007), Social Inequality: Forms, Causes, and Consequences, Pearson Education, Inc., p. 34, ISBN 0-205-69829-8
- Weissmann, Jordan (March 11, 2013). "Yes, U.S. Wealth Inequality Is Terrible by Global Standards". The Atlantic. Retrieved March 16, 2013.
- Bruenig, Matt (March 24, 2014). "You call this a meritocracy? How rich inheritance is poisoning the American economy". Salon. Retrieved August 24, 2014.
- Staff (March 18, 2014). "Inequality – Inherited wealth". The Economist. Retrieved August 24, 2014.
- Pizzigati, Sam (September 24, 2012). "The 'Self-Made' Hallucination of America's Rich". Institute for Policy Studies. Retrieved August 24, 2014.
- White House: Here's Why You Have To Care About Inequality Timothy Noah | tnr.com| January 13, 2012
- Krugman, Paul (October 20, 2002). "For Richer". The New York Times.
- Oligarchy, American Style By PAUL KRUGMAN. November 3, 2011
- Gilens & Page (2014) Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens, Perspectives on Politics, Princeton University. Retrieved April 18, 2014.
- Piketty, Thomas (2014). Capital in the Twenty-First Century. Belknap Press. ISBN 067443000X p. 514:*"the risk of a drift towards oligarchy is real and gives little reason for optimism about where the United States is headed."
- "The Broken Contract", By George Packer, Foreign Affairs, November/December 2011
- Christoffersen, John (October 14, 2013). "Rising inequality 'most important problem,' says Nobel-winning economist". St. Louis Post-Dispatch. Retrieved October 19, 2013.
- Piketty, Thomas (2014). Capital in the Twenty-First Century. Belknap Press. ISBN 067443000X pp. 297–298.
- Jeff Guo (July 1, 2016). Income inequality today may be higher today than in any other era. The Washington Post Retrieved July 4, 2016.
- Winship, Scott (Spring 2013). "Overstating the Costs of Inequality" (PDF). Brookings. Retrieved August 12, 2014.
- "INCOME INEQUALITY IN AMERICA: Fact and Fiction" (PDF). e21. Manhattan Institute. May 2014. Retrieved August 14, 2014.
- Porter, Eduardo (July 30, 2014). "Tyler Cowen on Inequality and What Really Ails America". New York Times. Retrieved August 12, 2014.
- Cowen, Tyler (July 19, 2014). "Income Inequality Is Not Rising Globally. It's Falling". New York Times. Retrieved August 12, 2014.
- Lucas Jr., Robert E. (May 19, 2011). "The U.S. Recession of 2007–201?" (PDF). Lecture at the University of Washington. Retrieved August 12, 2014.
- Henninger, Daniel (July 13, 2011). "The Disappearing Recovery: What if the weak recovery is all the recovery we are going to get?". The Wall Street Journal. Retrieved August 12, 2014.
- Stiles, Andrew (May 28, 1014). "The Full Piketty: Experts raise questions about Frenchman's data on income inequality". The Washington Free Beacon. Retrieved August 12, 2014.
- Feldstein, Martin (May 14, 2014). "Piketty's Numbers Don't Add Up: Ignoring dramatic changes in tax rules since 1980 creates the false impression that income inequality is rising.". The Wall Street Journal. Retrieved August 12, 2014.
- Michael Bordo; Christopher M. Meissner (March 24, 2014). "Does inequality lead to a financial crisis?". Vox. Retrieved August 12, 2014.
- World Wealth Report 2010
- "Barclays Wealth Insights" (PDF). Retrieved June 1, 2016.[dead link]. Volume 5: Evolving Fortunes. Barclays (2008). p. 7
- Ody, Elizabeth (March 10, 2011). "Carlos Slim Tops Forbes List of Billionaires for Second Year". Bloomberg. Retrieved April 21, 2012.
- Mishel, Lawrence (April 26, 2012). The wedges between productivity and median compensation growth. Economic Policy Institute. Retrieved November 11, 2013.
