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Us Economic Outlook Essay

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U.S. Economic Outlook

U.S. Economic Outlook
The United States (U.S.) has been in a state of economic recovery since the fall of the housing market back in 2007. According to the Toledo Business Journal, historical improvements in the economy are due to automotive and housing industries.   Also, the Gross Domestic Product (GDP), has previously increased due to government spending.   However, with cuts in federal, State, and local spending the growth of the economy has declined (2013). Weller reports that although the U.S. has been in a recovery mode for the last few years, the pace has been slow. Unemployment rates remain high, poverty levels have increased and household incomes have decreased (2014).
What Does the Future Hold?
Economist from Indiana University predict the economic outlook for 2014 to continue to be slow.   The first six months of 2013, the national economy grew at a rate of 1.7% and is predicted that the 2014 rate to be about 2% (I.U., 2013).   The housing market continues to improve over the last year and is predicted to remain strong. Inflation should remain close to the current rate and the stock market should slowly increase over the next year (I.U., 2013).
Job cuts of state and local government contribute to the unemployment lag.   Employment has increased 4.8% compared to previous recoveries of 11.6%, however, there has been insufficient job growth for those between the ages of 25 – 54 (Weller, 2013). This has led to a 0.7% increase of the poverty level between 2009 and 2012.   The current poverty level is at 15% (Weller, 2013). According to Weller, the average household debt equated to 103.9 % of after-tax income, which will slow economic growth.   Participation in employer sponsored retirement plans went from 41.5% in 2007 to 39.4% in 2012.   Employees are making less than they owe and have less economic security than in the past (Weller, 2013).
Steps to Improve the Economy
The Federal Open Market Committee (FOMC) consists of...

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