US Economy 11-11-24

Nominal GDP $29.16 trillion, Population 340,332,281,  Per Capita GDP $86,601, Average Gross Salary $67,260, Average Net Salary $50,952, Labor Force 161,200 000, Labor Force Participation 62.4%, Unemployed 6.8 million, Unemployment 4.1%, Poverty 36.8 million (11.1%).

Labor Force by Occupation: Agriculture 1%, Industry 19%, Services 80%.

Main Industries:  High-technology, petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics,agribusiness, food processing, information technology, artificial intelligence, consumer goods, lumber, retail, healthcare,financial services, mining, renewable energy, quantum computing, space technology, defense, biotechnology, pharmaceutical

Exports	$3.053 trillion (2023)
Export goods	Agricultural products 10.7% Fuels and mining products 9.4% Manufacturers 74.8% Others 5.1%

Main export partners

European Union(-) 18.3% Canada(-) 17.5% Mexico(+) 16.0% China(-) 7.3% Japan(-) 3.8% Other countries 37.1%

Imports	$3.827 trillion (2023)
Import goods	Agricultural products 10.5% Fuels and mining products 10.7% Manufacturers 78.4% Others 4.2%
Main import partners	European Union(+) 23.6% Mexico(+) 15.4% China(-) 13.9% Canada(+) 13.7% Japan(-) 4.8% Others 28.6%

Government debt	$35.294 trillion 121% of GDP (2024)
Budget balance	–6.3% of GDP (2023)
Revenues	$8.720 trillion 29.9% of GDP (2024)
Expenses	$10.945 trillion 37.5% of GDP (2024)

https://en.wikipedia.org/wiki/Economy_of_the_United_States

Comments

The US needs to:

Decrease Federal Government Spending by $3 trillion.

Decrease the $36 trillion National Debt.

Decrease the Federal Debt Interest by $1 trillion.

Decrease Imports by $1 trillion.

Decrease Illegal Migrants by 21 million.

Increase Exports by $1 trillion.

Increase Manufacturing and Engineering Jobs by 1 million.

Social Security Retirement eligibility should remain at ages 62, 66 and 72. Seniors will continue to work past age 65 into their 70s. Medicare eligibility should remain at age 65. 

Imports from the EU, Canada, China and Japan need to be offset by increasing US Exports of Oil and Natural Gas.

Reciprocal Trade requirements will lower foreign Tariffs on US goods. Auto Imports to the US by Japan, S Korea and Germany are popular and the reduction of Corporate Tax from 21% to 15% will result in more Auto Foreign-Based Plants moving to the US to provide US jobs.

Norb Leahy, Dunwoody GA Tea Party Leader