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5 Ways to Build a Strong Economy

A nation’s economy is its backbone, having an immediate as well as a lasting impact on pretty much every single citizen. The need to want the country’s economy to grow and flourish – to want the currency to hold its position globally, to keep import and export healthy and financially viable, to strive for employment for all and to have a yearly budget that looks after the needs of all, amongst many other things, are essential to the sustainable existence of generations to come.  

From affecting the savings of every family to budgets of the largest charities, workers keeping the jobs they have to the unemployed and economically backward having an easier time finding work, and even retirement savings and insurance – a strong economy can make all the difference.

What is it that makes a nation’s economy develop and grow? Understanding that isn’t about having a degree in micro-economics or being a math wizard – all you need is to comprehend how economics works into daily life and burst the myths that are commonly believed.

One of the most common flaws in understanding the economy of a state is looking at it as one static whole, which can be divided into parts of various sizes, where in the differences in size creates the economic hierarchy. This analogy functions much like cutting a cake for all the guests at dinner, but the economy doesn’t quite work that way. Firstly, the whole is a not a static constant, instead, it can be made to increase by us creating wealth, and shrink in size if there erroneous decisions made. While the size of the part each individual gets depends on the wealth they create, it is possible to assure a larger part for each citizen as compared to what they would have gotten before.

The 2008 Crisis

The importance of a growing economy is most easily proven when we look back at the crisis in 2008, marked by the fact that the consumption rate in the United States of America in 2007 and 2008 was much larger than its GDP – the Gross Domestic Product. The GDP measures a nation’s economic prowess and performance.

Ways to Build a Strong Economy

The subprime mortgage crisis marked the beginning of the recession in the US, caused by a sudden drop in housing prices which couldn’t be made up for due to foreclosures and mortgage wrongdoings not having value anymore. Between 2000 and 2004, loans were granted without any problem at all, and the façade of a high demand was kept up – causing the prices of houses to remain high even though they should have technically dropped. When the tables turned in 2007, prices dropped but the money had already been invested, pushing the banks into a state of economic emergency.

While the cause of this crisis has been attributed to various flaws in government and housing policies, financial institutions, regulations, consumers and credit agencies, the primary concern did arise when subprime mortgages and loans allowed for fervent investment in homes without a worry of repayment in the near future.

The recession had a gross effect on the stock market, housing prices and employment status across the entire continent – each falling by 50%, 30% and 6% (9 million workers lost their jobs) respectively. Though the stock market got back up in approximately five years, the widespread unemployment and low housing prices remained.

Keeping the economy at its best and constantly growing for years to come is essential for our lives and that of the future generations.

While there is much debate about how that can truly be achieved, here are 5 ways which illustrate steps towards economic growth.

5-ways-to-build-a-strong-economy-2

Keeping Manufacturing Units in the Country

From cheap labor abroad to the lack of tax incentives within the US, manufacturers have relocated to other parts of the world in startling numbers. This outsourcing of production and manufacturing is a game changer when it comes to the lack of good employment opportunities for residents. What is more, the manufacturing unit takes with its facilities and profits, making the rate of investment back in the country significantly less.

That has to change – manufacturers keeping their holdings in the country and forming a bond with the government with tax reforms can generate job opportunities for millions, whilst allowing for the investment of profits in other companies and consequently increasing the economic structures further. Companies should be allowed to get back their overseas profits at moderated rates, as long as a part of a sum is invested back into the boost of workforces and increased manufacturing scope and capacity.

Free and Fair Trade

A very small percentage of American companies export, even though approximately 95% of the world’s consumer base is in countries outside of the US. Policies incorporating trade and export as a way to build financial strength can make a large difference not only to the economy of the US but to the other nations we trade with as well.

Global competitiveness, relationships with other nations through import and export, and exchange of both tangible and intangible products and skill can be a crucial player when it comes to economic forte, but the first step lies in the hands of the policy makers.

The Strength of Innovators and Entrepreneurs

For a country’s economy to flourish, it must call for new and fresh ways to build upon each of its industries and sectors – giving investors a reason to look their way and keep the demand-supply relationship with consumers alive and thriving.

For a country which has grown year after year because of its groundbreaking and state of the art ideas, industries and businesses, it is essential for new blood to be allowed to innovate, compete, take risks and develop new launch pads for the next generations. If the economy does not continue to forge new bonds with entrepreneurs, a time will come when the major wealth makers of the country will either reach stagnancy, or the monetary funds will pool up into pockets.

Crowdfunding; Bringing the Nation Together

From the time of the crisis in 2008, start-ups both big and small have had a hard time getting hold of investors and capital to get the ball rolling on their ideas.

A solution that has off-late led to a very functional way to tackle this issue is Crowdfunding, where in individuals can contribute small sums or money towards an entrepreneur or innovation they believe in, allowing it to grow with the support of numerous people. Breaking notions of distance and monetary strength as necessities to become an investor or entrepreneur, crowdfunding fundamentally democratizes the concept of investment and keeps the creation of wealth going even in times of recessions.

Bridging the Gap Between Economic Growth and the Environment

Last but definitely not the least, economic growth is often used as an argument to hold back on environmental laws and policies – constantly stating that it is either one or the other than can be strengthened at a time.

