The United States has faced many rough economic patches, throughout its history, but it has yet to fail to return to a place of strength, following one of these patches. Consider our roughest patch: the Great Depression. It took a world war to drag us out of it, but it lead us to decades of prosperity, culminating with man's greatest achievement: landing a man on the moon.
Each day we are told that we are nearing a recovery in our economy, and we are told so with statistics that do not accurately show the nation's standing. The government hides the large unemployment rate by saying we have created so many new jobs, and then balance it out so that it seems like a positive. As our large cities decline in population, thousands of people line up at job fairs where few jobs are available. Individuals with excellent work experience and degrees cannot even manage to get a job working at a fast food restaurant. Until this is corrected, we have a long way to go before our economy recovers, and then maybe begins to flourish again.
As long as our government encourages outsourcing for the top 1% you can forget it. Also, the technology has enabled one lucky person to do the work of perhaps thousands of people. To give just one example, one blog can probably replace all the daily newspapers in the top 20 markets. This will not change as the population gets stupider and believes all of the propaganda that the 1% spends billions in promoting. For the jobs that don't get outsourced, they want to let immigrant technology workers in to do those jobs. What are those who do not have IQs in excess of 120 to do? Those would be about 70% of the "losers" and "freeloaders."
The United States is not yet on the upswing, but it is heading towards one. So, it may be possible to say that the United States is on the way back to a booming economy, but it's on the front end of journey. Things are going to get worse, before they get better.
Our current administration is of two minds on the jobs problem. They admit that the jobs will be created when the economy gets going again, and they admit that entrepreneurs are the ones that create jobs. Then, they turn around and vilify business fat cats and threaten to punish millionaires with much higher taxes. Then, they are bewildered when entrepreneurs are hesitant to take risks in creating new businesses and creating jobs.
Our government cannot even agree on whether or not we should raise the debt ceiling, and if our economy defaults on all of the loans we have received from other countries, it could spell an economic disaster on a global level. That itself warrants a lack of faith in our economy improving any time soon.
We are told that the economy is improving. The stock market is up, companies are making profits, and jobs are being created. But, cui bono? Most Americans are not savvy stock investors, nor do they generally receive benefits from companies who use their profits to buy up other companies or lobby Congress for more profits. And, the jobs? Many unemployed Americans are trained for jobs that no longer exist or have been outsourced. The new jobs appear to be mainly in the service and retail sectors, two of the most poorly paid areas to work. Until the government/corporations/schools get together to create new areas of well-paid employment in new technologies/small businesses, and educate/train people to work in these jobs, only the already wealthy will benefit from our "improving" economy.
This is a highly untrue notion. There is no way this economy will boom if people don't get their heads out of their own asses. It's all "my" this, and "I" that. We need to get back to a place where people appreciate each other and look out for each other again. Otherwise, my intelligent, underpaid self is going to continue hating the bulk of society. That ain't right.
While I believe that the economy is in recovery, it will be a long process of recovery. There is no triumphal, sudden reversal for the U.S. economy at this time, and the recovery will be a much slower and more painful process than what anyone could possibly call "triumphal". When the process is all said and done, there will be some who will use terms like this to describe the process, but it is not going to happen that way, regardless.
The United States is still in a slump, and is not yet on the way back to a booming economy. The reason why is that the unemployment rate is still at an unsustainable level. There are just too many people collecting unemployment, which is draining the country's resources. Until we get these people back to work, the economy will continue to be in bad shape.
The unemployment rate in the US is still extremely high. The housing market is still in trouble. I live in an 8-year-old housing addition that is not even half full and they have not built a house in here in over 2 years. People are still afraid to spend money like they used to. Other foreign countries are gaining more power and wealth because the US has given them so much of our business and jobs.
The United States economy is suffering from more than one systemic problems. First, there is a massive trade deficit every month. This is caused by the allowance of free trade between nations that use slave labor such as China, Indonesia, Vietnam, and Mexico. These countries also have very relaxed environmental laws. The U.S. corporations based within the United States will not be able to compete against these corporations since we have environmental laws and labor rights. Also, the U.S. Treasury is constantly slipping further into debt trying to artificially buy their way out of the poor economics of the U.S. and this simply puts the U.S. further into debt, which will eventually make the United States a much less wealthy nation.