- Gordon, Robert J. (Spring 2013). "U.S. Productivity Growth: The Slowdown Has Returned After a Temporary Revival" (PDF). International Productivity Monitor, Centre for the Study of Living Standards. 25: 13–19. Retrieved 2014-07-19.
- Sherk, James (July 17, 2013). "Productivity and Compensation: Growing Together". The Heritage Foundation. Retrieved August 12, 2014.
- Rose, Stephen (June 2007). "Does Productivity Growth Still Benefit Working Americans?: Unraveling the Income Growth Mystery to Determine How Much Median Incomes Trail Productivity Growth" (PDF). The Information Technology and Innovation Foundation. Retrieved August 12, 2014.
- Worstall, Tim (April 29, 2012). "The Productivity/Pay Gap: Considering the Counter-Factual, Would Productivity Have Grown if the Pay Gap Didn't?". Forbes. Retrieved August 12, 2014.
- Global wage growth stagnates, lags behind pre-crisis rates, ILO, December 5, 2014
- Hungerford, Thomas L. (December 29, 2011). Changes in the Distribution of Income Among Tax Filers Between 1996 and 2006: The Role of Labor Income, Capital Income, and Tax Policy (Report 7-5700/R42131). Washington, D.C.: Congressional Research Service. Retrieved January 1, 2014.
- Lifting as We Climb: Women of Color, Wealth, and America's Future (PDF). Oakland, California: Insight Center for Community Economic Development. Spring 2010. Retrieved January 1, 2014. Table 1 (page 7) citing the Fed's 2010 Survey of Consumer Finances.
- "Inequality and Poverty" (PDF). OECD. May 2013. Retrieved July 30, 2014.
- Compare your country: Income distribution and poverty. OECD.
- Woolf, Steven; Aaron, Laudon. "U.S. Health in International Perspective". National Research Council and Institute of Medicine. pp. 171–172. Retrieved April 8, 2013.
- Vasia Panousi; Ivan Vidangos; Shanti Ramnath; Jason DeBacker; Bradley Heim (Spring 2013). "Inequality Rising and Permanent Over Past Two Decades". Brookings Papers on Economic Activity. Brookings Institution. Retrieved March 23, 2013.
- Dave Serchuk. Happy Country=Social Mobility? Forbes. Jul 12, 2011
- Steve Hargreaves (December 18, 2013). The myth of the American Dream. CNN. Retrieved October 23, 2014.
- DeParle, Jason (January 4, 2012). Harder for Americans to Rise From Lower Rungs. The New York Times. Retrieved January 11, 2014.
- Schneider, Donald (July 29, 2013). "A Guide to Understanding International Comparisons of Economic Mobility". The Heritage Foundation. Retrieved August 12, 2014.
- Robert E. Rector; Kirk A. Johnson (January 5, 2004), Understanding Poverty in America
- Robert Rector (August 27, 2007), How Poor Are America's Poor? Examining the "Plague" of Poverty in America
- W. Michael Cox and Richard Alm (1999), The myths of rich and poor: why we're better off than we think. New York: Basic Books
- Roger C. Altman, The Great Crash, 2008, Foreign Affairs, retrieved February 27, 2009
- "Americans' wealth drops $1.3 trillion". CNN. June 11, 2009
- U.S. household wealth falls $11.2 trillion in 2008. Reuters. March 12, 2009
- Millennials aren't buying homes right now. What if they never do? The Guardian. 27 May 2016.
- Derek, Thompson (March 4, 2013). "Corporate Profits Are Eating the Economy". The Atlantic. Retrieved March 18, 2013.
- "Real Disposable Personal Income: Per capita" Federal Reserve Bank of St. Louis, 2013
- "The Rich Are Enjoying The Recovery While Wages Fall For Everyone Else" ThinkProgress, January 25, 2013
- "US Census Bureau, females, 18 or older, unemployed, personal income, 2005". Archived from the original on February 5, 2012. Retrieved December 8, 2006.
