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It may not be clear to an average person how specific economic concepts are defined in the U.S. For instance, one may wonder why it is so challenging to raise everyone’s income or address the issue of unemployment. Unfortunately, these problems are indeed difficult to be solved because a number of complicated external factors affect the average salary in a country, its output, reduced or increased prices, and employment. What may have a positive impact is multiple effective policies.
To begin with, it is possible to say that employment, output, prices, and income in America are defined by net exports and authorities’, households’, and businesses’ production and spending decisions. For instance, aggregate demand grows if the spending levels of the mentioned groups rise, and the overall employment, prices, and income depend on the aggregate supply/aggregate demand model equilibrium. The actual wages and employment levels can be reflected by the real output of the country.
Further, one may say that both fiscal and monetary policies work to promote the U.S. economy’s achievement of the three goals, including full employment, economic growth, and stable prices. For instance, in accordance with fiscal policy, the American government reduces taxation, which reduces unemployment, increases household income, and has a positive impact on economic growth (Iglinski, 2022). As for monetary policy, lower interest rates and higher money supply may foster business activities and reduce unemployment, increasing people’s income.
Finally, it is possible to recommend several policies that would help the government create more jobs for unemployed people. One example would be to provide private-sector employers with subsidies and ask them to hire people who cannot find a job. This policy would be beneficial for both the employer and worker since the former would receive a good labor force, and the latter would finally have a properly paid job. The U.S. economy will prosper since more jobs will be created.
Reference
Iglinski, P. (2022). Monetary policy vs. fiscal policy: Which is more effective at stimulating the economy?Rochester Newscenter. Web.
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