Economy of the United States

The US has abundant natural resources, a well-developed

infrastructure, and high productivity.[36] It has the worlds
ninth-highest per capita GDP (nominal) and tenth-highest
per capita GDP (PPP) as of 2013.[37][38] 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.[39][40] It has been the worlds largest national
economy (not including colonial empires) since at least
the 1890s.[41]
The U.S. is the worlds largest producer of oil[42] and
natural gas.[43] It is the second-largest trading nation in
the world[44] as well as the worlds second largest manufacturer, representing a fth of the global manufacturing
output.[45] Of the worlds 500 largest companies, 128 are
headquartered in the US.[46]

Historical US GDP per capita, 19292011

The United States has one of the worlds largest and

most inuential nancial markets. The New York Stock
Exchange is by far the worlds largest stock exchange
by market capitalization.[47] Foreign investments made
in the US total almost $2.4 trillion,[48] while American investments in foreign countries total over $3.3
trillion.[49] Consumer spending comprises 71% of the US
economy in 2013.[50] The United States has the largest
consumer market in the world, with a household nal consumption expenditure ve times larger than Japan's.[51]
The labor market has attracted immigrants from all over
the world and its net migration rate is among the highest
in the world.[52] 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.[53]

US income distribution by county, 2009

The US economy is currently embroiled in the economic downturn which followed the nancial crisis of
200708, with output still below potential according
to the Congressional Budget Oce.[54] The economy,
however, began to recover in the second half of 2009,
and as of February 2015, unemployment had declined
from a high of 10% to 5.5%; the governments broader
U-6 unemployment rate, which includes the part-time
underemployed, was 11.0%.[9] At 11.3%, the U.S. has
one of the lowest labor union participation rates in the
OECD.[55] Households living on less than $2 per day before government benets, doubled from 1996 levels to
1.5 million households in 2011, including 2.8 million
children.[56] The gap in income between rich and poor is
greater in the United States than in any other developed
country.[57] Total public and private debt was $50 trillion at the end of the rst quarter of 2010, or 3.5 times
GDP.[58] In December 2013, the total of the public debt

Throughout this article, the unqualied term

dollar and the $ symbol refer to the US dollar.
The United States is the worlds largest national economy, representing 22% of nominal global GDP and 17%
of global GDP (PPP).[23][24][25][26][27][28] The United
States GDP was estimated to be $17.711 trillion as of
Q4 2014.[1][29] The U.S. dollar is the currency most used
in international transactions and is the worlds foremost
reserve currency.[30] Several countries use it as their ofcial currency, and in many others it is the de facto currency.[31] The United States has a mixed economy[32][33]
and has maintained a stable overall GDP growth rate, a
moderate unemployment rate, and high levels of research
and capital investment.[34] Its six largest trading partners
are Canada, China, Mexico, Japan, Germany, and South
Korea.[35]
1

HISTORY

was about 0.7 times GDP.[59] Domestic nancial assets by the U.S. President and the Congress. The Baby
totaled $131 trillion and domestic nancial liabilities to- Boom saw a dramatic increase in fertility in the petaled $106 trillion.[60]
riod 19421957; 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
1 History
the future. The boom crested about 1957, then slowly
declined.[65] A period of high ination, interest rates and
Main article: Economic history of the United States
unemployment after 1973 weakened condence in scal
policy as a tool for regulating the overall pace of economic activity.[66]

1.1

Colonial era

The economic history of the United States has its roots

in European settlements in the 16th, 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 fth of
the world economy. As a result, the US GDP per capita
converged on and eventually surpassed that of the U.K.,
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.[61]

1.2

1800s

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).[67][68] 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 0.3%
annually.[69]
The worst recession in recent decades, in terms of lost
output, occurred during the nancial crisis of 200708,
when GDP fell by 5.0% from the spring of 2008 to the
spring of 2009. Other signicant recessions took place
in 195758, when GDP fell 3.7%, following the 1973
oil crisis, with a 3.1% fall from late 1973 to early 1975,
and in the 198182 recession, when GDP dropped by
2.9%.[70][71] Recent, mild recessions have included the
199091 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.[71] 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).[70]

In the 19th century, recessions frequently coincided with

nancial crises. The Panic of 1837 was followed by
a ve-year depression, with the failure of banks and
then-record-high unemployment levels.[62] Because of
the great changes in the economy over the centuries, it
is dicult to compare the severity of modern recessions
to early recessions.[63] Recessions after World War II ap- In the 1970s and 1980s, it was popular in the U.S. to bepear to have been less severe than earlier recessions, but lieve that Japans economy would surpass that of the U.S.,
but this did not happen.[72]
the reasons for this are unclear.[64]

