Many people today are excited about the economic growth that is taking place around the world. After getting through the latest recession, many people are ready to start investing in the future. There are many countries that are growing rapidly right now. The United States is growing, but not at the rate of some other nations around the world.
It is interesting to look at some of the nations that are doing well economically. Many of these countries are smaller in population size but are growing rapidly. Here are some of the things that the United States is struggling with right now that is dragging on economic growth.
Without a doubt, one of the biggest issues that people face today is the increase in healthcare costs in the economy. A lot of people today are struggling to pay for basic medical needs. Not only that, but the cost of medical insurance continues to increase every year. There are a lot of people who are trying to take things to a new level in this area. However, the legislation that has been passed so far seems to do more harm than good.
In the coming years, something must be done about the overall health industry. A lot of people are struggling to afford basic coverage, and this is going to negatively impact people in the future. The government seems to be deadlocked on how to solve the healthcare problem. It may be up to companies to try and determine the cost of care.
Another issue that the country faces is taxes. The corporate tax rate in the United States is the highest in the world. However, few major companies pay a lot of income tax. The country is basically discouraging small companies from growing, but is not getting the tax revenue needed from larger companies. Many companies have billions of dollars overseas in accounts because they do not want to pay taxes on that money.
Something must be done for personal taxes as well. A lot of people who make a high income pay a major percentage of their income to taxes. This is discouraging people from going out and getting additional jobs or increasing their income. Overall, the United States economy is strong but is not growing at the rate of some other countries around the world.