What Can Happen with Our Economy in the Future? : Guest Article by Stephanus Malan and Joshua Robinson

What Can Happen with Our Economy In The Future?

While the economy can be very difficult to forecast, due to the continual fluctuation of the stock market and varying factors that affect economic growth and fall. According to research, there are many predictions of what may happen to the future economy of the United States of America. There are many theories and economic predictions currently circulating around American economists. Regarding an economic forecast of the American economy, there are predictions which include the following:

An economic boom followed by an economic crash

It is predicted by the Federal Reserve that the economic growth which is measured by gross domestic product will fall between the ranges of 2 and 2.4 percent every year until the year 2018, falling perfectly in the ideal scope of 2 to 3 percent. However, many workers have now dropped out of the labor force throughout the recession and these people have not returned. Furthermore, that the Federal Reserve has not incorporated the policies set by Donald Trump’s promise of boosted growth into consideration yet. Trump has promised a 4 percent boost in growth which will dramatically trigger a “boom and bust cycle”. If growth is to hit that level, it is very likely that a recession could be created by the year 2018 or later.

The possible collapse of the US dollar

Currently, the weakness of the US in comparison to the euro and the large amount of debt that has been racked up by the US government places the country at a greater risk of seeing it’s economic collapse. Currently, the US dollar is used more throughout the world than the euro, hence it still remains fairly strong. However, if another currency such as a cryptocurrency were to become a popular form of exchange instead of the US dollar, there is a likelihood that the US dollar may eventually collapse. Finally, if a huge event occurs, which destroys the worlds confidence in the US dollar, an upcoming failure and crash of the American currency can be expected.

A growth in federal debt

In the year 2017, the US debt has now exceeded over twenty trillion dollars. With Trump's current policies that are in place, an increase of approximately 5.3 trillion dollars can be expected. Ultimately this will result in government spending cuts and thus it will negatively affect the people of the United States.

American inflation will be controlled

As oil prices now slowly begin to reach a normal range, fears of hyperinflation are being raised throughout the US. However, the Federal Reserve is currently and actively vigilant about ensuring the reversal of quantitative easing and increasing the rate of federal funds as necessary. A huge part of this job is managing the public’s expectations of inflation. This will keep core inflation at a rate below, or at 2 percent. The cost of living for the average American can be expected to be at the same level as it is in today’s current economic climate.

An increase in American jobs

It is believed that production within America will be returning soon. Resources and productions such as fuels, chemical, and cars are all expected to move back to American shores in the future. For example, the US production of oil has nearly surpassed that of Saudi Arabia. It implies a positive impact on the job market and economy of the united states.

The emergence of a new industry

Increased population size, modernization of urban and rural regions and the overall modernization of America will drastically increase a demand for food and farming for America. It means that the demand for US owned and operated crops will be bigger and more needed than ever before and this can also be assumed to be on a global scale too. In the end, the increased demand for agriculture may take a toll on the people of America as the cost of farming has grown as production has expanded. 

While many of these predictions that are made are based off history and economic performances, given that it is not always necessarily accurate and cannot be wholly trusted to predict the future. While the chance of an economic collapse is small, the numbers and expected prediction from various economists are slightly optimistic that the US economy may very well improve with time. 

About The Authors

Bio of myself, Stephanus Malan

I am an Australian student with an intense interest in writing and researching various articles and topics. I am fluent in both English and Afrikaans, however, I am more comfortable reading and writing in English as it is my native language. Due to my studies, I have gained a broad depth of experience in academic writing and researching. Writing is a passion of mine that I have had for many years now, and I am always looking for new avenues in which I can improve it. My interests include travelling around the world to experience different cultures, and to spend my free time at all the wonderful attractions Sydney has to offer.

Bio of Joshua Robinson

Meet Joshua, a part-time economist, and full-time writer. He has been working for https://au.edubirdie.com/  and is currently recognized as one of the top English literature writers and academic researchers in the team. Joshua’s passion lies in helping other people through his work and constantly delivering high-quality content on time in a professional manner. Joshua is capable of writing in a wide variety of topics and interests but has a special interest in creative writing essays and proofreading/editing other forms of assessments and articles.

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