Question.1130 - Read chapter 11 of the Brigg & Helms ebook. View the video: Reich, R. (Harvard Book Store, Producer). (2010). Robert B. Reich: The next economy and America's future. Frontline: Inside the Meltdown Series. [Video] Retrieved from Robert. B Reich : The Next Economy and America's Future The video can also be found at: https://www.youtube.com/watch?v=f4ZTwPsmpnc Use the discussion to discuss the degree predictions in the Reich video accurately or inaccurately reflected outcomes achieved by the federal government economic conditions in the years from 2019 to 2016. See the ebook for various methods of evaluating the degree outputs are measured against promises.
Answer Below:
Reich tends to discuss certain factors that play an influential role in the decline of the economy, including the rise of income inequality with an increased wage gap, the decline of the middle class, and the increased concentration of wealth in the hands of the wealthier class. In terms of evaluation, the discussion presented by Reich is quite debatable, but considering Americas economic performance over the last decade, the concerns of Reich seem accurate since the economy has been struggling during the years that were being discussed from 2016 to 2019, the government has been implementing several interventions such as slashing the taxes that aided in lowering the tax burden on the startups and individuals but the government, 2017 Jobs Act, and the CARES Act helped the businesses and individuals post-pandemic boosting the rate of employment and in-turn influencing economic growth, although the effective could debate from Reichs standpoint, the reality is very is different from the predictions made (Hall & Kudlyak, 2022). The unemployment rate, as Reich discussed, remained steady at around 5%, with a 3.5% between 2019 and 2020 and 3.9% between 2020 and 21, although the pandemic influenced a certain percentage of the rate (Reich, 2010). Reich predicts that if the situation is not dealt with, there is a possibility that the government will not be able to serve as the authority effectively and experience an annual increase rate of around 2% since, in the year 2019, economic growth was at 2.3% (Reich, 2010). According to Reichs notion, there is a dire need for reconceptualization of the American economy because it is facing the brink of decline, which would deeply require several years to recover from (Reich, 2010). But even though, the year 2020 was hit by the pandemic, there was a surge in the economy by 3.1% (Hall & Kudlyak, 2022). In 2021, a heaping value of 5.7% economic growth was seen, while the unemployment rate was sustained due to COVID-19 shutdowns; nonetheless, Reich claims that with similar economic trends, the nation is on the brink of experiencing an economic double dip with fluctuating rate of inflation (Hall & Kudlyak, 2022; Reich, 2010). Considering the predictions made by Reich federal budget would reach around $2.8 trillion in 2022. Although the period between 2016 and 19 experienced mixed economic conditions, the pace of the economy grew modestly, and unemployment fell to a 50-year low, but gap wage experienced a stagnation phase in several sectors and had no growth with a steady rise in income inequality (Hall & Kudlyak, 2022; Reich, 2010). In 2020, economic activities were exposed to a sharp decline but recovered in 2021 with certain changes in policies that helped mitigate the economic damage caused by the pandemic, and they also added to the federal budget deficit but 2022 experienced a surge in economic activities with a boost in demand leading which sustain the flow growth rate (Hall & Kudlyak, 2022). Reich discusses the unsettling emphasis given interest rates rather than necessarily involving social factors, particularly distributional issues, which need to be assessed to understand the gap between per capita and production to achieve economic reformation (Reich, 2010). The degree prediction in the Reich video was not really accurate since the predictions failed to meet the reality in the years 2019 to 2016, and these years seemed to have done much better in terms of economic reforms to boost the economy. References Biggs, S., & Helms, L. B. (2006). The Practice of American Public Policymaking (1st ed.). Routledge. Hall, R. E., & Kudlyak, M. (2022). The unemployed with jobs and without jobs. Labour Economics, 79, 102244. Reich, R. (Harvard Book Store, Producer). (2010). Robert B. Reich: The next economy and America's future. Frontline: Inside the Meltdown Series. [Video] Retrieved from Robert. B Reich : The Next Economy and America's Future.More Articles From Project Management
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