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Essay / Research Paper Abstract
This 7 page paper provides information on the U.S. economy in 2002 as well as forecasts for the future, primarily through 2004. Information is derived from The Conference Board, the Office of Economic Analysis, and the Cato Institute. Bibliography lists 5 sources.
Page Count:
7 pages (~225 words per page)
File: RT13_SA222eco.rtf
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Unformatted sample text from the term paper:
2001, but the economy took a hit. Many people are out of work today and interest rates are low, affecting those who have been living on their bank accounts. At
the same time, some have been taking advantage of the lower rates by re-mortgaging. While many blame the terrorist attacks for much of the economic problems, the truth is that
the economy was on a downhill slope in August of 2001 anyway. That said, the recession affects a multitude of people and businesses regardless of its cause. With an economy
that is officially in recession, it is hard to look ahead with optimism. Although the people are still seemingly frightened, and that does continue to affect consumer confidence, the
economy seems to be recovering anyway. Most recognized institutions do say that this is the case. In March 2002, the Office of Economic Analysis reported that the official recession will
likely end in June of 2002 ("National" 1). The general report is rather optimistic, suggesting that the recession will be behind the nation soon. DRI/WEFA projects, with the exception
of light vehicles, that consumer spending will be flat in the fourth quarter of 2002 (10). The savings rate which is now approximately 1% is expected to increase to
about 2% (10). The Office of Economic Analysis provides the following projections: Projections for Specific Indicators (Dollar Figures are in Billions) ("National" 11): 2002 2003 2004 GDP $9374 $9721 $10777 Unemployment 6.2 5.9 5.3 CPI 1.808 1.855 1.903 Personal Inc $9374 $9900 $10379 Corp
Profits $727 $812 $837 Clearly, in each category, there is growth. There is some growth in terms of GDP, and unemployment is expected to slowly but surely decline. Both Personal
Income and Corporate Profits should increase as well. The forecast assumes that there will be no direct terrorist attacks in the near future, that people have overcome their fears regarding
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