current events Essay

Published: 2021-06-29 01:52:24
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Economics Current Events Log-“The Commerce Department reported Monday that Americans’ spending grew by 0. 3% last month, slightly stronger than the 0. 2% rise many analysts were predicting,” (www. usatoday. com, April 30, 2001). -“Nationally, average income for America’s 281.
4 million people last year was $29,676, up 7. 3% from 1999, the fastest growth rate in 11 years, but the national average covered a wide variation in state performances, the Commerce Department reported Tuesday,” (www. dismal. com, May 1, 2001).
-“Some Asian and European carmakers drew buyers in record numbers in April, while U. S. automakers reported double-digit sales drops. Toyota, Lexus, BMW, Mitsubishi, Subaru, Hyundai, Kia and Acura were among those with record sales. But sales for General Motors were off 15.
7%; for Ford Motor off 14. 5%; for DaimlerChrysler off 17. 5%, (www. usatoday. com, May 2, 2001).
-“These cash-flow deficits will grow rapidly, and eventually reach 2% of GDP about 70 years from now (see chart). That means that we would need to transfer an additional 2% of GDP to Social Security if we were to leave the current benefit structure in place,” (www. usatoday. com, May 3, 2001). -“The unemployment rate jumped to 4.
5% in April, reviving fears of recession as companies shed the largest number of jobs in a decade,” (www. usatoday. com, May 4, 2001).

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