460 WordsApr 9, 20122 Pages
TEAM TERM PAPER TEAM MEMBER: HUNG LE& XI YANG OUTLINE STATEMENT: The presidential election is coming up this year, and once again the questions about the American future are raised. As always, job growth is one of the most important issues that affect the American decisions to choose the next president. Whoever selected has to work on the issues that directly related to job growth: tax cut, immigration, and globalization. 1. Tax cut: * President George W. Bush signed two major tax cuts into law; one in 2001 and one in 2003. These are often collectively referred to as the "Bush Tax Cuts". * A tax cut is a reduction in taxes. The immediate effects of a tax cut are a decrease in the real income of the government and an increase in the real income of those whose tax rate has been lowered. > create job in private sector > job loss in government sector, such as education * tax cuts may provide individuals and corporations with an incentive investments which stimulate economic activity. * In the long run, the loss of government income may be mitigated 2. Immigration: * effect on the labor market outcomes of native-born workers: immigrants may compete with native-born workers in the labor market, displacing them in employment or bidding down wages. * possible benefits of immigration: Immigrants may complement some native factors in production, which would lead to these factors benefiting from immigration, and overall welfare may rise. * immigration influences growth in per capita income 3. Globalization: * Globalization is the process by which markets integrate worldwide. Over the past 60 years, it has accelerated steadily as new technologies and management expertise have reduced transportation and transaction costs and as tariffs and other man-made barriers * many job opportunities in the United

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