Welfare in US covers all the policy measures and other initiatives undertaken by the federal government to ensure sustained improvement and wellbeing of society.
Public welfare programs in US are designed to help the underprivileged section of US economy. Optimum utilization of natural resources and fast pace of industrialization are the two factors that are crucial as far as welfare in US is concerned. The social security programs form an important part of welfare in US. Over the years, economic policies of the US federal government have been quite effective in ensuring growth and development of society. There is no denying that the USA has been in good economic and social shape as a result of its excellent socioeconomic policies and strict adherence to the same.
Economic Welfare in US As per the statistics of 2007, GDP of the United States in terms of Purchasing Power Parity has been $13.84 trillion. The real growth rate of GDP at the same time has been 2.2%. All these figures indicate economic stability and welfare in US.
Per capita GDP of the USA has been $45,800 as per the data of 2007. Rate of unemployment in the USA is also on the lower side. As per the statistics of 2007, unemployment rate in the USA is 4.6%. Percentage of population living below the poverty line in USA is low as well. It was only 12% of the entire US population in 2007. Rate of inflation in the USA has been significantly low as well. In 2007 the rate was only 2.9%. All these data point towards economic prosperity of the United States of America.
Social Welfare in US In the US rate of population growth has been 0.883% in 2007. Rate of infant mortality in the USA is 6.3 deaths per 1000 live births. In case of male babies the rate is 6.95 per 1000 live births. As of 2008, in case of female babies the rate has been 5.62 deaths per 1000 live births.
Average life expectancy rate in USA is 78.14 years. In case of men the rate is 75.29 years and the women have a higher life expectancy rate of 81.13 years. All these facts point to the fact that the healthcare systems in the USA are functioning pretty well off late.
Literacy in USA is defined as the ability to read and write by the age of 15. In case of men the rate is 99% and in case of women the rate is 99% as per the estimates of 2003.
In conclusion, it can be said that economic and social systems in the United States make sure that benefits of economic growth and development are distributed across different layers of the US economy. This in turn ensures welfare in US.
The US Federal Reserve this week has moved one step closer to lifting interest rates by ending its controversial bond-buying program. This begins a long-anticipated process that will take many months to complete: the metamorphosis of a dove into a hawk.
This leaves us with the question of a date for an actual rate hike – a moment economists expect surveyed by CNBC expect will be in July 2015, a month later than previously forecast.
Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.
Vice President and Director of the Global Economy and Development Program at the Brookings Institution. Former Turkish Minister of State for Economic Affairs. Head of the United Nations Development Program (UNDP) from 2005-2009.
James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government in Harvard University. Director of Program in International Finance and Macroeconomics at the National Bureau of Economic Research.