The United States is a highly developed/advanced market economy. It is the world's largest economy by nominal GDP,and the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022. The U.S. accounted for 25.4% of the global economy in 2022 in nominal terms,and around 15.6% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency,backed by a large U.S. treasuries market,its role as the reference standard for the petrodollar system,and its linked eurodollar. Several countries use it as their official currency and in others it is the de facto currency.
The economy of Venezuela is based primarily on petroleum. Venezuela is the 25th largest producer of oil in the world and the 8th largest member of OPEC. Venezuela also manufactures and exports heavy industry products such as steel,aluminum,and cement. Other notable manufacturing includes electronics and automobiles as well as beverages and foodstuffs. Agriculture in Venezuela accounts for approximately 4.7% of GDP,7.3% of the labor force and at least one-fourth of Venezuela's land area. Venezuela exports rice,corn,fish,tropical fruit,coffee,pork and beef. Venezuela has an estimated US$14.3 trillion worth of natural resources and is not self-sufficient in most areas of agriculture. Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports.
In economics,inflation is a general increase of the prices of goods and services in an economy. This is usually measured using the consumer price index (CPI). When the general price level rises,each unit of currency buys fewer goods and services;consequently,inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation,a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate,the annualized percentage change in a general price index. As prices faced by households do not all increase at the same rate,the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States.
Corporate welfare is a phrase used to describe a government's bestowal of money grants,tax breaks,or other special favorable treatment for corporations.
The Congressional Progressive Caucus (CPC) is a congressional caucus affiliated with the Democratic Party in the United States Congress. The CPC represents the most left-leaning faction of the Democratic Party. It was founded in 1991 and has grown since then,becoming the largest Democratic caucus in the House of Representatives.
Janet Louise Yellen is an American economist serving as the 78th United States secretary of the treasury since January 26,2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first person to hold those positions having also led the White House Council of Economic Advisers and the first woman to hold either post.
Heather Marie Boushey is an American economist. Boushey currently serves as a member of President Joe Biden's Council of Economic Advisers. She also serves as the Chief Economist for the Invest in America Cabinet at the White House. She previously was the president and CEO of the Washington Center for Equitable Growth. She has also worked as an economist at the Center for American Progress and the United States Congress Joint Economic Committee.
Income inequality has fluctuated considerably in the United States since measurements began around 1915,moving in an arc between peaks in the 1920s and 2000s,with a 30-year period of relatively lower inequality between 1950 and 1980.
Socialism for the rich and capitalism for the poor is a classical political-economic argument asserting that,in advanced capitalist societies,state policies assure that more resources flow to the rich than to the poor,for example in the form of transfer payments.
An economic recovery is the phase of the business cycle following a recession. The overall business outlook for an industry looks optimistic during the economic recovery phase.
Jerome Hayden "Jay" Powell is an American attorney and investment banker who has served as the 16th chair of the Federal Reserve since 2018.
Philip Nathan Jefferson is an American economist who serves as vice chair of the Federal Reserve. He has been a member of the Federal Reserve Board of Governors since 2022. He was nominated for the position by President Joe Biden in January 2022,and was confirmed by the Senate in May 2022. Upon taking office,he became the fourth Black man to serve on the board.
The expression "everything bubble" refers to the correlated impact of monetary easing by the Federal Reserve on asset prices in most asset classes,namely equities,housing,bonds,many commodities,and even exotic assets such as cryptocurrencies and SPACs. The term is related to the Fed put,being the tools of direct and indirect quantitative easing that the Fed used to execute the monetary easing,and to modern monetary theory,which advocates the use of such tools,even in non-crisis periods,to create economic growth through asset price inflation. The term first came in use during the chair of Janet Yellen,but it is most associated with the subsequent chair of Jerome Powell,and the 2020–2021 period of the coronavirus pandemic.
The American Rescue Plan Act of 2021,also called the COVID-19 Stimulus Package or American Rescue Plan,is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11,2021,to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession. First proposed on January 14,2021,the package builds upon many of the measures in the CARES Act from March 2020 and in the Consolidated Appropriations Act,2021,from December.
The economic policy of the Joe Biden administration,dubbed Bidenomics,is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic,investments in infrastructure,and strengthening the social safety net,funded by tax increases on higher-income individuals and corporations. Other goals include increasing the national minimum wage and expanding worker training,narrowing income inequality,expanding access to affordable healthcare,and forgiveness of student loan debt. The March 2021 enactment of the American Rescue Plan to provide relief from the economic impact of the COVID-19 pandemic was the first major element of the policy. Biden's Infrastructure Investment and Jobs Act was signed into law in November 2021 and contains about $550 billion in additional investment. His Inflation Reduction Act was enacted in August 2022.
The Build Back Better Act was a bill introduced in the 117th Congress to fulfill aspects of President Joe Biden's Build Back Better Plan. It was spun off from the American Jobs Plan,alongside the Infrastructure Investment and Jobs Act,as a $3.5 trillion Democratic reconciliation package that included provisions related to climate change and social policy. Following negotiations,the price was lowered to approximately $2.2 trillion. The bill was passed 220–213 by the House of Representatives on November 19,2021.
A worldwide increase in inflation began in mid-2021,with many countries seeing their highest inflation rates in decades. It has been attributed to various causes,including pandemic-related economic dislocation,supply chain problems,the fiscal and monetary stimuli provided in 2020 and 2021 by governments and central banks around the world in response to the pandemic,and price gouging. Recovery in demand through 2021 ultimately led to historic and broad supply shortages amid increasing consumer demand. Worldwide construction sectors were also hit.
I Did That! is a phrase found on stickers typically picturing U.S. President Joe Biden pointing at the price of gasoline on fuel pumps in gas stations around the United States as a way to claim that he increased gas prices. The stickers have also been placed on empty store shelves.
The 2022 stock market decline was an economic event involving a decline in stock markets globally.
Groundwork Collaborative (GWC) is an American 501(c)(3) non-profit think tank and progressive advocacy group based in Washington,D.C.,that,according to its website,works to "change economic policy and narratives to build public power,curb private power,and create an economy that works for all of us." The organization is best known for research,analysis,and media commentary on economic issues,such as inflation,student debt,housing,and the U.S. labor market.
