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Click here to read the article below and then answer the questions:
America's robust economy hides its vulnerabilities
Discussion questions
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How did the status of the American economy post-pandemic compare to other G7 countries?
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According to the article, what economic indicators did President Joe Biden highlight in his State of the Union address?
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Why, as polls suggest, is there a disconnect between national economic data and Americans' confidence in the economy's handling?
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What factors have contributed to the growing gap between urban and non-urban areas in the U.S. economy?
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How has geographic income inequality in America changed between 1980 and 2021?
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How does the cost of living vary across states and how does this affect voters' perceptions of the economy?
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What trends have been observed in consumer spending and loan defaults in the US?
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According to the article, why is it important to look beyond aggregate data to understand the true state of the US economy?
Advanced learning
Watch the following video: Limitations of BIP (6:02) and answer the following questions
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Describe the difference between total GDP and GDP per capita?
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Why might a country's GDP not provide information about inequality?
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Give your own example of the limitations of using GDP as an indicator of a country's overall well-being in terms of environmental sustainability
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Explain how the “shadow economy,” or money from jobs that are not reported to the government, could affect how we understand a country's economy through GDP
Diploma
It mentions that the American economy looks strong in terms of numbers like GDP, but not all sectors and people in the country are doing well. What does this tell us about using numbers like GDP to understand the real state of the economy?
Joel Miller and James Redelsheimer, Foundation for Economic Education.
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