- "US Census Bureau, male, 18 or older, employed full-time year round, 2005". Archived from the original on February 5, 2012. Retrieved December 8, 2006.
- "US Census Bureau, 18+ age, 2005". Archived from the original on February 5, 2012. Retrieved December 8, 2006.
- "US Census Bureau, Personal income for all sexes, races in 2005". Retrieved November 19, 2006.
- "US Census Bureau, median income for total labor force". Archived from the original on February 5, 2012. Retrieved December 8, 2006.
- Oliver Stone; Peter Kuznick (2012). The Untold History of the United States. Simon and Schuster. p. xii. ISBN 978-1-4516-1351-3.
- "Extreme Poverty in the United States, 1996 to 2011" National Poverty Center, February 2012
- Walker, Duncan (March 6, 2013). "The children going hungry in America". BBC News. Retrieved March 13, 2013.
- Report finds 44 percent of U.S. children live in low-income families. PBS Newshour. April 6, 2015.
- "About Poverty". US Census. 2015. Retrieved Feb 15, 2016.
- Yen, Hope (28 July 2013). 80 Percent Of U.S. Adults Face Near-Poverty, Unemployment: Survey. The Huffington Post. Retrieved July 28, 2013.
- Marisol Bello (April 16, 2014). Hunger is a 'silent crisis' in the USA. USA Today. Retrieved May 12, 2014.
- IMF warns the US over high poverty. BBC, 22 June 2016.
- Kneebone, Elizabeth; Nadeau, Carey; Berube, Alan (November 3, 2011). "The Re-Emergence of Concentrated Poverty: Metropolitan Trends in the 2000s". Brookings Institution. Retrieved October 5, 2013.
- Shah, Neil (October 11, 2013).U.S. Poverty Rate Stabilizes—For Some. The Wall Street Journal (New York). Retrieved October 15, 2013.
- "HUD 5th Annual Homelessness Assessment Report to Congress, June 2010" (PDF). Retrieved October 20, 2013.
- Employment and Homelessness. National Coalition for the Homeless, July 2009.
- Smeeding, T.M. (2005). "Public Policy: Economic Inequality and Poverty: The United States in Comparative Perspective". Social Science Quarterly. 86: 955–983. doi:10.1111/j.0038-4941.2005.00331.x.
- Kenworthy, L. (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment". Social Forces. 77 (3): 1119–1139. doi:10.1093/sf/77.3.1119.
- Bradley, D.; E. Huber; S. Moller; F. Nielsen & J. D. Stephens (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901.
- Kevin Drum (September 26, 2013). We Can Reduce Poverty If We Want To. We Just Have To Want To. Mother Jones. Retrieved September 28, 2013.
- Gould, Elise and Wething, Hilary (July 24, 2012). "U.S. poverty rates higher, safety net weaker than in peer countries." Economic Policy Institute. Retrieved July 26, 2013.
- Bruce Western. Poverty Politics and Crime Control in Europe and America. Contemporary Sociology Vol. 40, No. 3 (May 2011), pp. 283–286
- Stephen Haymes, Maria Vidal de Haymes and Reuben Miller (eds), The Routledge Handbook of Poverty in the United States, (London: Routledge, 2015), ISBN 0415673445, pp. 3 & 346.
- Loïc Wacquant, Punishing the Poor: The Neoliberal Government of Social Insecurity, (Duke University Press, 2009), ISBN 082234422X, pp. 125-126 & 312
- Marie Gottschalk. Caught: The Prison State and the Lockdown of American Politics. Princeton University Press, 2014. ISBN 0691164053 p. 10
- Federal Reserve (2014-06-05). "Z.1 Financial Accounts of the United States – Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts – First Quarter 2014" (PDF).
- Federal Reserve (2014-06-05). "Z.1 Financial Accounts of the United States – Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts – Historical Annual Tables 2005–2013" (PDF).