Since the 1970s, several emerging countries have begun

to close the economic gap with the United States. In most
1.3 1900s
cases, this has been due to moving the manufacture of
goods formerly made in the U.S. to countries where they
The United States has been the worlds largest national
could be made for suciently less money to cover the cost
[41]
economy since at least the 1920s. For many years folof shipping plus a higher prot.
lowing the Great Depression of the 1930s, when danger of recession appeared most serious, the government In other cases, some countries have gradually learned to
strengthened the economy by spending heavily itself or produce the same products and services that previously
cutting taxes so that consumers would spend more, and only the U.S. and a few other countries could produce.
by fostering rapid growth in the money supply, which also Real income growth in the U.S. has slowed.
encouraged more spending. Ideas about the best tools for The North American Free Trade Agreement, or NAFTA,
stabilizing the economy changed substantially between created one of the largest trade blocs in the world in 1994.
the 1930s and the 1980s. From the New Deal era that began in 1933, to the Great Society initiatives of the 1960s, Since 1976, the U.S. has sustained merchandise trade
national policy makers relied principally on scal policy decits with other nations, and since 1982, current account decits. The nations long-standing surplus in its
to inuence the economy.
trade in services was maintained, however, and reached
The approach, advanced by British economist John May- a record US$231 billion in 2013.[11] In recent years,
nard Keynes, gave elected ocials a leading role in direct- the primary economic concerns have centered on: high
ing the economy, since spending and taxes are controlled

3
household debt ($11 trillion, including $2.5 trillion in
revolving debt),[73] 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 decits, a
serious deterioration in the United States net international
investment position (NIIP) (24% of GDP),[74] and high
unemployment.[75] In 2006, the U.S. economy had its
lowest saving rate since 1933.[76] These issues have raised
concerns among economists and national politicians.[77]

1.4

2000s

production gures as well as the third quarter decline in

GDP.[79] The recession did, however, lead to a reduction in record trade decits, which fell from $840 billion
annually during the 200608 period, to $500 billion in
2009,[70][80] 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 decit
rose to $670 billion in 2010; savings rates, however, remained at around 5%.[81]
US real GDP grew by an average of 1.7% from 2000 to
the rst half of 2014, a rate around half the historical
average up to 2000.[82]
The U.S. public debt was $909 billion in 1980, an
amount equal to 33% of Americas gross domestic product (GDP); by 1990, that number had more than tripled
to $3.2 trillion or 56% of GDP.[83] In 2001 the national
debt was $5.7 trillion; however, the debt-to-GDP ratio remained at 1990 levels.[84] Debt levels rose quickly in the
following decade, and on January 28, 2010, the US debt
ceiling was raised to $14.3 trillion.[85] 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.[86] The White House estimates that
the governments tab for servicing the debt will exceed
$700 billion a year in 2019,[87] up from $202 billion in
2009.[88]
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.[89] As of 2014, China, holding $1.26 trillion in treasury bonds, is the largest foreign
nancier of the U.S. public debt.[90]

U.S. public net debt and the total public debt

The distribution of household incomes in the United

States has become more unequal during the post-2008
economic recovery, a rst for the US but in line with
the trend over the last ten economic recoveries since
1949.[91][92] Income inequality in the United States has
grown from 2005 to 2012 in more than 2 out of 3
metropolitan areas.[93] Median household wealth fell 35%
in the US, from $106,591 to $68,839 between 2005 and
2011.[94]

2 Business culture
A central feature of the U.S. economy is the economic
freedom aorded 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
This image compared US states and other countries by GDP ap- U.S. economy produces. This is enhanced by relatively
low levels of regulation and government involvement,[95]
proximately in 2012.
as well as a court system that generally protects property
The United States economy experienced a crisis in 2008 rights and enforces contracts. Today, the United States is
led by a derivatives market and subprime mortgage cri- home to 29.6 million small businesses, 30% of the worlds
as well as
sis, and a declining dollar value.[78] On December 1, millionaires, 40% of the worlds billionaires,
[96][97][98][99]
139
of
the
worlds
500
largest
companies.
2008, the NBER declared that the United States entered
a recession in December 2007, citing employment and From its emergence as an independent nation, the United

3 DEMOGRAPHIC SHIFT

States has encouraged science and innovation. As a result, the United States has been the birthplace of 161
of Britannica's 321 Greatest Inventions, including items
such as the airplane, internet, microchip, laser, cellphone,
refrigerator, email, microwave, personal computer, LCD
and LED technology, air conditioning, assembly line, supermarket, bar code, electric motor, ATM, and many
more.[100]
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 Pacic Oceans, as well as on the Gulf of Mexico.
Rivers ow from far within the continent and the Great
Lakesve large, inland lakes along the U.S. border with
Canadaprovide additional shipping access. These extensive waterways have helped shape the countrys economic growth over the years and helped bind Americas 50 individual states together in a single economic
unit.[101]
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.[50] 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.[102]

Demographic shift

United States wealth compared to the rest of the world in the year
2000.

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 ocially entered the United States during the
1990s alone.[104]
Labor mobility has also been important to the capacity
of the American economy to adapt to changing conditions. When immigrants ooded 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 rst 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
protable corporations. Today in the era of globalization,
American investors and corporations have inuence 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 nancial industry.

GDP per capita growth.

See also: Demographics of the United States

Beginning in the late 20th century, many Latin Americans immigrated, followed by large numbers of Asians Year-on-year change in total net worth of US households and
after the removal of nation-origin based immigration nonprot organizations 19462007, unadjusted for ination or
quotas.[103] The promise of high wages brings many population change.

