Essay: Comparison of US economy (1990 and 2009)

Essay: Comparison of US economy (1990 and 2009)
April 13, 2011 Comments Off on Essay: Comparison of US economy (1990 and 2009) Academic Papers on Politics,Sample Academic Papers admin

Sample Essay

By comparing the economic snapshots of 1990 and 2009, it is clear that total buying power of Americans has increased from $4.3 trillion in 1990 to $ 11.1 trillion in 2009 (a total of 159% increase), while at the same time there was an increase of 66% in the inflation (Bureau of Economic Analysis). It means that on average there was an improvement of 93% in the real purchasing power of people. The average rate of growth in the purchasing power and inflation from 1990 to 2009 was 5.1% and 2.5% respectively (Bureau of Economic Analysis).

It means that if a typical American earns $100 in 1990, he or she earns $105 in 2009 and the inflation-adjusted income is $102.5. During these nineteen years, the county has seen two mild recessionary periods and one longest growth period. The duration of the 1990 recession was 8 month and GDP of the country went down by 1.4%, consumption by 0.7% and investment reduced by 3.2% (Bureau of Economic Analysis).  But the recession of 2008 to 2009 is comparatively longer and deeper (Bureau of Economic Analysis). In 1990, a typical American has the nominal income equal to $28970 per annum, while the price of a new house at that time was $ 123,000 on average; a new car can be bought in $16,000 and price per gallon of gas was $1.34 (The People History).  The value of a $100 currency note has increased to $150 during the last nineteen years (The People History). Average retail price of electricity was 9.81 cents per kilowatt-hour in 2009.

Similarities and differences between 1990 and 2009

Although a lot of things have changed since I was born in 1990, there have been few similarities as well. For example, when I was born, there was a war going on in the Middle East between the US and its Allied Forces which are trying to force Iraq to bow down. Today in 2010 as well, we have a war going on in different theaters of the world, which are being conducted to eliminate terrorism. Back in the 1990s, the world was suffering from a surge of the recession in the market, and this phenomenon has repeated now as well. On the other hand, things which have changed dramatically since 1990 include increase in the overall purchasing power of an average American, the positive influence of e-commerce and the Internet everywhere. Many things have changed for the worse as well. If we look at the unemployment rate, inflation, food prices and house prices, all these have either increase to make the life of a common man more difficult today.

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