American Economy
The Russian and Ukraine war has disturbed the economies of the world but America is no exception. America has imposed economic sanctions on Russia along with the European Union for its invasion of Ukraine. But it also has an adverse effect on the American economy. The oil prices are rising and the inflation rate is also on the high side in the USA. Besides that many counties of the world are buying cheap Russian oil and gas through the back door. i.e. Countries like China, India, and even some European Countries. However American economy is doing well regarding the job market at present but big American companies are predicting a recession next year in the USA.
World powerful oil organization OPEC has recently announced to reduction the oil production which will further increase the oil price. It will also adversely affect the American economy. It is reported that Saudi Arabia is very much displeased with the USA regarding one of the cases which is going on in America in which the Saudi Crown prince is involved very much. This all shows that circumstances are adverse for world superpowers.
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Besides that, there are a few hidden reasons for the suffering of the American Economy. The income gap between the high and lowest is increasing in America. Rich people are becoming Richer. The middle class is shrinking day by day. Millions of people are living in poverty. Besides that concentration of ownership is growing. The few large multi-corporations are controlling the production and their cost too.
There are a few firms( i.e. Black Rock, State Street, and Vanguard) on wall street which control assets of 20 Trillion. It amounts to the GDP of the USA. Hence few Billionaires in America who have large power over the Economic life of the American people.
All those factors have to be considered to rectify in order to control the Economic evils of the American Economy.
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