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Newspaper/Magazine Article From the Wall Street Journal, The New York
Times, the Financial Times or the Economis
The selected article is called "How Eroding the Middle Hits Economic Growth" and it was written by Nelson D. Schwartz for The New York Times, on February 5, 2014. The article argues that the U.S. GDP and economic growth are affected by the fact that income seems to be concentrating, more and more, towards the wealthier category of Americans, rather than for the middle class, which was traditionally the engine for economic growth in the United States.
Starting with the thesis that income has migrated from the middle class to wealthier classes, the article argues that this migration of income has negatively affected consumption rates and the GDP. It cites reputed economist Alan Krueger, one of Obama's advisers on economic matters, who argued that if income gains had been more...
The article also shows that, after the economic recession and crisis of 2008-2009, consumer spending has not even reached the levels it had in 2000, let alone the higher rates of the 1990s, a period of economic boom.
The article relates to GDP and economic growth since it looks at one of the components of the GDP and analyzes how this has evolved in the past, where it is in the present and how it is likely to change in the future. As known, the GDP is calculated by adding consumption, government spending, spending on capital and the nation's net exports. As mentioned, the article looks at consumption and the factors that affect the way consumption varies, primarily the shift in income towards wealthier classes.
According to the article, since this…
Bibliography
1. Scwartz, Nelson, (2014). How Eroding the Middle Hits Economic Growth. The New York Times. On the Internet at http://economix.blogs.nytimes.com/2014/02/05/how-eroding-the-middle-hits-economic-growth/?ref=grossdomesticproduct. Last retrieved on March 18, 2014
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