The number of Americans in poverty and poverty rate: 1959 to

2011. United States.

The United States labor force participation rate from 1948 to

2011 by gender. Men are represented in light blue, women in
pink, and the total in black.

GDP by industry

Industries by GDP value added 2011.[105]

Development
States GDP

of

the

United

businesses.[98] The 30 million small businesses in the U.S.

account for 64% of newly created jobs (those created minus those lost).[98] Jobs in small businesses accounted for
70% of those created in the last decade.[108]

The proportion of Americans employed by small business versus large business has remained relatively the
The development of the United States GDP according to same year by year as some small businesses become large
businesses and just over half of small businesses survive
World Bank:[106]
more than 5 years.[98] Amongst large businesses, several
of the largest companies and employers in the world are
American companies. Amongst them are Walmart, the
6 Employment
largest company and the largest private sector employer
in the world, which employs 2.1 million people worldFurther information: List of largest employers in the wide and 1.4 million in the US alone.[109][110]
United States
There are approximately 154.4 million employed indi-

The Percentage of the US population employed, 19952012.

viduals in the US. Government is the largest employment sector with 22 million.[107] Small businesses are
the largest employer in the country representing 53% of
US workers.[98] The second largest share of employment
belongs to large businesses that employ 38% of the US
workforce.[98]

United States mean duration of unemployment 19482010.

There are nearly 30 million small businesses in the US.

Minorities such as Hispanics, African Americans, Asian
Americans, and Native Americans (35% of the countrys
population),[111] own 4.1 million of the countrys businesses. Minority-owned businesses generate almost $700
billion in revenue and employ almost 5 million workers in
[98]
The private sector employs 91% of working Americans. the U.S.
Government accounts for 8% of all US workers. Over Americans have the highest average employee income
99% of all employing organizations in the US are small among OECD nations.[40] The median household income

7 RESEARCH, DEVELOPMENT, AND ENTREPRENEURSHIP

was 17.1%.[125] In the period between February 2008
and February 2010, the number of people working parttime for economic reasons has increased by 4 million to
8.8 million, an 83% increase in part-time workers during the two-year period.[126] 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.[127]

Rates of unemployment by US states in November 2012.[112]

in the US as of 2008 is $52,029.[113] 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.[107] Of working individuals in the
US, 12% belong to a labor union; most union members are government workers.[107] The World Bank ranks
the United States rst in the ease of hiring and ring
workers.[114] 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.[115][116][117] 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.[118]

6.1

Unemployment

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 signicantly lower almost continuously since.[128][129][130]
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.[131] Male unemployment
continued to be signicantly 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).[132]
The youth unemployment rate was 18.5% in July 2009,
the highest July rate since 1948.[133] The unemployment rate of young African Americans was 28.2% in
May 2013.[134] Ocially, Detroits unemployment rate is
27%, but Detroit News suggests that nearly half of this
citys working-age population may be unemployed.[135]

6.2 Employment by sector

See also: Employment by Major Industry Sector in
United States

Main articles: Unemployment in the United States and

United States employment as estimated in 2012, is diList of U.S. states by unemployment rate
vided into 79.7% in the service sector, 19.2% in the manufacturing sector and 1.1% in the agriculture sector.[136]
As of February 2013, the unemployment rate in the
United States was 7.7%[119] or 12.0 million people,[120] United States non-farm employment by industry sector
[137]
while the governments broader U-6 unemployment Feb 2013
rate, which includes the part-time underemployed was
14.3%[121] or 22.2 million people. These gures were calculated with a civilian labor force of approximately 155 7 Research, development, and enmillion people,[122] relative to a U.S. population of aptrepreneurship
proximately 315 million people.[123]
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 aected older workers.[75]
In the year following the recessions end in June 2009 in
the United States, immigrants gained 656,000 jobs, while
U.S.-born workers lost more than a million jobs.[124]

See also: Technological and industrial history of the

United States
The United States has been a leader in scientic research
and technological innovation since the late 19th century.
In 1876, Alexander Graham Bell was awarded the rst
U.S. patent for the telephone. Thomas Edison's laboratory developed the phonograph, the rst long-lasting light
bulb, and the rst viable movie camera. Nikola Tesla
In April 2010, the ocial unemployment rate was 9.9%, pioneered the AC induction motor and high frequency
but the governments broader U-6 unemployment rate power transmission used in radio. In the early 20th cen-

7
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.[140] 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.

Tennessee in 1897. The US was a leader in the adoption of

electric lighting

tury, the automobile companies of Ransom E. Olds and

Henry Ford popularized the assembly line. The Wright
brothers, in 1903, made the rst sustained and controlled
heavier-than-air powered ight.[138]

Venture capital, as an industry, originated in the United

States and it is still dominated by the U.S.[141] 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.[142]
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%).[143]
Americans are venturesome consumers who are unusually willing to try new products of all sorts, and to pester
manufacturers to improve their products.[144]

8 Income and wealth

Steve Jobs and Bill Gates are two of the best-known American
entrepreneurs.

