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Economy 2003

Uploaded by coolzie on Oct 26, 2011

This paper compares statistics for 2002 and 2003 with an article about tax amnesty, and concludes that the article does not agree with the statistics. (6 pages; 1 source; MLA citation style)

I Introduction

The U.S. economy is generally considered to be in recession, as it has been since 2001. This paper will consider several statistics that support that contention, and summarize an article about “tax amnesty”, and then determine whether that article supports or fails to support the conclusion that the economy is in serious trouble.

II Statistics

If we look at the statistics for this year as compared to 2002, it seems incontrovertible that things are worse now than they were then. In September 2002, the unemployment rate was 5.7%; in September 2003, it was 6.1%, an increase of .4%. In August 2002, the CPI was 181.0; in August 2003, it was 185.2. (The Consumer Price Index measures the cost that consumers pay for items; we see that it rose over time.) The Gross Domestic Product (GDP) was $10,376.9 billion in Second Quarter 2002; in Second Quarter 2003 it was $10,802.7 billion. (The GDP is the measurement of goods and services produced in the United States in a year.) The GDP showed a growth of 425.8 billion. Finally, the interest rate that the Fed charges has remained “level at 1%”.
These statistics seem to indicate a “mixed” outlook: the number of jobs lost rose, and that coupled with an increase in prices, means that it would be increasingly difficult for Americans to make ends meet. However, Americans continued to make more products, raising the GDP. It should be noted that this increase in the GDP may be attributed to many factors, including more efficient manufacturing processes. Manufacturers continue to produce and increase their production even as the lay off workers. In general, I maintain the economy is still in recession as it has been since 2001.

III Article on Tax Amnesty/Discussion

The last line of the article should make the writer’s bias obvious: he refers to “President Bush’s excellent tax reform.” The article also appeared on something called “”, which calls itself a “conservative news forum.” Obviously, then, we should expect the article to be supportive of Bush and his policies since we have seen virtually no criticism of Bush coming from conservatives since he took office.
The article discusses “tax amnesty,”...

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Uploaded by:   coolzie

Date:   10/26/2011

Category:   Economics

Length:   6 pages (1,359 words)

Views:   1383

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