A perennial question of concern is the state of the economy, that is, whether current economic conditions are good or not. The purpose of this essay is to answer that question. First, go online to the 2012 Economic Report of the President. Find and download annual data for the U.S. economy for the period 1970-2010 for three variables:
- the inflation rate,
- the unemployment rate, and
- the growth rate of real GDP.
(Note: You will have some decisions to make about which versions of these variables to select.)
Put the data in a table and examine it to answer the following questions:
- In which decade (1970s, 1980s or 1990s) was inflation highest and lowest?
- In which decade was unemployment highest and lowest?
- In which decade was economic growth highest and lowest?
Now write a 1 to 2 page essay, double-spaced with reasonable fonts to answer the following question: How did economic conditions in the first decade of the 2000s compare with each of the three previous decades? Specific conclusions are better than general ones. You need to say the 2000s were better overall, worse or about the same as each of the previous decades. Your essay should refer specifically to your data table (which should be included in your submission).