The State of the National Economy

The United States has the most powerful, diverse, and technologically advanced economy in the world, with a per capita gross domestic product of $37,600. This is the largest among major industrial nations. The war in Iraq has been one of the biggest questions about how the economy is going to react. The background of our current economic situation has an enormous influence on the federal budget, on state and local government budgets, and on private sectors. One of the biggest lessons that we are learning about our economy is that we presently operate in a global system rather than a na…