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US Economy Basic Facts:
GDP:$20.0T (Q1 2018)
GDP Breakdown (2017)
70% Consumption ($11.9T)
17% Investment Spending ($3.0T)
17% Government Spending ($2.9T)
Investment spending is the most volatile component of GDP
-4% Net Exports (-$620B)
rGDP: $17.4T (Q1 2018)
GDP per capita: $59,900 (2017)
GDP growth rate: 2.0% (Q1 2018)
Inflation Rate: 2.2% (May 2018)
Unemployment Rate: 4.0% (June 2018)
Debt: $21.2T
Debt to GDP Ratio: 105.6% (Q1 2018)
Debt Breakdown (2017)
27% Intragovernmetnal Holdings ($5.6T)
73% Public Holdings ($14.7T)
Foreign investors and government ($6.0T)
China ($1.19T)
Japan ($1.04T)
Ireland ($338T)
Federal Reserve ($2.47T)
Mutual Funds ($1.67T)
US International Trade:
Imports
Total Value: $2.9T (2017)
Main imports are Motor Vehicles, Oil, Cell Phones, Computers, Exports Returned Without Charge
Top Imports by Country: China, Mexico, Canada
Exports
Total Value: $2.3T (2017)
Main imports are Aircraft, Gasoline, Motor Vehicles, Motor Vehicle Parts, Computer Chips
Top Exports by Conutry: Canada, Mexcio, China
Trade Deficit: $568B (2017)
US Federal Reserve
Twelve regional Federal Reserve Banks exist
This banks correspond to the twevle Federal Reserve Districts created by the Federal Reserve Act in 1913
Banks, in order, are located in: Boston, New York, Philadelphia, Clevland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, San Francisco
Note: Missouri is the only state with two Federal Banks
US Taxes
Income Tax
The US federal income tax uses progressive income tax brackets. Higher incomes fall into higher brackets and subsequently face higher tax rates, like a standard progressive tax. However, the higher taxes are only applied to the portion of the income that falls into the bracket; for instance, singles who earn over $500,000 only have to pay the highest rate (37%) on the portion of their income that exceeds $500,000.
There are seven brackets with the following tax rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%
Although the tax rates for the brackets don't change, the brackets themselves change according to filing status. The three categories are "single", "married filing jointly or qualified widower", and "head of household or married filing separately."
Sales Tax
Because there is no national sales tax, states impose their own rates. These rates range from 2.9% (Colorado) to 7.25% (California).
Five states do not have state sales taxes: Alaska, Delware, Montana, New Hampshire, and Oregon.
States can allow cities or local areas to impose taxes of their own. Because of this, taxes in certain areas can reach as high as 10% in parts of Louisiana (5.00% sales tax plus 5.02% local tax).
Important Laws and Acts
Sherman Anti-Trust Act (1890)-Landmark federal statute, prevented formation of monopolies/trusts and allowed government to persecute existing monopolies/trusts, designed to preserve competitive markets and protect consumers
Federal Reserve Act (1913)-Created the Federal Reserve System, created US currency (the dollar) that could be issued by the Federal Reserve System
Federal Trade Commission Act (1914)-Established the Federal Trade Commission (FTC), which regulated businesses to prevent unfair practices and/or competition
Clayton Act (1914)-Banned monopolistic price discrimination, exclusive dealing arrangements, bundling (when a consumer is forced to buy an unrelated good along with the desired good), and mergers or acquisitions that reduce competition
Banking Act of 1933-Established Federal Deposit Corporation to provide deposit insurance to people who deposited in US banks and/or institutions, meant to prevent bank runs and restore public trust in banking system, also separated commercial and investment banks (Glass-Seagall Act)
Sarbanes–Oxley Act (2002)-Response to major corporate and accounting scandals, established new and more comprehensive regulations for public and private companies, public company boards, and public accounting firms
Dodd-Frank (2010)-Response to the Great Recession, established comprehensive regulations on many financial institutions and agencies
Budget Control Act of 2011-Ended US debt-ceiling crisis, increased debt ceiling, reduced government deficit, created Congressional Joint Select Committee on Deficit Reduction
US Stock Market
Dow Jones Industrial Average (Dow)-Represents 30 of the US's largest publicly owned companies. It is calculated by adding up the price of all 30 stocks and dividing this value by the Dow Divisor, which is adjusted to reflect stock splits and other changes.
Standard and Poor's 500 (S&P 500)-Represents 500 large companies listed on the NYSE or NASDAQ. Unlike the Dow, the S&P 500 is based on market capitalization and uses an extensive weighting system.
NASDAQ Composite-Represents common stocks and similar securities, tracks approximately 4,000 stocks traded on the NASDAQ exchange. Its compisition is weighted heavily toward IT companies.