American society highly emphasizes entrepreneurship

and business. Entrepreneurship is the act of being an
entrepreneur, which can be dened as one who undertakes innovations, nance 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.[139]
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 rm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-o
organizations.[139]

Main articles: Income in the United States and Wealth in

the United States
See also: Personal income in the United States,
Household income in the United States, Income inequality in the United States, Auence in the United States
and United States counties by per capita income
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.[145] The mean net worth of US adults increased
to $301,140 in 2013, with the majority being held in
nancial assets, due to higher activity by shareholders
and more private investment.[146] Including human capital such as skills, the United Nations estimated the total wealth of the United States in 2008 to be $118
trillion.[147]

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.[39][40] While ination-adjusted household income
had been increasing almost every year from 1945 to 2007,
According to Paul Reynolds, entrepreneurship scholar it has since been at and even decreased recently.[148]
and creator of the Global Entrepreneurship Monitor, by U.S. median household income fell from $51,144 in 2010
the time they reach their retirement years, half of all to $50,502 in 2011.[149] According to one analysis middle

8 INCOME AND WEALTH

class incomes in the United States fell into a tie with those more, 34% of the worlds billionaires are American (in
in Canada in 2010, and may have fallen behind by 2014, 2011).[97][178]
while several other advanced economies have closed the
gap in recent years.[150]
The top 1 percent of income-earners accounted for 95
percent of the income gains from 2009 to 2012,[151] while
their share of total income has more than doubled from
9 percent in 1976 to 20 percent in 2011.[152] According
to a 2014 OECD report, 80% of total income growth
went to the top 10% from 1975 to 2007.[153] The top 10%
wealthiest possess 80% of all nancial assets.[154] Wealth
inequality in the U.S. is greater than in most developed countries other than Switzerland and Denmark.[155]
Inherited wealth may help explain why many Americans who have become rich may have had a substantial head start.[156][157] In September 2012, according
to the Institute for Policy Studies, over 60 percent of Productivity and real median family income growth, 19472009.
gap between productivity and median
the Forbes richest 400 Americans grew up in substantial There has been a widening
incomes since the 1970s.[179] The primary cause for the gap be[158]
privilege.
A number of economists and others have expressed growing concern about income inequality, calling it deeply
worrying,[159] unjust,[160] a danger to democracy/social
stability,[161][162][163] or a sign of national decline.[164]
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.[165] 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 nations nancial instability.[166]
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.[167][168] George Mason University economics professor Tyler Cowen has called inequality a
red herring,[169] 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.[170] 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 indenitely putting the US on a signicantly
lower, European level income trajectory.[171][172] Some
researchers have disputed the accuracy of the underlying
data regarding claims about inequality trends,[173][174] and
economists Michael Bordo and Christopher M. Meissner
have argued that inequality cannot be blamed for the 2008
nancial crisis.[175]
About 30% of the entire worlds millionaire population resides in the United States (as of 2009).[176] The
Economist Intelligence Unit estimated in 2008 that there
were 16,600,000 millionaires in the U.S.[177] Further-

tween productivity and income growth is the decline in per capita

hours worked.[180] Other causes include the rise in non-cash benets as a share of worker compensation (which aren't counted in
CPS income data), immigrants entering the labor force, statistical distortions including the use of dierent ination adjusters
by the BLS and CPS, productivity gains being skewed toward
less labor-intensive sectors, income shifting from labor to capital, a skill gap-driven wage disparity, productivity being falsely
inated by hidden technology-driven depreciation increases and
import price measurement problems, and/or a natural period of
adjustment following an income surge during aberrational postwar circumstances.[167][181][182][183][184]

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.[185] According to
the Federal Reserve Board, in 2010 single Black and Hispanic women ages 1864 had a median wealth of $100
and $120 respectively, excluding vehicles, while the median for single white women was $41,500.[186]
As of 2010 The U.S. had the fourth widest income distribution among OECD nations, behind Turkey, Mexico
and Chile.[187][188][189] The Brookings Institution said in
March 2013 that income inequality was increasing and
becoming permanent, sharply reducing social mobility
in the US.[190] The OECD ranks the US 10th in social mobility, behind the Nordic countries, Australia,
Canada, Germany, Spain, and France.[191] Of the major developed nations, only Italy and Great Britain have
lower mobility.[192] This has been partly attributed to the
depth of American poverty, which leaves poor children
economically disadvantaged,[193] 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 articial income compression, even if one enjoys more absolute mobility in
the U.S., and have questioned how meaningful such international comparisons are.[194]

8.3

8.1

Poverty

Home ownership

over the age of 15 who worked with earnings in 2005 was

$28,567.[208] As a reference point, the minimum wage
Further information: Homeownership in the United rate in 2009 was $7.25 per hour or $15,080 for the 2080
States
hours in a typical work year. The minimum wage is a
little more than the poverty level for a single person unit
The average home in the United States has more than 700 and about 50% of the poverty level for a family of four.
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 8.3 Poverty
high compared to other countries.[195][196][197]
Between June 2007 and November 2008 the global re- Main article: Poverty in the United States
cession led to falling asset prices around the world. Assets owned by Americans lost about a quarter of their
value.[198] Since peaking in the second quarter of 2007,
household wealth is down $14 trillion.[199] The Fed also
said that at the end of 2008, the debt owed by nonnancial sectors was $33.5 trillion, including household debt
valued at $13.8 trillion.[200]

