The Most Popular Economic Issues in 2018.

1. Choose a topic from the list in the document,” The Most Popular Economic Issues in 2018.”

2. Choose a side to the issue and justify the position using at least three specific points.

3. Cite your points with one or more articles from a reputable online newspaper, magazine or journal. A recognized internet or television news source such as MSNBC, NBC, CNN etc. Do not use any Wikipedia or any user-generated content internet sites. No blogs, no unsubstantiated sources.

Information:

a. Title, including the issue and your position.

b. A brief, but through summary of the issue. (one paragraph).

c. A discussion of the three points that justify your position. you will need to dispute the opposing view, so make your points clear.

d. What should we pay attention to in the future as it relates to this?(one paragraph).

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

It is no surprise that economic issues have been at the forefront of the news and conversations in 2018. Three of the most popular economic issues that have been discussed this year include the impact of tax reform on the economy, the growing wealth and income inequality gap, and the effects of trade wars on the global economy. Each of these topics has had a wide-reaching effect on the global economic climate and has been a major point of discussion for economists, politicians, and citizens alike. In this essay,

Tax reform is an important tool for governments to use to stabilize and improve the economy. According to GN Ogbonna and A Ebimobowei in their 2012 article, tax reform can have a positive effect on both short-term and long-term economic growth. In the short-term, tax reform can help reduce the deficit, which can improve the government’s fiscal position and create a more sustainable economic environment. Tax reform can also stimulate investment and create jobs, which can have a positive effect on growth in the long-term. Furthermore, tax reform can also help promote competition and encourage innovation, which can lead to increased productivity and increased economic growth. Thus, tax reform can be an effective tool for governments to use to foster economic growth and stability.

In recent years, the growing wealth and income inequality gap has been an increasingly prominent issue in the U.S. According to TW Mitchell in Howard LJ (2012), the widening of the gap has been driven by “the expansion of global markets, the rise of financial markets, the deregulation of financial and labor markets and the decline of labor unions” (Mitchell, 2012). This has resulted in an increase in the amount of wealth held by the top 1% of earners, while the bottom 90% have experienced a decline in wealth. Similarly, the top 1% of U.S. earners have experienced an increase in their income, while the bottom 90% have experienced a decrease (Mitchell, 2012). This has been further exacerbated by the trend of businesses and corporations not paying their employees a living wage, leading to an increase in poverty and inequality (Mitchell, 2012). Moreover, the tax system in the U.S. has been heavily biased towards the wealthy, with the top 1% of earners paying a much lower effective tax rate than the bottom 90% (Mitchell, 2012). This has been a major contributing factor to the growing wealth and income inequality gap in the U.S. As such, it is clear that there is a need for policies and initiatives to help address this issue and reduce the gap.

The effects of trade wars on the global economy are far-reaching and complex. According to RB Freeman (2004) in his work World Economy, trade wars can have a negative impact on the global economy. Trade wars can create a hostile environment for global trade, leading to decreased competition, instability, and an overall decrease in global economic growth. Trade wars can also lead to an increase in tariffs, which can disrupt the balance of global trade and create a ripple effect of economic losses. In addition, trade wars can lead to a decrease in foreign direct investment, which can have a direct impact on economic growth, as well as an impact on employment. Furthermore, trade wars can lead to decreased consumer confidence and a decrease in consumer spending, negatively impacting the global economy. In conclusion, it is clear that trade wars can have a significant and long-lasting impact on the global economy.

2018 saw a variety of economic issues top the news headlines, ranging from increased tariffs to a growing deficit. These issues highlighted the complexities of the economy and the importance of understanding its forces. By understanding the broader landscape of the economy and its likely trajectories, people are able to make more informed decisions and be better prepared for future economic shifts. This understanding allows people to make the most of an increasingly interconnected world and its many economic opportunities.

Work Cited

TW Mitchell.”Growing inequality and racial economic gaps.”https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/howlj56&section=30

RB Freeman.”Trade wars: The exaggerated impact of trade in economic debate.”https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-9701.2004.00585.x

GN Ogbonna.”Impact of tax reforms and economic growth of Nigeria: A time series analysis.”https://www.airitilibrary.com/Publication/alDetailedMesh?docid=20413246-201201-201512250019-201512250019-62-68

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