- Saint Louis Federal Reserve (2012) "5-Year Treasury Inflation-Indexed Security, Constant Maturity" FRED Economic Data chart from government debt auctions (the x-axis at y=0 represents the inflation rate over the life of the security)
- Carmen M. Reinhart and M. Belen Sbrancia (March 2011) "The Liquidation of Government Debt" National Bureau of Economic Research working paper No. 16893
- David Wessel (August 8, 2012) "When Interest Rates Turn Upside Down" Wall Street Journal (full text)
- Lawrence Summers (June 3, 2012) "Breaking the negative feedback loop" Reuters
- William H. Gross (May 2, 2011) "The Caine Mutiny (Part 2)" PIMCO Investment Outlook
- U.S. Treasury (January 31, 2012) "Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association"
- "BBC News – UK's debts 'biggest in the world'". Bbc.co.uk. November 21, 2011. Retrieved October 20, 2013.
- "Private Debt Becomes Public Debt – Room for Debate". Nytimes.com. February 14, 2012. Retrieved October 20, 2013.
- "Manufacturing Output by Country". imt. Retrieved April 4, 2014.
- http://www.nasa.gov/worldbook/aviation_worldbook.html[full citation needed]
- Martin Crutsinger (April 20, 2007). "Factory jobs: 3 million lost since 2000". USA Today. Associated Press. Retrieved March 4, 2012.
- Michael Lind (December 1, 2011). "The Cost of Free Trade". The American Prospect. Retrieved March 3, 2012.
- What Accounts for the Decline in Manufacturing Employment?, Congressional Budget Office February 18, 2004
- "Congressional Record V. 148, Pt. 4, April 11, 2002 to April 24, 2002". United States Government Printing Office.
- "Manufacturing Output by Country". Greyhill Advisors. Retrieved October 5, 2011.
- "What Accounts for the Decline in Manufacturing Employment?". Congressional Budget Office. Retrieved October 5, 2011.
- Harold Meyerson (November 29, 2011). "Back from China?". The American Prospect. Retrieved March 4, 2012.
- Carl Pope (January 18–20, 2012). "America's Dirty War Against Manufacturing". Bloomberg. Part 1. Part 2. Part 3.
- Dean Baker (January 22, 2012). "Hasn't Anyone at the NYT Heard of Exchange Rates?". Beat the Press. Center for Economic and Policy Research. Retrieved January 22, 2012.
- "The Food Bubble Economy". The Institute of Science in Society.
- "FT 500 2013". ft.com.
- "Global 500 - Fortune". Fortune.
- Apple usurps Google as world's most valuable brand
- Deloitte, Switching Channels: Global Powers of Retailing 2012, STORES, January 2012, G20.
- Loeb, Walter. "Alibaba Is A Threat To Amazon, eBay, Walmart And Everyone Else". Forbes.com. Retrieved December 16, 2013.
- O'Connor, Clare (April 23, 2013). "Wal-Mart Vs. Amazon: World's Biggest E-Commerce Battle Could Boil Down To Vegetables". Forbes.com. Retrieved December 16, 2013.
- Jopson, Barney (July 12, 2011). "Amazon urges California referendum on online tax". Financial Times. Archived from the original on July 14, 2011. Retrieved August 4, 2011.
- "IHS iSuppli Semiconductor preliminary rankings for 2011". Archived from the original on December 14, 2013. Retrieved April 21, 2012.
- Stynes, Tess (May 1, 2013). "Newspaper Circulation Falls Except at Wall Street Journal, Times". Online.wsj.com. Retrieved April 20, 2014.
- Fortune 500 2013: Annual ranking of America's largest corporations from Fortune Magazine
- Yahoo! Finance – Business Finance, Stock Market, Quotes, News. Finance.yahoo.com. Retrieved on July 21, 2013.
- "Interstate FAQ (Question #3)". Federal Highway Administration. 2006. Retrieved March 4, 2009.
- "Public Road and Street Mileage in the United States by Type of Surface". United States Department of Transportation. Retrieved January 13, 2015.
- "China Expressway System to Exceed US Interstates". New Geography. Grand Forks, ND. January 22, 2011. Retrieved September 16, 2011.