8.2

Prots and wages

The gap in income between rich and poor is greater in

the United States than in any other developed country.[57]
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 nd that the U.S. has a lower absolute poverty rate
by market income than most other wealthy nations.[189]
Extreme poverty in the United States, meaning households living on less than $2 per day before government
benets, doubled from 1996 levels to 1.5 million households in 2011, including 2.8 million children.[56] In 2013,
child poverty reached record high levels, with 16.7 million children living in food insecure households, about
35% more than 2007 levels.[209]
Half of the U.S. population lives in poverty or is lowincome, according to U.S. census data.[210] According to
a survey by the Associated Press, four out of ve U.S.
adults struggle with joblessness, near-poverty or reliance
on welfare for at least parts of their lives.[211] Feeding
America reported in 2014 that 49 million Americans are
food insecure.[212]

Real compensation per hour in the USA (19472013).

The population in extreme-poverty neighborhoods rose

by one-third from 2000 to 2009.[213] People living in
such neighborhoods tend to suer 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.[213] As of 2013, 44% of Americas poor
are considered to be in deep poverty, with an income
50% or more below the governments ocial poverty
line.[214]

In March 2013, as the stock markets 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 prots were less than 5%. But by 2013, wages had
fallen to 44% of the economy, while prots had more
than doubled to 11%.[201] Ination-adjusted (real) percapita disposable personal income rose steadily in the
U.S. from 1945 to 2008, but has since remained generally
level.[202][203]
There were about 643,000 sheltered and unsheltered
In 2005, median personal income for those over the age homeless persons in the U.S. on a single night in January
of 18 ranged from $3,317 for an unemployed, married 2009. Almost two-thirds stayed in an emergency shelter
Asian American female[204] to $55,935 for a full-time, or transitional housing program and the other third were
year-round employed Asian American male.[205] Accord- living on the street, in an abandoned building, or another
ing to the US Census men tended to have higher income place not meant for human habitation. About 1.56 milthan women while Asians and Whites earned more than lion people, or about 0.5% of the U.S. population, used
African Americans and Hispanics. The overall median an emergency shelter or a transitional housing program
personal income for all individuals over the age of 18 was between October 1, 2008 and September 30, 2009.[215]
$24,062[206] ($32,140 for those age 25 or above) in the Around 44% of homeless people are employed.[216]
year 2005.[207]
The United States has one of the least extensive social
The overall median income for all 155 million persons safety nets in the developed world, reducing both relative

10

10

poverty and absolute poverty by considerably less than

the mean for wealthy nations.[217][218][219][220] The living
standards for the poor in the United States are also among
the highest in the world.[189] 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 connement being commonplace for poor men of working age.[221]

COMPOSITION OF ECONOMIC SECTORS

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.[225][229] 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.[230]

Financial position

Now that the connection between public and private debt

is better-known,[231][232] U.S. combined debts are worrisome. See Causes of the Great Depression: Debt DeaMain article: Financial position of the United States
The overall nancial position of the United States as of tion.

10 Composition of economic sectors

Main article: Economy of the United States by sector
See also: Technological and industrial history of the
United States and Agriculture in the United States
The United States is the worlds largest manufacturer,
Assets of the United States as a fraction of GDP 19602008

Liabilities of the United States as a fraction of GDP 19602009

Boeing 747-8 wing-fuselage sections during nal assembly

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.[222][223]
Since 2010, the U.S. Treasury has been obtaining
negative real interest rates on government debt.[224] Such
low rates, outpaced by the ination rate, occur when the
market believes that there are no alternatives with suciently 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 suciently large sums in Treasury securities to
hedge against risk.[225][226] Lawrence Summers, Matthew
Yglesias and other economists state that at such low rates,
government debt borrowing saves taxpayer money, and
improves creditworthiness.[227][228]

A wheat harvest in Idaho

with a 2013 industrial output of US$2.4 trillion. Its manufacturing output is greater than of Germany, France, India, and Brazil combined.[233] Its main industries include

11.1

Forbes top 10 U.S. corporations by revenue

11

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,[234]
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 worlds
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.[235][236] 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.[237] The number of
steel workers fell from 500,000 in 1980 to 224,000 in
2000.[238]
The U.S. produces approximately 18% of the worlds
manufacturing output, a share that has declined as
other nations developed competitive manufacturing
industries.[239] The job loss during this continual volume growth is the result of multiple factors including increased productivity, trade, and secular economic
trends.[240] 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.[241][242][243]
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.[244] Products include wheat, corn, other grains,
fruits, vegetables, cotton; beef, pork, poultry, dairy products; forest products; sh.

