How the US Economy Has Changed Since 2000
Manufacturing is Down and Government Spending Up
Since the 21st century began, the US economy has lived through the end of the Dot.Com bubble, a crisis in financial reporting credibility, the rising dominance of the Asian economy, a housing bubble, a stock market crash, and the great recession – just to name the major events. So what has been the impact on the US economy from a big picture level? According to EconomyWatch.com:
In the year 2000, US manufacturing accounted for 14.2 percent of total GDP. But by 2011, manufacturing as a share of national output had declined to 11.5 percent, equivalent to a decline of $404 billion. Conversely, some sectors of US industry represent a much larger share of the GDP now than they did in 2000. For example, government spending has increased by $149 billion annually since the year 2000, contributing to America’s unsustainable deficit and debt trajectory.
But it’s not all bad news. Professional and business services increased by 1.3% (or $194 billion annually) as a portion of total GDP since 2000. For more click on the infographic or the link below to read it from the source.
Image courtesy of Inetsoft Technology Corp.
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