When investigating the three sectors of the American economy one is able to see that the consumer, business owner, and government aspects of the economy all differ very heavily. Each position plays a different role in the functioning economy and with the loss of one certain position, there would be no functioning economy. While conducting an interview with three local representatives of the three sectors of the economy one is able to see how each party thrives off the other. As a consumer, there are many factors that determine how useful that consumer will be to the economy. If the consumer is a member of the working class, business will benefit by obtaining that hard working citizen that will drive their business further, and the government will thrive in the income taxes paid by the working consumer and business. If the consumer is not of the working class and is in need of government assistance, the government compensates for the money lost in helping those unable to provide the necessary means of survival in taxing consumers and businesses.
One thing the consumer, business owner, and government official all have in common is the agreed factor of the United States economy losing world power to East Asian nations such as China and Japan. All three interviewees expressed concern for the industrial production substandard and NAFTA hurting the American economy. One may find it interesting to see three different viewpoints on education in America. The consumer of the working class and the government official seemed to believe that education was the most crucial part of our nation's future while the business owner thought is wasn't as important as opening up the job market or lowering taxes. All three interviewees agreed that the nation's defense system was also a crucial part in preserving our economy. A surprising finding was the government officials reaction to government assisted programming.
Concerns were expressed for the abuse of the program and not enough regulation of assistance especially in New York State. New York provides 36 various welfare programs, all of which require different standards to obtain assistance, while most states offer only 12 programs. Therefore, it is extremely easy for someone truly unqualified for welfare to obtain some sort of public assistance in New York State. This leads to severe abuse of the system, which increases taxes for the consumer and business owner. It has even been found that many people who do not qualify for public assistance in a state outside of New York will move into New York State so they are able to receive help from the government.
All three interviewees agreed that the American economy would be in deficit the next fiscal year due to the Bush Administration's tax increase and the current Iraqi conflict. Many of the important issues facing each the consumer, business owner, and government official was somewhat similar. Lowering taxes, creating jobs, and education were the most popular tasks for the American economy to attempt. It is very obvious the vital need for all three sectors of the American economy. Without one branch, the other two would have a much more difficult time in functioning properly. After conducting the interviews, one is able to learn how opinions are formed on certain economic programs just through one's station in life, their experience in the working field, and personal beliefs.
One may find it typical that the business owner found education to be less crucial than opening up the job market because that is his or her best means of economic surplus. Speaking with true representative personalities of the American economy is truly eye opening. There is not better way to experience first handedly how necessary and crucial it is for the consumer, business owner, and government official to work together for the economy to run smoothly.