11

Notable companies and markets

See also: Forbes 500 and Fortune 500

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, HewlettPackard, AT&T, Cargill, McKesson Corporation, Bank
of America, Federal Home Loan Mortgage Corporation, Apple Inc., Verizon, JPMorgan Chase, and Cardinal
Health.

A typical Walmart discount department store (location: Laredo,

Texas).

In 2013, eight of the worlds ten largest companies by

market capitalization were American: Apple Inc., Exxon
Mobil, Berkshire Hathaway, Wal-Mart, General Electric,
Microsoft, IBM, and Chevron Corporation.[245]
According to Fortune Global 500 2011, the ten largest
U.S. employers were Walmart, U.S. Postal Service, IBM,
UPS, McDonalds, Target Corporation, Kroger, The
Home Depot, General Electric, and Sears Holdings.[246]
Apple, Google, IBM, McDonalds, and Microsoft are the
worlds ve most valuable brands in an index published
by Millward Brown.[247]
A 2012 Deloitte report published in STORES magazine
indicated that of the worlds top 250 largest retailers by
retail sales revenue in scal 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.[248] Amazon.com is the worlds largest online
retailer.[249][250][251]
Half of the worlds 20 largest semiconductor manufacturers by sales were American-origin in 2011.[252]
Most of the worlds largest charitable foundations were
founded by Americans.
American producers create nearly all of the worlds
highest-grossing lms. Many of the worlds 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,[253] reecting
strong business, nance, market and entrepreneurial culture in the US economy.

11.1 Forbes top 10 U.S. corporations by

revenue
Further information:
revenue

List of largest companies by

Top 10 U.S. corporations by revenue in 2013[254]

12

12

13 FINANCE

Energy, transportation,
telecommunications

and

Main articles:
Energy in the United States,
Transportation in the United States and Internet in
the United States
The United States is the second largest energy consumer

The Port of Houston, one of the largest ports in the United States.

in total use.[256] The U.S. ranks seventh in energy

consumption per-capita after Canada and a number of
other countries.[257][258] The majority of this energy is
derived from fossil fuels: in 2005, it was estimated that
40% of the nations 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.[259]
American dependence on oil imports grew from 24%
in 1970 to 65% by the end of 2005.[260] Transportation
has the highest consumption rates, accounting for approximately 69% of the oil used in the United States in
2006,[261] 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.[262] 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 rst time
in 62 years. The paper reported expectations that this
would continue until 2020.[263] In fact, petroleum was the
major export from the country in 2011.[264]

The New York Stock Exchange is the largest stock exchange in the
world.

Further information: List of largest banks

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.[266] As
of October 2008, the combined capitalization of all domestic NYSE listed companies was US$10.1 trillion.[267]
NASDAQ is another American stock exchange and the
worlds 3rd largest exchange after the New York Stock
Exchange and Japans Tokyo Stock Exchange. However
NASDAQs trade value is larger than Japans TSE.[266]
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.[268]

Because of the inuential role that the US stock market plays in international nance, a New York University
study in late 2014 interprets that in the short run, shocks
that aect 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 aected by shocks that realInternet was developed in the U.S. and the country hosts
locate the rewards of a given level of production between
[265]
many of the worlds largest hubs.
workers and shareholders. Productivity shocks however
The state of California is currently constructing the na- play a small role in historical stock market uctuations at
tions rst high-speed rail system.
all horizons in the US stock market.[269]
The U.S. nance industry comprised only 10% of total
non-farm business prots in 1947, but it grew to 50%
13 Finance
by 2010. Over the same period, nance industry income
as a proportion of GDP rose from 2.5% to 7.5%, and
Main articles: Banking in the United States and Insurance the nance industrys proportion of all corporate income
in the United States
rose from 10% to 20%. The mean earnings per employee

13
hour in nance 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 Citys nance 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
As 2012 International Monetary Fund study concluded
that the US nancial sector has grown so large that
it is slowing economic growth. New York University
economist Thomas Philippon conrmed those ndings,
estimating that the US spends $300 billion too much
on nancial 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 nance industry workers
cause the GDP to shrink by $0.60 for every dollar they
are paid.[276]

Childrens Health Insurance Program, and the Veterans

Health Administration. Most of the population under 65
is insured by their or a family members employer, some
buy health insurance on their own, and the remainder are
uninsured. On March 23, 2010, the Patient Protection
and Aordable Care Act (PPACA) became law, providing for major changes in health insurance.[278] 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 topranked country, though Americans who reach age 75 live
longer than those who reach that age in peer nations.[279]

A comprehensive 2007 study by European doctors found

the ve-year cancer survival rate was signicantly 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.[280][281] Americans
undergo cancer screenings at signicantly higher rates
than people in other developed countries, and access
14 Health care
MRI and CT scans at the highest rate of any OECD
nation.[282] People in the U.S. diagnosed with high cholesMain article: Health care in the United States
terol or hypertension access pharmaceutical treatments
Many distinct organizations provide health care in the at higher rates than those diagnosed in other developed
nations, and are more likely to successfully control the
conditions.[283][284] Diabetics are more likely to receive
treatment and meet treatment targets in the U.S. than in
Canada, England, or Scotland.[285][286]
The U.S. is a global leader in medical innovation. America solely developed or contributed signicantly 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 ve. 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.[287][288]

