Essay on Capitalism: Economic System Powering US Economy, Politicians' Platforms

Capitalism refers to the economic system whereby the private business owners control the largest business and organization that contributes largely to the economy and social status of the society. Capitalism has created many jobs for the citizens in the US and brought revenues to the companies, and the private owners take the profits of invest in technologies.

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From the article, the politician uses economic status in debate as they look for votes in different states. In Erie, the labor unions run by capitalists have bee endorsing the candidate to vote in. In recent years, companies in the Erie state have reduced job opportunities, thus forced the citizens to move out looking for jobs. The companies have invested in technologies to gain a competitive advantage, thus leaving people with no Jobs.

What does the article/video suggest about the current economy in the US?

The US is struggling to stabilize its economy. The big companies are losing revenues cutting off job opportunities because the companies can no longer afford to pay the employees as earlier years. There is a huge competition in the market, and the companies are trying to strategies to gain competitive advantage. Also, with the change in technology, the companies are surging to realign their processes to accommodate the technological shift to satisfy customer needs.

Companies are automating their production process and utilizing the technology to gain a global competitive advantage. The companies also are globalizing their business products by increasing exports in the international market to gain an edge of the current dollar exchange rates.

The rapid reduction in manufacturing jobs due to automation has left many people jobless, seen the companies accruing losses, and the citizens in the service sector where they pay is less as compared to the manufacturing companies.

What does the video/article highlight how both politics and the economy and the intertwined within the US?

Most political leaders own private companies that generate revenue and provide job opportunities to the citizens. During the election year, the politician aspirant’s main goals on the debate are about the economy and how they are going to reduce the unemployment rate in the country by creating and provision of jobs to the citizens. For example, when Trump was campaigning in Erie, Pennsylvania, he promised the citizens that he would lower taxes and bring back and punish the companies that reduced the job opportunities and also renegotiate with the business owners to create jobs that were taken over by technology.

Business owners, both small scale and large, support the political whose manifesto is to change and improve the economy in the country or the states. Trump won the election in the states because of his manifestos to control and make the economy better by brings back manufacturing companies to create job opportunities.

Provide a brief, informed discussion on where you see the economy being currently from where it was 10 or 20 years ago.

The US economy has grown tremendously for the past 20 years. Although job opportunities have reduced due to automation in the manufacturing and processing industries, the performance of the companies remained steady. Most of the revenues were generated by workers employed. Still, recently, with the help of technology, about six people can help the companies develop a million dollars as compared to 25 people for the same amount. Since 2001, the economic expansion in the USA has increased to up to 120 months since the recession. Still, the country will attest to the great development in its economic history.

References

Betting on Trump: Jobs. (2017, February 15). Retrieved from https://www.pbs.org/wgbh/frontline/article/betting-on-trump-jobs/

Josh B. (2019, April 18). What Should We Know About the Next Recession? Retrieved from https://www.epi.org/publication/next-recession-bivens/