- "China overtakes US in car sales". The Guardian. London. January 8, 2010. Retrieved July 10, 2011.
- "Motor vehicles statistics – countries compared worldwide". NationMaster. Retrieved July 10, 2011.
- "Household, Individual, and Vehicle Characteristics". 2001 National Household Travel Survey. U.S. Dept. of Transportation, Bureau of Transportation Statistics. Retrieved August 15, 2007.
- Renne, John L.; Wells, Jan S. (2003). "Emerging European-Style Planning in the United States: Transit-Oriented Development" (PDF). Rutgers University. p. 2. Archived from the original (PDF) on September 24, 2014. Retrieved June 11, 2007.
- Benfield, Kaid (May 18, 2009). "NatGeo surveys countries' transit use: guess who comes in last". Natural Resources Defense Council. Retrieved January 6, 2015.
- "Intercity Passenger Rail: National Policy and Strategies Needed to Maximize Public Benefits from Federal Expenditures". U.S. Government Accountability Office. November 13, 2006. Retrieved June 20, 2007.
- "The Economist Explains: Why Americans Don't Ride Trains". The Economist. August 29, 2013. Retrieved May 12, 2015.
- "Amtrak Ridership Records". Amtrak. June 8, 2011. Retrieved February 29, 2012.
- McGill, Tracy (January 1, 2011). "3 Reasons Light Rail Is an Efficient Transportation Option for U.S. Cities". MetaEfficient. Retrieved June 14, 2013.
- "Privatization". http://www.downsizinggovernment.org. Cato Institute. Retrieved December 27, 2014. External link in
- "Scheduled Passengers Carried". International Air Transport Association (IATA). 2011. Retrieved February 17, 2012.
- "Preliminary World Airport Traffic and Rankings 2013 – High Growth Dubai Moves Up to 7th Busiest Airport — Mar 31, 2014". Airports Council International. March 31, 2014. Archived from the original on April 1, 2014. Retrieved May 17, 2014.
- Barr, Robert. "China surpasses US as top energy consumer – Business – Oil & energy – msnbc.com". MSNBC. Retrieved April 21, 2012.
- World Per Capita Total Primary Energy Consumption,1980–2005 (MS Excel format)
- World Resources Institute "Energy Consumption: Consumption per capita" (2001). Nations with higher per-capita consumption are: Qatar, Iceland, United Arab Emirates, Bahrain, Luxembourg and Canada. Except for Canada, these are small countries with a prominent energy-intensive industry such as oil refining or steelmaking.
- US Dept. of Energy, "Annual Energy Report" (July 2006), Energy Flow diagram
- Tertzakian, Peter (November 15, 2005). "The U.S. Senate's Oil Spill". Forbes. Retrieved April 21, 2012.
- Domestic Demand for Refined Petroleum Products by Sector, U.S. Bureau of Transportation Statistics, retrieved August 23, 2014
- "U.S. Imports of Crude Oil". U.S. Census Bureau.
- Pleven, Liam (November 30, 2011). "Wall Street Journal". The Wall Street Journal. Retrieved April 21, 2012.
- Kahn, Chris (December 31, 2011). "In a first, gas and other fuels top U.S. exports". Florida Today. Melbourne, FL. pp. 4A. Archived from the original on March 11, 2012.
- "IPTO – Information Processing Techniques Office", The Living Internet, Bill Stewart (ed), January 2000.
- "WFE – YTD Monthly". Web.archive.org. November 6, 2011. Archived from the original on November 6, 2011. Retrieved June 8, 2014.
- "> Data Products > NYSE > Facts & Figures". NYXdata. Retrieved April 21, 2012.
- "NASDAQ Performance Report", NASDAQ Newsroom, The Nasdaq Stock Market, January 12, 2007, archived from the original on February 10, 2007, retrieved February 15, 2007
- Origins of Stock Market Fluctuations. New York University, December 16, 2014. Retrieved April 10, 2015.