Life expectancy compared to healthcare spending from 1970 to

2008, in the US and the next 19 most wealthy countries by total
GDP.[277]

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

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.[289]
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

14

15

INTERNATIONAL TRADE

incorrectly reported being uninsured.[289][290] 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.[291]
According to Physicians for a National Health Program,
this lack of insurance causes roughly 48,000 unnecessary
deaths per year.[292] The groups 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.[293] A 2009 study by former Clinton policy adviser Richard Kronick found no increased mortality from being uninsured after certain risk
factors were controlled for.[294]
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.[295][296][297] 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.[296][298] Government plans often
pay less than overhead, resulting in healthcare providers
shifting the cost to the privately insured through higher
prices.[299][300]

15

Protectionist measures since 2008 by country.[301][302]

culation 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.[304][305]
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 decit was $450.3 billion.[11]
The decit on petroleum products was $232 billion. The
trade decit with China was $318 billion in 2013,[306] a
new record and up from $304 million in 1983.[307]

International trade

Main article: Foreign trade of the United States

The United States is the worlds second largest trading
U.S. Trade in Goods and Services 19602010.

The United States had a $231 billion surplus on trade

in services, and $703 billion decit on trade in goods
in 2013.[11] China has expanded its foreign exchange reserves, which included $1.6 trillion of U.S. securities as
of 2013.[308] 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.[309]
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
nation.[303] There is a large amount of U.S. dollars in cir- in the world.[310]
United States Imports Treemap by Product (2012) from Harvard
Atlas of Economic Complexity

17.1

Regulations

15

16

Currency and central bank

Main articles: United States dollar and Federal Reserve

System
The United States dollar is the unit of currency of the
U.S. Historical Inflation Rate

Annual Inflation Rate

40%
30%
20%
10%
0%
-10%
-20%

1650

1700

1750

1800

1850

1900

1950

2000

Revenue and Expense as % GDP.

United States historical ination rate, 16662004.

United States. The U.S. dollar is the currency most used

in international transactions.[311] Several countries use it
as their ocial currency, and in many others it is the de
facto currency.[312]
The federal government attempts to use both monetary
policy (control of the money supply through mechanisms
such as changes in interest rates) and scal policy (taxes
and spending) to maintain low ination, 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 Decit and debt increases 20012012.
own currency with U.S. dollar reserves.[30][31]
The U.S. dollar has maintained its position as the worlds
primary reserve currency, although it is gradually being
challenged in that role.[313] 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.[314] Rising US national debt and
quantitative easing has caused some to predict that the US
Dollar will lose its status as the worlds reserve currency,
however these predictions have not come to fruition.[315]

so.[318] The index measures each nations 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.[319][320] 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.[318]

17

17.1 Regulations

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,[316] and 3rd on the Global
Competitiveness Report.[317]
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

The U.S. federal government regulates private enterprise

in numerous ways. Regulation falls into two general categories.
Some eorts 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 prots. 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 uctuate wildly in re-

16

17

LAW AND GOVERNMENT

sponse to rapidly changing supply and demand. A number of other industriestrucking and, later, airlines
successfully sought regulation themselves to limit what
they considered as harmful price-cutting, a process called
regulatory capture.[321]

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
Another form of economic regulation, antitrust law, seeks Tobacco Master Settlement Agreement provided states
to cover medical costs to treat
to strengthen market forces so that direct regulation is with long-term payments [321]
smoking-related
illnesses.
unnecessary. The governmentand, sometimes, private
partieshave used antitrust law to prohibit practices or Between 2000 and 2008, economic regulation in the
mergers that would unduly limit competition.[321]
United States saw the most rapid expansion since the early
[322]
The number of new pages in the Federal RegBank regulation in the United States is highly fragmented 1970s.
istry,
a
proxy
for economic regulation, rose from 64,438
compared to other G10 countries where most countries
new
pages
in
2001 to 78,090 in new pages in 2007, a
have only one bank regulator. In the U.S., banking is regrecord
amount
of regulation.[322] Economically signiulated at both the federal and state level. The U.S. also
cost more
has one of the most highly regulated banking environ- cant regulations, dened as regulations which[322]
than
$100
million
a
year,
increased
by
70%.
Spendments in the world; however, many of the regulations are
ing
on
regulation
increased
by
62%
from
$26.4
billion
to
not soundness related, but are instead focused on privacy,
[322]
$42.7
billion.
disclosure, fraud prevention, anti-money laundering, antiterrorism, anti-usury lending, and promoting lending to
lower-income segments.