At a time like today, when the need to save and be efficient is a matter of life and death, the assumption that both economy and environmental strength cannot coexist is flawed. Economic strength itself boils down to the individuals in society, their livelihoods at present and the sustainability of the financial and social model for generations to come. When the environmental deterioration is left out of the discourse, long-term arguments fall flat.

For the economy of a country to strengthen and grow, sustainable sources of energy, environment-friendly infrastructure, innovation to cut down carbon emissions, and regard for careful and efficient waste management have to be worked into the system itself, instead of being postponed or looked at as hazardous to the economic boost.

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  1. I applied for unemployment in New Mexico because I wasn’t getting my full-time hours and my checks were never correct I was constantly fighting with the company now I’ve exhausted my unemployment benefits and they sent me a questionnaire about my work and it says adjuctation what does that mean.. I am extremely frightened

    1. Amal,

      Adjudication is like an “Appeals” process. You may be asked to present facts and paperwork relating to your claim. If everything is fine with your claim, please face it with confidence. You’ll be given a sound hearing.

    1. Carolyn,

      If this is your initial claim, it will take a min. of 7-10 business days for the determination to be made. Please reach out to the Unemployment Office for more.

    1. David,

      Please let us know the state you’re writing from. You can also visit the Unemployment Office’s official website for phone numbers.

    2. My initial unemployment benefits run out next month. How long does it take for the extension to be determined? As I havent found suitable work. And have met all requirements to find employment. Filed in TX. If I qualify for benefits do I automatically qualify for an extention?

      1. Le,

        The E.U.C(Emergency Unemployment Compensation) remains expired. There is no extension available. Please inquire further with the labor authorities in your state by calling them.

  2. I COLLECTED ABOUT $5000 OF UNEMPLOYMENT INSURANCE WHEN I WAS WORKING AND NOW THERE IS A PENDING COURT CASE AGAINST ME OUT OF PHOENIX TO GO TO COURT FOR 21 COUNTS OF FRAUD..WILL I GO TO JAIL? I AM SOO SCARED.JOJO

    1. James,

      The E.U.C(Emergency Unemployment Compensation) remains expired. There is no extension available. Please inquire further with the labor authorities in your state by calling them.

  3. I am Disabled I have had several surgeries on my lower spine. I found that I was not able to male it die to Bills became overwhelming.
    I got a Job with S3 security in Tallahassee f. Where I found out that all company rules were online and They said I needed to find them and opine to them. I told them I was with Dyslexia and I. could not find them. and 2. if I could have would not have been able to remember them. this is one of my life time Disabilities. I asked to be explained the Rules but was not. For 6 mounts I was praised by the places I worked. Then recently the Sargent told me to help a student locked out there Apartment. So I did. Next day he wanted to write me up for doing what he told me to do. I told him No I would not sign a demerit that would follow me around for ever Paper work does that! I all ways did the best I could. The Captain had made a open threat that he would do all he could to take badges and make us look bad to Fla. AG. I had hurt my ankle and am getting over it. They say the wishes of Property manager was reason I was Terminated with not following post orders. Not signing the forms excepting the wright ups. With just having Epidurals to ease the Spinal pain and them being 1/2 done I had attitude to being lied on by my Sargent. When I was told to do a job. I am kinda Glad I am out of there. No Supervision just the Sargent larking in shadows waiting to wright me up to make him look good so it seemed. I had to use my own Ins. to go get help for my leg. Now I don’t know if I can get Unemployment due to what they say I did after suitability doing the best I could to keep the Complex and Students as safe that I could.

    1. William,

      UI benefits are offered to claimants who’re able and available for work. Please call the Unemployment Office for clarification. Hope you get well soon!

  4. I have been trying to fill out unemployment application on line, but it will not let me put my social security # in the spaces
    required.

  5. From 1/2018 to 10/2018 I worked for a Merriville-based organization but I live in Illinois. The employer told me I couldn’t claim unemployment from Indiana because of my Illinois residency. Yesterday, I learned that I should have been able to. Can I claim those benefits now? I was unemployed from 10/19/2018 until 8/24/2019.

  6. I am trying to file a new unemployment claim on line and the link says it cant be reached. Are you experiencing any web site problems?

  7. I RECIEVED A”MY DOCUMENT” DATED 8/26/2019-TODAY STATING I DID NOT SEARCH FOR 2 JOBS LAST WEEK…BUT,1- 1/2 DAYS AGO, EARLY SUNDAY MORNING, JUST LIKE I HAVE FOR 9-WEEKS,I DID WHAT THEM SYSTEM TOLD ME TO DO. I FILED MY WEEKLY BENEFITS TELLING Y’ALL THAT ON THURSDAY 8/23/2019 I BEGAN WORKING AGAIN. I TOLD ON MY CLAIMING WEEKLY BENEFIT FORM THAT I ALSO WORKED FRIDAY. I TOLD THE AMOUNT OF MONEY I EARNED PER-HOUR, I TOLD THAT I I worked 16hrs for the week ending 8/24/19,i gave the total amount,and i told i have not got 10 cents of the money yet,and $12.75×16 is not more than $326.00. I just got home to learn payment is being held,once again i’m being punish for an unemployment crime i did’nt commit. Four hours of interviews last week led to me getting hired, that led to 16hrs of work,that was reported within the rules. I did everything right.

    1. Please register with PAcareerlink and attend the RESEA orientation as required and take the necessary documents with you. Then
      begin an active job search. The state wants to see this activity and is done in order to receive your benefit compensation.

      Take care

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