- Stock quotes, investing & personal finance, news – MSN Money. Money.msn.com (December 31, 1999). Retrieved on 2013-07-21.
- Investor Relations. Goldman Sachs. Retrieved on July 21, 2013.
- Investor Relations. Morgan Stanley. Retrieved on July 21, 2013.
- Morgan Stanley Q4 2012 Earnings
- Financial and investor information from. U.S. Bank. Retrieved on July 21, 2013.
- Tankersley, Jim (December 16, 2014). "A black hole for our best and brightest". The Washington Post. Retrieved December 23, 2014.
- Cecchetti, Stephen G; Kharroubi, Enisse. "Why does financial sector growth crowd out real economic growth?" (PDF). BIS Working Papers No 490. Bank for International Settlements. Retrieved 20 September 2015.
- Kenworthy, Lane (July 10, 2011). "America's inefficient health-care system: another look". Consider the Evidence (blog). Retrieved September 11, 2012.
- Vicini, James; Stempel, Jonathan (June 28, 2012). "US top court upholds healthcare law in Obama triumph". Reuters.
- ""U.S. Health in International Perspective: Shorter Lives, Poorer Health" (2013) National Institutes of Health Committee on Population, Board on Population Health and Public Health Practice". Books.nap.edu. Retrieved October 20, 2013.
- Martin, Nicole (August 21, 2007). "UK cancer survival rate lowest in Europe". The Telegraph. Retrieved August 19, 2013.
- Verdecchia, A; Francisci, S; Brenner, H; Gatta, G; Micheli, A; Mangone, L; Kunkler, I; EUROCARE-4 Working, Group (September 2007). "Recent cancer survival in Europe: a 2000–02 period analysis of EUROCARE-4 data.". The lancet oncology. 8 (9): 784–96. doi:10.1016/s1470-2045(07)70246-2. PMID 17714993. Retrieved August 19, 2013.
- MD, Scott W. Atlas, (2011). In excellent health : setting the record straight on America's health care and charting a path for future reform. Stanford, California: Hoover Institution Press, Stanford University. pp. 199–205. ISBN 0817914447.
- Atlas 2011, pp. 205–207
- Wolf-Maier, K. (November 24, 2003). "Hypertension Treatment and Control in Five European Countries, Canada, and the United States" (PDF). Hypertension. 43 (1): 10–17. doi:10.1161/01.HYP.0000103630.72812.10. Retrieved August 19, 2013.
- Atlas 2011, pp. 150–156
- O'Neill, June E; O'Neill, Dave M (2007). "Health Status, Health Care and Inequality: Canada vs. the U.S.". Forum for Health Economics & Policy. Berkeley Electronic Press. doi:10.2202/1558-9544.1094. Retrieved August 19, 2013.
- Cowen, Tyler (October 5, 2006). "Poor U.S. Scores in Health Care Don't Measure Nobels and Innovation". The New York Times. Retrieved October 9, 2012.
- Whitman, Glen; Raad, Raymond. "Bending the Productivity Curve: Why America Leads the World in Medical Innovation". The Cato Institute. Retrieved October 9, 2012.
- Carmen DeNavas-Walt; Bernadette D. Proctor; Jessica C. Smith (September 2011). "Income, Poverty, and Health Insurance Coverage in the United States: 2010" (PDF). U.S. Census Bureau. pp. 26, 75. Retrieved August 17, 2014.
- Anderson, Jeffrey H. (December 29, 2010). "The Real Number of Uninsured Americans: It's nowhere near 50 million Americans". The Weekly Standard. Retrieved August 17, 2014.
- Sommers, B. D. (September 1, 2007). "Why Millions Of Children Eligible For Medicaid And SCHIP Are Uninsured: Poor Retention Versus Poor Take-Up". Health Affairs. 26 (5): w560–w567. doi:10.1377/hlthaff.26.5.w560.
- Woolhandler, S.; et al. (September 12, 2012). "Despite slight drop in uninsured, last year's figure points to 48,000 preventable deaths". Physicians for a National Health Program. Retrieved September 26, 2012.