17.2 Taxation

Since the 1970s, government has also exercised control

over private companies to achieve social goals, such as Main article: Taxation in the United States
improving the publics health and safety or maintaining Taxation in the United States is a complex system which
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.[321]
American attitudes about regulation changed substantially during the nal three decades of the 20th century.
Beginning in the 1970s, policy makers grew increasingly U.S. federal eective tax rates by income percentile and compoconvinced that economic regulation protected companies nent as projected for 2014 by the Tax Policy Center.[323][324]
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.[321]
While leaders of Americas two most inuential 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 ination. The response to such changes
is mixed; many Americans continued to voice concerns
about specic events or trends, prompting the government
to issue new regulations in some areas, including environmental protection.[321]

CBO estimates of historical eective federal tax rates broken

down by income level.[325]

may involve payment to at least four dierent 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,

17.3

Expenditure

17

and other special-purpose districts, which include re,

utility, and transit districts.[326]
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.[327] Share
of black market in the U.S. economy is very low compared to other countries.[328]
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 Fiscal Year 2012 U.S. Federal Spending Cash or Budget Basis
ination-adjusted prots, the capital gains tax amounts to
a wealth tax on the ination rate.[329]
U.S. taxation is generally progressive, especially at
the federal level, and is among the most progressive in the developed world.[325][330][331][332] There is
debate over whether taxes should be more or less
progressive.[329][333][334][335]

17.3

Expenditure

Main articles: United States federal budget and United

States public debt
The United States public-sector spending amounts to
Fiscal Year 2012 U.S. Federal Receipts

nancing and operating public schools. Local governments

are primarily responsible for police and re 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.
Development of US federal government debt ceiling from 1990
to January 2012.[336]

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 nd jobs (including higher education). Government spending has a signicant eect
on local and regional economiesand on the overall pace
of economic activity.

Overall, federal, state, and local spending accounted for

almost 28% of gross domestic product in 1998.[337]
As of January 20, 2009, the total U.S. federal debt
was $10.627 trillion.[338] The borrowing-cap debt ceiling
as of 2005 stood at $8.18 trillion.[339] In March 2006,
Congress raised that ceiling an additional $0.79 trillion to
$8.97 trillion, which is approximately 68% of GDP.[340]
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.[341] As of October 4, 2008, the "Emergency Economic Stabilization
Act of 2008" raised the current debt ceiling to US$11.3
trillion.[342]

State governments, meanwhile, are responsible for the The federal governments debt rose by $680 billion in
construction and maintenance of most highways. State, 2013,[16] and now stands at $17.091 trillion.[343] While
county, or city governments play the leading role in - the U.S. public debt is the worlds largest in absolute size,

18

19

another measure is its size relative to the nations GDP.

As of October 2013 the debt was 107.0% of GDP.[344]
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.[345]

17.4

Budget

Further information: United States budget

REFERENCES

[8] Labor Force Statistics from the Current Population Survey. Bureau of Labor Statistics. Bureau of Labor Statistics. Retrieved July 5, 2014.
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BEA. February 6, 2014.

In Fiscal Year 2012, the U.S. federal government ran a

budget decit of $1.09 trillion.[346] The U.S. federal pub- [12] Top Trading Partners May 2014. US Census Bureau.
US Census Bureau. Retrieved July 5, 2014.
lic debt was $17.07 trillion (107% of GDP) as of October
26, 2013.[347]
[13] Stock of Foreign Direct Investment. CIA World FactFiscal revenue scal year 2012 (Total Receipts)
Fiscal expenses scal year 2011[346]

18

See also

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

19

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Usdebt-

20 External links
Best and worst places in the United States (interactive map) June 2014.
Bureau of Economic Analysis: Selected NIPA tables
(Lots of U.S. economic data)
Bureau of Labor Statistics (American Labor Department).

28
CIA The World Factbook United States
Comprehensive current and historical economic
data
FRB: Z.1 Release-- Flow of Funds Accounts of the
United States, Release Dates
National Bureau of Economic Research (organization that notes recessions and recoveries).
Research!America Economic Impact of Medical
Research in the U.S.
The Heritage Foundation: Understanding Poverty in
America
U.S. Dept of Commerce Bureau of Economic
Analysis
U.S. Dept of Commerce Economics Statistics
U.S. Dept of Labor Bureau of Labor Statistics
U.S. Economic Calendar
U.S. Economic Outlook
U.S. Energy Information Administration
U.S. Gross Domestic Product Growth
World Bank Summary Trade Statistics United States

20

EXTERNAL LINKS

29

21
21.1

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household_wealth_1946-2007.gif License: PD Contributors:
self-made. Created with openoce.org Calc Using ow of funds data released by the Federal Reserve: http://www.federalreserve.gov/
RELEASES/z1/Current/data.htm See the pdf documents from 1945-2007. The value for each year is on page 94 of each document (the
99th page in a pdf viewer) and duplicated on page 104 (109th page in pdf viewer). It gives the total assets, total liabilities, and net worth.
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commons/5/50/Number_in_Poverty_and_Poverty_Rate_1959_to_2011._United_States..PNG License: Public domain Contributors: http:
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2007.png License: CC-BY-SA-3.0 Contributors:
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http://upload.wikimedia.org/wikipedia/en/f/f9/U.S._Federal_Receipts_-_FY_

File:U.S._Federal_Spending_-_FY_2011.png Source: http://upload.wikimedia.org/wikipedia/en/2/2b/U.S._Federal_Spending_-_FY_

2011.png License: CC-BY-SA-3.0 Contributors:
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21.3

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