What Steps Would We Need to Take in Order to Raise Our Economic Growth Rate

Updated on June 8, 2017

Economic growth, a very boring economic term, is actually very important to our future as a nation. Aside from the current world recession, other countries are far surpassing the United States’ economic growth rate. If this continues to happen, life as we know it will all but fade away.

There are various factors that impact our economic growth.

  • Natural resources – Does the country grow anything that is of high demand?
  • Human resources – Is the population literate, for example?
  • Technological Advances – Medicine, Computers, Agriculture, etc
  • Government Structure – Communism versus Capitalism
  • Stability – Does the country suffer a military coup every month?

The Labor Market

The factor that shows the most promise, when improved, is the declining quality of labor (human resources). If I were in a position to run our economy, I would definitely focus on the country’s educational standards to raise our rate of economic growth. 

Living in California has opened my eyes to the poor school system and its impact on the work force.  Most high school graduates in California cannot pass an 8th grade English test or a 10th grade math test.  They do not have the skills necessary to run a cash register at the local convenience store.

The repercussions of poor education will impact students throughout adulthood and the rest of the country for centuries.  Poor education in a high-tech economy has set them up for minimum wage work their entire lives.  Poor education has detrimental effects on our country’s economy: a decreased labor pool, less consumer spending, and also all the problems associated with poverty. Poor education will be a drain on our taxes unless we do something about it now.

If I were making decisions about our economy, I would start by focusing on the education that our children are receiving.

Our Tax Dollars

Unfortunately, that may never happen, because Americans seek immediate progress for their economic woes and investing in education only produces long-term gain. The recent attempts to bail the country out of our current recession show that even the government is focused on the short-term. Rather than improve education, the government chose to bailout the financial industry (to save the value of our dollar), bailout the auto making industry (to save current jobs), and bailout a couple government programs (to save face).

Well over a trillion dollars has been spent in the last 18 months to bailout various corporations and industries. Meanwhile, school budgets across the nation are being reduced and requirements for schools in the No Child Left Behind policy are becoming more rigorous every year.

Without an increase in the quality of the American labor pool, other industrialized nations around the world will continue to surpass our economic growth.

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    • broussardleslie profile imageAUTHOR

      Leslie Broussard 

      7 years ago

      Nautica:

      I do not personally recommend raising our economic growth rate QUICKLY. Like I said in my article, education is a long-term fix, but it is the best fix.

      Leslie

    • profile image

      Nautica Louis 

      7 years ago

      what is the Quickest way to raise economics of government

    • broussardleslie profile imageAUTHOR

      Leslie Broussard 

      8 years ago

      HAHAHA That JUST happened to me today! The bill was 15.46 and I gave $20.01. Man, did she look confused!

      Thanks for reading and commenting on my hub, James. I appreciate you taking the time to read my work.

    • James A Watkins profile image

      James A Watkins 

      8 years ago from Chicago

      This is an excellent article and right on target, too. The problem with education is the system of John Dewey and the "self-esteem" movement. And it is a serious problem. As you say, if at Burger King you give the kid a ten and a dime for a bill of $5.10 he wonders why you gave him the dime. :)

    • broussardleslie profile imageAUTHOR

      Leslie Broussard 

      8 years ago

      Teacher, you bring up a great point! I didn't even consider the post-high school years. I don't know about the rest of America, but I know that California community and state colleges lost funding this fiscal year, so classes were either deleted or doubled up, resulting in gi-normous class sizes. (Basically, the same fate as our public school system here in California.)

      Thank you for adding your input to my hub.

    • green tea-cher profile image

      green tea-cher 

      8 years ago

      You are making a great point regarding education. Also, in Canada, post secondary education is so expensive that many young adults do not pursue it simply because of cost. It is a shame that many people do not reach their potential, or must delay their progress for many years, because education is unaffordable.

    • broussardleslie profile imageAUTHOR

      Leslie Broussard 

      8 years ago

      Scott,

      I agree with you completely. A true capitalist society would have allowed for the weaker corporations to fall on their asses. They made business decisions that allowed for their collapse and by bailing them out, we only reinforce the negative behaviors.

      Thank you so much for adding your input to my hub.

      Blessings,

      Leslie

    • broussardleslie profile imageAUTHOR

      Leslie Broussard 

      8 years ago

      Thanks, Cisco, for your comment. Hopefully, enough of us can raise our voices to demand better :)

    • profile image

      Scott.Life 

      8 years ago

      I think a lot of our current thinking in this country has become way to shortsighted. The auto and banking industries have demonstrated a complete inability to manage money and operate in a profitable way. In a true capitalistic system they would have been allowed to die, that those who are able to could grow and strengthen. Now we are propping up institutions that can not survive on their own. How long are we going to keep this up? the government is already so far in debt there is no visible way out.

    • profile image

      CiscoPixie 

      8 years ago

      that's prety true. Makes you think what the world's coming to.. Great hub!

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