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Gross Domestic Product

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Gross Domestic Product (GDP) is the total market value of all goods and services produced during a year by factors of production located within a nation’s borders. The United States ranks third in GDP (purchasing power parity) right behind China and the European Union. China is the world’s largest exporter of goods. This is one of the reasons that they are ranked number one. (GDP= C+I+G+X; X being net exports)

After looking at the ranking of the US on the Better Life Index, we are ranked lower than 6 other countries. We have one of the highest incomes but when it comes to work/life balance is barely over 5. Many people say that money can buy happiness but that is not the case. We work so much that we are not able to enjoy the benefits from working. We are too consumed in materialistic possessions.

Welfare is a program that gives assistance to people with little to no income. The government was once in charge of welfare but the responsibility has been passed on to the states now. Where the federal government was in charge of the welfare system, many Americans were unhappy with the way it was ran. Many individuals abused the program but not applying for jobs, staying single to get more money, and having more children to get more money. Each state has different requirements to receive different types of benefits; where as when the federal government had control it was one requirement for one benefit. Government assistance programs can allow individuals to maintain and allow them to not work. They are reaping the benefits while others are out working trying to make ends meet. I feel that people still abuse the welfare program and it should be limited to how much and how long assistance can be received.

Resources:
Miller, R. (2014). Economics Today. 17th Edition. Upper Saddle River, NJ: Pearson Education.

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