The United States offers people the best chance at becoming financially successful but it is not all sunshine and rainbows as outlined in this article. We’ve included both the good and the bad facts about the United States economy.
There are many, many facts, but here are 14 facts about the United States economy.
1. The US has the largest economy in the world at a GDP (Gross Domestic Product) of 20 trillion dollars. Only China is keeping pace, every other country is far behind.
2. But the US also has the largest amount of debt at a staggering 23 trillion dollars. The most in history. So in reality, the government is bankrupt, and has a negative net worth of 3 trillion dollars.
3. The state of California has a GDP of 2.7 trillion dollars, so if it was a country, it would be the 5th largest economy in the world.
4. The United States spends more on the military than the next 7 countries put together. About 610 Billion dollars per year.
5. The average annual income is around 62,000 dollars.
6. 55 – 58 million Americans collect Social Security Benefits.
7. Sports is very big business in the US. How big? An estimated 70 Billion dollars per year is generated across all the major and minor sports leagues.
8. The country’s unemployment rate is currently at 3.9%.
9. The US Dollar is the country’s currency and used by many countries around the world.
10. The US Dollar is the reserve currency of the world.
11. Back in the old days (1950’s and before), more than 75% of all adult males were employed. Unlike today, its only around 60%.
12. It is estimated that more than 1 million students who attend public school are homeless.
13. There is more people on Social Security Disability in the United States than entire countries.
14. 1/3 of the population in the US does not get enough sleep.