US GDP in
2019 was $21.428 trillion. GDP Growth in
2018 was 2.9% and in 2019 was 2.3%. US GDP in Q1 2020 was -4.8% due
to the COV-19 shutdown. Per Capita GDP
in 2019 was $65,112.
GDP by
sector in 2019 was agriculture 0.9%, industry 18.9% and services 80.2%. We need
to increase GDP for industry above 20% by returning manufacturing to the US.
GDP by Component
in 2017 was
Household
Consumption 68.4%
Government
Consumption 17.3%
Investment
in Fixed Capital 17.2%
Investment
in Inventories 0.1%
Exports
Goods & Services 12.1%
Imports
Goods & Services -15%
Inflation
in 2019 was 1.7% and in 2020 is 0.6%. Poverty
in 2018 was 11.8%.
Labor
Force in 2020 was 156.5 million and Employment Rate was 51.3%.
Unemployment
in 2020 was 3.5% and is now 14.7% with 23 million unemployed in April 2020.
Main
industries include petroleum, natural gas, steel, motor vehicles, aerospace,
chemicals, telecommunications, electronics, food processing, pharmaceuticals,
consumer goods, lumber, mining, defense equipment, healthcare, information
technology, construction, retail, real estate and financial services.
Exports
in 2018 were $1.66 trillion in agricultural products 10.7%, fuels and mining
products 9.4% and manufacturers 74.8% sold to the EU 18.7%, Canada 18.3%, Mexico
15.9%, China 8%, Japan 4.4% and others 34.8%.
Imports
in 2018 were $2.54 trillion in agricultural products 10.5%, fuels and mining 10.7%,
manufactured products 78.4% from China 21.4%, EU 18.9%, Mexico 13.2%, Canada
12.6%, Japan 6.0% and others 27.9%.
US Debt
to GDP in 2020 is 116%
US
Federal Revenues in 2018 were $3.3 trillion
US
Federal Expenses in 2018 were $4.1 trillion
Comments
The US
economy needs to move manufacturing back to US jobs for all the goods that it
consumes. The reestablishment of steel and aluminum manufacturing as strategic
industries will expand with pharma and electronics. Advanced manufacturing will
be needed to lower costs and improve processes in all new US plants and the US
should manufacture this equipment.
Norb
Leahy, Dunwoody GA Tea Party Leader
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