Current situations in the economy of the US
The article presents a story explaining various current situations in the economy of the US. It is a narration of how neoliberalism and globalization came into being and how it has impacted the United States economy. It shows how the economic impacts of globalization resulted in the rise of immigrants to the United States from the Global South during the late 20th Century. This immigration, as a result, bore economy informatization (Joassart).
The article is relevant to this week’s themes and resources as it touches on a couple of issues about globalization and neoliberalism worth knowing. It explains an essential aspect of neoliberalism; the attack on programs of social welfare. The article explains how this aspect began with the administration of Reagan. It later continued to unfold in the following government of President Clinton. It also describes the attack on unions and regulation as another important neoliberalism concept. This particular aspect led to the cost of production rising, and it also hinders economic growth. It is here that we get to understand the decline of union participation rates to today’s ten percent rate of workers’ salaries and wages. Neoliberalism also redefined the state’s role as well as intensifying the depth and speed of globalization, which saw the economy become transformed. From the article, we also get to know some of the impacts of globalization, one of it being that it weakened the labor power in the United States. All these are essential things to note that will help us understand this topic about globalization and neoliberalism. The critical concepts of neoliberalism are vital aspects and themes we are tackling in this topic. We also get to know that the administration of Donald Trump proposed a budget that cut to new requirements of work, Food Stamps, and Medicaid as well as assistance for housing, which could make many workers in the informal economy despite being able to work (Joassart).