Editing Economy of the United States (section)

==Demographic shift==
{{See also|Demographics of the United States}}
Beginning in the late 20th century, many Latin Americans immigrated, followed by large numbers of Asians after the removal of nation-origin based [[Immigration and Nationality Act of 1965|immigration quotas]].<ref>{{cite web 
|url=https://www.boston.com:80/news/politics/2008/articles/2008/11/11/obama_victory_took_root_in_kennedy_inspired_immigration_act/?page=full
|title=Obama victory took root in Kennedy-inspired Immigration Act
|author=Peter S. Canellos
|date=November 11, 2008
|work=The Boston Globe
|access-date=November 14, 2008}}</ref> The promise of high wages brings many highly skilled workers from around the world to the United States, as well as millions of [[Illegal immigration to the United States|illegal immigrants]] seeking work in the informal economy. More than 13 million people officially entered the United States during the 1990s alone.<ref>{{cite book|author1=Jeanette Altarriba|author2=Roberto R. Heredia|title=An Introduction to Bilingualism: Principles and Processes|url=https://books.google.com/books?id=87snuOaE7DwC&pg=PA212|year=2007|publisher=Taylor & Francis|isbn=978-0203927823|page=212}}</ref>

[[File:Philadelphia - panoramio - 4net (3).jpg|thumb|Restaurants and shops in [[Chinatown, Philadelphia]]]]
Labor mobility has also been important to the capacity of the American economy to adapt to changing conditions. When immigrants flooded labor markets on the East Coast, many workers moved inland, often to farmland waiting to be tilled. Similarly, economic opportunities in industrial, northern cities attracted black Americans from [[Southern United States|southern]] farms in the first half of the 20th century, in what was known as the [[Great Migration (African American)|Great Migration]].

In the United States, the corporation has emerged as an association of owners, known as stockholders, who form a business enterprise governed by a complex set of rules and customs. Brought on by the process of [[mass production]], corporations, such as [[General Electric]], have been instrumental in shaping the United States. Today in the era of [[globalization]], American investors and corporations have influence all over the world. The American government is also included among the major investors in the American economy. Government investments have been directed towards public works of scale (such as from the [[Hoover Dam]]), military-industrial contracts, and the financial industry.

===Aging===

The U.S. population is [[Aging of the United States|aging]], which has significant economic implications for GDP growth, productivity, innovation, inequality, and national debt, according to several studies. The average worker in 2019 was aged 42, vs. 38 in 2000. By 2030, about 59% of adults over 16 will be in the labor force, vs. 62% in 2015. One study estimated that aging since 2000 has reduced productivity between 0.25% and 0.7% per year. Since GDP growth is a function of productivity (output per worker) and the number of workers, both trends slow the GDP growth rate. Older workers save more, which pushes interests rates down, offsetting some of the GDP growth reduction but reducing the Federal Reserve's ability to address a recession by lowering interest rates. Means of addressing the aging trend include immigration (which theoretically brings in younger workers) and higher fertility rates, which can be encouraged by incentives to have more children (e.g., tax breaks, subsidies, and more generous paid leave).<ref>{{cite news |url=https://www.nytimes.com/2019/06/15/sunday-review/work-age-economy.html?|title=This Economy Is Not Aging Gracefully |last=Porter |first=Eduardo |date=June 15, 2019 |work=[[The New York Times]] |access-date=June 15, 2019}}</ref>

The [[Congressional Budget Office]] estimated in May 2019 that mandatory spending (e.g., Medicare, Medicaid, and Social Security) will continue growing relative to the size of the economy (GDP) as the population ages. The population aged 65 or older is projected to rise by one-third from 2019–2029. Mandatory program spending (outlays) in 2019 were 12.7% of GDP and are projected to average 14.4% GDP from 2025–2029.<ref>{{cite news |url=https://www.cbo.gov/publication/55151|title= Updated Budget Projections: 2019 to 2029|date=May 2, 2019 |work=[[Congressional Budget Office]] |access-date=June 15, 2019}}</ref>