Economy of the United States
(Reading for statistical and numerical data)
The economy of the United States is the world's largest national economy. Its nominal GDP (gross domestic product) was estimated to be $14.3 trillion in 2009, approximately a quarter of nominal global GDP.
Historically, the U.S. economy has maintained a stable growth rate, a low unemployment rate, and high levels of research and capital investment It has been the world's largest national economy since 1944 and remains the world's largest manufacturer, representing 19 % of the world's manufacturing output. In 2009, consumer spending, coupled with government health care spending constituted 70 % of the American economy. About 30 % of the entire world's millionaire population resides in the United States (in 2009). Furthermore, 40 % of the world's billionaires are American. The US is also home to the world's largest stock exchange, the New York Stock Exchange.
The United States is also home to 139 of the world's 500 largest companies, which is almost twice that of any other country. A large contributor to the country's success has also been a very strong and stable currency. The US dollar holds about 60 % of world reserves, as compared to its top competitor, the euro, which controls about 24 %.
A central feature of the U.S. economy is the economic freedom afforded to the private sector by allowing the private sector to make the majority of economic decisions in determining the direction and scale of what the U.S. economy produces. Today, the United States is home to 29.6 million small businesses, 30 % of the world's millionaires, 40 % of the world's billionaires, as well as 139 of the world's 500 largest companies. From its emergence as an independent nation, the United States has encouraged science and innovation. As a result, the United States has been the birthplace of 161 of Britannica's 321 Great Inventions, including items such as the airplane, internet, microchip, laser, cellphone, refrigerator, email, microwave, LCD and LED technology, air conditioning, assembly line, supermarket, bar code, electric motor, and ATM.
There are 4,352 colleges, universities, and junior colleges in the United States. In 2007, Americans stood second only to Canada in the percentage of 35 to 64 year olds holding at least two-year degrees. Among 25 to 34 year olds, the country stands tenth. The nation stands 15th out of 29 rated nations for college completion rates. According to government data, one-tenth of students are enrolled in private schools. Approximately 85 % of students enter the public schools.
In April 2010, the official unemployment rate was 9.9 %, but the government’s broader unemployment rate was 17.1 %. In the period between February 2008 and February 2010, the number of people working part time for economic reasons has increased by 4 million to 8.8 million, that is a 83% increase in part time workers during the two year period.
The U.S. produces approximately 21 % of the world's manufacturing output, a number which has remained unchanged for the last 40 years. The job loss during this continual volume growth is explained by record breaking productivity gains. In addition, growth in telecommunications, pharmaceuticals, aircraft, heavy machinery and other industries along with declines in low end, low skill industries such as clothing, toys, and other simple manufacturing have resulted in U.S. jobs being more highly skilled and better paying.
The U.S. is still on top by any economic measures. America’s work force remains the most productive, the nation’s universities and service industries are the world’s best and the economy is still double the size of Japan’s. But the U.S. is plagued by low national savings and investment. Average wages adjusted for inflation have been falling since the early 1970s; today’s typical worker can’t buy as much with his pay as his father could when Richard Nixon became president (1969). What’s more, global competition is forcing many U.S. industries into infamous retreat.
Source:abridged fromhttp//en.wikipedia.org/wiki/
TEXT 2
Read the following talk on the topic “Cars and the Environment” filling in the table with the correct numerical information below. Present the filled-in table and give a short summary (200–250 words) when tested on your progress in independent reading. While summarizing TEXT 2 make use of PHRASE BANK.
I’m going to speak on our growing dependence on the private motor car and on the possible environmental damage and pollution caused by too many cars on the roads. I’m also going to share my views about advantages and disadvantages of public transport.
The governments and politicians in the western world do their best to encourage our dependence on the private car. They argue that the benefits of living away from the centre of a large city require building very costly super highways which allow us to drive back into the city centre for work and entertainment. On the other hand, super highways increase traffic speeds and decrease the amount of time our cars are actually on the roads, thus decreasing emissions of dangerous gases because only slow moving traffic results in the pollution and smog.
By continuing to encourage our dependence on the motor car our city planners often proceed from the assumption that most new cars these days are highly efficient – they use far less petrol than in the past and emissions of dangerous gases are low.
But I’m convinced that the environmentalists and a lot eco-friendly people wouldn’t like to be heavily dependent on the private car.
By using only your own transport to get to work or to college you simply create more traffic congestion. Super highways equal cars, which inevitably equal smog.
The only way out is to increase the use of public transport. For instance, if you compare Toronto (Canada) with the US metropolis of Detroit, only 160 kilometers away, you will see the difference. In Detroit, only 1 % of passenger travel is by public transport whereas in Toronto it’s 24 % which is considerably better than Sydney (Australia). Sydney is the least car dependent city in Australia, believe you me! 16 % of trips are being taken on public transport in this city. But it’s a long way behind Europe. Take both London and Paris, for instance… where 30 % of all trips taken are on public transport. To some extent it’s quite natural…they do both have an excellent underground system. Though if we take Frankfurt (Germany), it comes in higher still at 32 %.
Now I’d like to tell you about the Copenhagen experiment, where they’ve been very successful at ridding the city of the car. Copenhagen is a wonderful example of a city that has learnt to live without the motor car. Back in the 1960s they adopted a number of policies designed to draw people back into the city. For instance, they paid musicians and artists to perform in the streets. They also built cycle lanes and now 30 % of the inhabitants of Copenhagen use a bicycle to go to work. Sydney by comparison can only boast 1 % of the population cycling to work. Then they banned cars from many parts of the city and every year 3 % of the city parking is removed and by constantly reducing parking they’ve created public spaces and clean air. There are also freely available bicycles which you can hire for practically nothing. And of course, they have an excellent public transport system.
Now you are welcome to ask me questions and express your opinion on the subject.
NOTES
1) dependence on – зависимость от…
2) benefits – зд. выгода, преимущества
3) to proceed from the assumption… – исходить из предположе-
ния о том, что …
4) traffic congestion – затор (уличного движения), «пробка»
TABLE OF NUMERICAL DATA
(the first has been filled in for you)
| City | Percentage of people using public transport | Percentage of people using a private car | Percentage of people using a bicycle |
| Detroit | 1 % | 99 % | |
| Sydney | |||
| Frankfurt | |||
| London | |||
| Paris | |||
| Copenhagen | |||
| Toronto |
|
TEXT 3