- Goodman, John (September 21, 2009). "Does Lack Of Insurance Cause Premature Death?". Health Affairs. Retrieved July 5, 2012.
- Kronick, Richard (August 2009). "Health Insurance Coverage and Mortality Revisited". Health Services Research. 44 (4): 1211–1231. doi:10.1111/j.1475-6773.2009.00973.x.
- Conover, Christopher J. (October 4, 2004). "Health Care Regulation A $169 Billion Hidden Tax" (PDF). Cato Institute. Retrieved 2 September 2014.
- "Why Does Health Care Cost so Much in America? Ask Harvard's David Cutler". Public Broadcasting Service.
- Lawler, Joseph (September 19, 2012). "Health Care Economist John Goodman on Market-Based Health Care". Real Clear Policy. Retrieved 2 September 2014.
- "Medicaid Pays Less Than Medicare for Many Prescription Drugs, U.S. Report Finds". The New York Times.
- Dobson, A.; DaVanzo, J.; Sen, N. (1 January 2006). "The Cost-Shift Payment 'Hydraulic': Foundation, History, And Implications". Health Affairs. 25 (1): 22–33. doi:10.1377/hlthaff.25.1.22.
- Pope, Christopher (August 9, 2013). "Legislating Low Prices: Cutting Costs or Care?". The Heritage Foundation. Retrieved 2 September 2014.
- "Crying wolf about protectionism". chinadaily.com.cn.
- "Global Trade Alert - Independent monitoring of policies that affect world trade". globaltradealert.org.
- "China overtakes US as world's largest goods trader". Financial Times. Retrieved January 10, 2014.
- "Free exchange: Petrodollar profusion - The Economist". The Economist.
- "Doug Palmer: U.S. trade gap with China cost 2.7 million jobs: study. Reuters, August 23, 2012.
- "Manufacturing and Trade". Greyhill Advisors. Retrieved October 7, 2011.
- Morrison, Wayne M.; Labonte, Marc. "China's Holdings of U.S. Securities: Implications for the U.S. Economy" (PDF). Congressional Research Service. Retrieved August 23, 2014.
- FTDWebMaster, ***. "FTD - Top Trading Partners". census.gov.
- "IMF: US accounts for one-third of annual remittances to Developing Countries of $100bn". Finfacts.com. Retrieved April 21, 2012.
- "The Implementation of Monetary Policy – The Federal Reserve in the International Sphere" (PDF). Retrieved April 21, 2012.
- Benjamin J. Cohen, The Future of Money, Princeton University Press, 2006, ISBN 0-691-11666-0; cf. "the dollar is the de facto currency in Cambodia", Charles Agar, Frommer's Vietnam, 2006, ISBN 0-471-79816-9, p. 17
- "Biggest game in town". BBC News. January 29, 2009.
- "Currency Composition of Official Foreign Exchange Reserves (COFER) – June 30, 2011" (PDF). Retrieved April 21, 2012.
- Rooney, Ben (February 10, 2011). "IMF calls for dollar alternative". CNN. Retrieved March 28, 2012.
- "Enabling Trade Index 2014". World Economic Forum.
- "2014 Global Competitiveness Report" (PDF).
- "2014 Index of Economic Freedom – United States". Heritage Foundation. Retrieved January 14, 2014.
- Terry, Miller (January 13, 2014). "America's Dwindling Economic Freedom Regulation, taxes and debt knock the U.S. out of the world's top 10.". Wall Street Journal. Retrieved January 14, 2014.
- "2014 Index of Economic Freedom". Heritage Foundation. Retrieved January 14, 2014.
- Regulation and Control in the U.S. Economy: About.com
- "Bush's Regulatory Kiss-Off – Obama's assertions to the contrary, the 43rd president was the biggest regulator since Nixon.". Reason magazine. January 2009.
- "Effective tax rates: income, payroll, corporate and estate taxes combined". Peter G. Peterson Foundation. July 1, 2013. Retrieved November 3, 2013.
