American economic culture, products, and exchange in 2000

American Economic Culture

There is no denying that the America was the economic powerhouse of the twentieth century. America was hit hard by the Great Depression but emerged from the experience stronger and more stable but as America enters the twenty-first century its future as an economic powerhouse is highly questionable

The United States economy is in serious decline. Nearly one in six citizens depends on government food stamps to feed their family

The national budget, which enjoyed a surplus just a few years earlier, is now facing serious deficits and its national government is at stalemate in addressing the issues.

Many experts believe that the U.S. economy will eventually right itself

. It remains the world's largest economy, the only country with a strong military, and the source of the world's reserve currency. Additionally, the United States remains the world leader in university education and still attracts the brightest students. With technology becoming more and more important, this factor may serve to lead the American economy from the doldrums that have existed through most of the new century.

Throughout the history of mankind great cultures have run their course. The Roman Empire declined as did Great Britain's. They all declined for various reasons but they all eventually failed and, in the process, the international order was disrupted until a new power emerged. In the case of the United States the most likely threat comes from China. The challenge for the United States is to overcome the pessimism that has permeated its economy and culture for the past several years and attempt to avoid any long-term recession which could further cripple its economy.

The most glaring concern is the real estate market. The United States real estate market has been the symbol of what is wrong with the American economy

. The mortgage collapse signaled the beginning of the downturn in the economy and it has remained stagnant as efforts have been made to begin a recovery. Unfortunately, millions of Americans are living in homes worth far less than what they paid for them. This fact has caused Americans to be cautious about spending money.

Further acerbating American economic problems is that the market place has not reacted positively to a long-term policy of low short-term interest rates. Meanwhile, the government's budget deficit has become so large that credit rating agencies have actually lowered the nation's credit ratings. The effect has caused concerns throughout the world that America's economy was in decline.