US High School Economics class: America’s robust national economy hides its weak spots
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.
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Click to read the article below and then answer the questions:
America’s robust national economy hides its weak spots
Discussion Questions
What has been the status of the American economy post-pandemic compared to other G7 nations?
According to the article, what are some of the economic indicators that President Joe Biden highlighted in his State of the Union address?
Why is there a disconnect between the national economic data and Americans’ faith in handling the economy, as suggested by surveys?
What factors have contributed to the growing divide between urban and non-urban areas in the US economy?
How has America’s geographic income inequality changed between 1980 and 2021?
How does the cost of living vary across different states, and how does this affect voters’ perceptions of the economy?
What trends have been observed in consumer spending and credit delinquency in the US?
Why is it important to look beyond aggregate data to understand the true state of the US economy, according to the article?
Extended Learning
Watch the following video: Limitations of GDP (6:02) and answer the following questions
Describe the difference between total GDP, and GDP per capita?
Why might a country’s GDP not provide info about inequality?
Give your own example of the limitations of using GDP as an indicator of a country’s overall wellbeing in relation to environmental sustainability
Explain how the “shadow economy,” or money made from jobs that aren’t reported to the government, might affect how we understand a country’s economy using GDP
Conclusion
The mentions that America’s national economy looks strong based on numbers like GDP, but not all areas and people in the country are doing well. What does this tell us about using numbers like GDP to understand the real state of the economy?
Joel Miller and James Redelsheimer, Foundation for Economic Education.
Click here for FEE FT Classroom Edition with classroom-ready presentations and suggested answers for teacher.
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