- "T13-0174 – Average Effective Federal Tax Rates by Filing Status; by Expanded Cash Income Percentile, 2014". Tax Policy Center. July 25, 2013. Retrieved November 3, 2013.
- "The Distribution of Household Income and Federal Taxes, 2010". The US Congressional Budget Office (CBO). December 4, 2013. Retrieved August 13, 2014.
- Porter, Eduardo (August 14, 2012). "America's Aversion to Taxes". New York Times. Retrieved August 15, 2012.
In 1965, taxes collected by federal, state and municipal governments amounted to 24.7 percent of the nation's output. In 2010, they amounted to 24.8 percent. Excluding Chile and Mexico, the United States raises less tax revenue, as a share of the economy, than every other industrial country.
- Index of Economic Freedom: United States, Index of Economic Freedom
- "Is the US Really a Nation of God-Fearing Darwin-Haters?". Der Spiegel. June 6, 2009.
- Yglesias, Matthew (March 6, 2013). "America Does Tax Wealth, Just Not Very Intelligently". Slate. Retrieved March 18, 2013.
- Prasad, M.; Deng, Y. (April 2, 2009). "Taxation and the worlds of welfare". Socio-Economic Review. 7 (3): 431–457. doi:10.1093/ser/mwp005. Retrieved May 5, 2013.
- Matthews, Dylan (September 19, 2012). "Other countries don't have a "47%"". The Washington Post. Retrieved October 29, 2013.
- Stephen, Ohlemacher (March 3, 2013). "Tax bills for rich families approach 30-year high". The Seattle Times. Associated Press. Retrieved April 3, 2013.
- Bair, Sheila (February 26, 2013). "Grand Old Parity". New York Times. Retrieved March 18, 2013.
- Hodge, Scott A. (April 29, 2005). "The Case for a Single-Rate Tax: Why Our Progressive Tax Code is Inconsistent with the Changing Face of American Taxpayers". Tax Foundation. Retrieved August 13, 2014.
- Frank, Robert (March 26, 2011). "The Price of Taxing the Rich: The top 1% of earners fill the coffers of states like California and New York during a boom—and leave them starved for revenue in a bust.". The Wall Street Journal. Retrieved August 13, 2014.
- "Table 7.3 – Statutory Limits on Federal Debt: 1940–Current". Office of Management and Budget. Retrieved December 25, 2013.
- U.S. Budget 2001, archived from the original on January 12, 2012
- "The Debt to the Penny and Who Holds It". U.S. Treasury. Retrieved 2014-12-25.
- Republicans Adopt Budget Resolution
- Bloomberg, archived from the original on November 11, 2012
- Andrew Austin (October 15, 2013), "The Debt Limit: History and Recent Increases", Congressional Research Service
- Zeng, Min (October 6, 2008), "Bailout Funding Promises To Pressure Treasury Prices", The Wall Street Journal, retrieved November 17, 2008
- "The Debt to the Penny and Who Holds It". Treasury Direct. February 13, 2014.
- "World Debt". usdebtclock.org. Retrieved October 26, 2013.
- Kumar, Vishesh. "Is Rising U.S. Debt Inviting Trouble? Ask Japan". Daily Finance. Retrieved May 18, 2010.
- "National Economic Trends ('Government Budgets')" (PDF). Federal Reserve Bank of St. Louis. October 1, 2013. p. 16. Retrieved October 26, 2013.
|Wikimedia Commons has media related to Economy of the United States.|
|Wikinews has related news: United States economy shrinks by 0.1% in last quarter of 2012|
- Bureau of Labor Statistics – American Labor Department
- CIA – The World Factbook – United States
- U.S. Dept of Commerce – Bureau of Economic Analysis
- U.S. Economic Calendar – Bloomberg Business
- U.S. Energy Information Administration
- World Bank Summary Trade Statistics United States
- Tariffs applied by the United States as provided by ITC's Market Access Map, an online database of customs tariffs and market requirements.