2016 was slightly more positive than recent years in terms of economic growth. Growth ticked upwards while current employment numbers remained strong and economic activity seemed promising. However, 2016 was also a reflection of the concerns of unemployment due to automation and the growing divide between the one percent and the rest of the population. Incomes for the wealthiest Americans increased significantly while incomes for the rest remained largely stagnant. With 2017 coming, there will be a great need to address these issues and create more sustainable growth. Is it possible? It is likely.
To start off, we have a new president coming into power. Whether he is favored or not, one of Trump's biggest campaign promises is to bring jobs back to America. There is an underlying larger manufacturing issue that comes with this promise. It's important to note that he blames the loss of manufacturing jobs to competition and globalization rather than to automation and technical advancements. Regardless, if middle and lower class employment are his concern, at least his principles are moving in the right direction.
With the election of Donald Trump, society as a whole has become more active. More work is being done in social justice and in society in general to raise important awareness for the issues at hand. And as such, there has been a greater effort to call into question the inequality divide in this country. The debates that have sparked are leading closer and closer to the direction of sustainable economic growth, which is a more positive note and will be more than likely exemplified in 2017.
In addition, the stock market seems to have hit an all time high. The market climbed 14 percent in 2016 and is expected to continuously rise. This boosts economic confidence and promotes other global economies to invest further in the U.S. The Federal Reserve is expected to raise interest rates, which means that there will be more money to act as a safety net. This is also good news because it shows that the markets are shifting to a more stable position than they were last year.
All in all, despite the fact that there may have been several slip-ups in 2016, 2017 seems to be promising from an economic standpoint. There are still several obstacles that need to be cleared. It will be a test to the American people and to their tenacity if we can clear these obstacles up and keep prosperity alive. Sustainable economic growth is the future and we are the citizens who need to make that change. Happy New Year, everyone.
