Macroeconomics has furthered my understanding for informed citizens. Individuals in power, whether it be the president, the senate, the house or the Federal Reserve, hold a great deal of power in this nation economically speaking. The state of the nation’s and world’s economy affects everyone, multibillionaires to the lower middle class. It is extremely important to understand the current economy and to self assess the future to better one’s own finances.
As defined in class, Macroeconomics is the study of the economy as a whole, i.e., the causes and relationships between important economic indicators such as unemployment, inflation, and the aggregate level of output or income, and the interrelationship among different economic sectors. It is highly important for citizens of the United States to understand how to view these economic indicators in order to be informed citizen- not just repeating what was said on the cable news networks.
Every legal citizen of the United States has the power to vote starting at their eighteenth birthday. Local elections, state elections and federal elections all play a roll in that person’s life which makes it important to voice their opinion and concerns through voting. Economically speaking, the federal government has the power to implement fiscal policy (contractionary or expansionary). They control the tax rate and government spending which in terns affects national savings.
Beyond the power of controlling tax rates and government spending, members of the United States Senate have the job of confirming presidential nominees to the Board of Governors of the Federal Reserve System. The Federal Reserve, FED for short, controls monetary policy. Monetary polic...
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...eed to be an informed citizen. Understanding the economic policies of those running for office and the roll of the federal government and FED in economic decisions help form my own decisions. Knowing and comprehending the key economic indicators such as unemployment and inflation help inform citizens of the health of the overall national economy and where it is headed. Individuals who can predict where the economy will be in the future have a better chance of success, both during economic highs and during economic recessions. It is immensely important for United States citizens to draw their own ideas and truth from economic indicators rather than simply listening to those on the campaign trail or who are on national television. Only when the majority make their decisions on these sound facts will the nation work for everyone in it, not just those doing the talking.
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