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Economy
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Economy
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Overview
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Fisheries in 2005-06 landed 128,081 metric tons, of which 83% (106,591 tons) was krill (Euphausia superba) and 9.7% (12,364 tons) Patagonian toothfish (Dissostichus eleginoides), compared to 147,506 tons in 2004-05 of which 86% (127,035 tons) was krill and 8% (11,821 tons) Patagonian toothfish (estimated fishing from the area covered by the Convention of the Conservation of Antarctic Marine Living Resources (CCAMLR), which extends slightly beyond the Southern Ocean area). International agreements were adopted in late 1999 to reduce illegal, unreported, and unregulated fishing, which in the 2000-01 season landed, by one estimate, 8,376 metric tons of Patagonian and Antarctic toothfish. In the 2006-07 Antarctic summer, 35,552 tourists visited the Southern Ocean, compared to 29,799 in 2005-2006 (estimates provided to the Antarctic Treaty by the International Association of Antarctica Tour Operators (IAATO), and does not include passengers on overflights and those flying directly in and out of Antarctica).
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The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.
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Environment
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Current issues
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increased solar ultraviolet radiation resulting from the Antarctic ozone hole in recent years, reducing marine primary productivity (phytoplankton) by as much as 15% and damaging the DNA of some fish; illegal, unreported, and unregulated fishing in recent years, especially the landing of an estimated five to six times more Patagonian toothfish than the regulated fishery, which is likely to affect the sustainability of the stock; large amount of incidental mortality of seabirds resulting from long-line fishing for toothfish; <i>note:</i> the now-protected fur seal population is making a strong comeback after severe overexploitation in the 18th and 19th centuries
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air pollution resulting in acid rain in both the US and Canada; the US is the largest single emitter of carbon dioxide from the burning of fossil fuels; water pollution from runoff of pesticides and fertilizers; limited natural fresh water resources in much of the western part of the country require careful management; desertification
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Geography
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Area
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Comparative
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slightly more than twice the size of the US
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about half the size of Russia; about three-tenths the size of Africa; about half the size of South America (or slightly larger than Brazil); slightly larger than China; more than twice the size of the European Union
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Geography
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Area
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Comparative to US places
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slightly more than twice the size of the US
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about half the size of Russia; about three-tenths the size of Africa; about half the size of South America (or slightly larger than Brazil); slightly larger than China; more than twice the size of the European Union
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Geography
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Area
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Total
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20.33 million sq km
Ranked 4th.
2 times more
than
United States
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9.83 million sq km
Ranked 4th.
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Geography
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Climate
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sea temperatures vary from about 10 degrees Celsius to -2 degrees Celsius; cyclonic storms travel eastward around the continent and frequently are intense because of the temperature contrast between ice and open ocean; the ocean area from about latitude 40 south to the Antarctic Circle has the strongest average winds found anywhere on Earth; in winter the ocean freezes outward to 65 degrees south latitude in the Pacific sector and 55 degrees south latitude in the Atlantic sector, lowering surface temperatures well below 0 degrees Celsius; at some coastal points intense persistent drainage winds from the interior keep the shoreline ice-free throughout the winter
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mostly temperate, but tropical in Hawaii and Florida, arctic in Alaska, semiarid in the great plains west of the Mississippi River, and arid in the Great Basin of the southwest; low winter temperatures in the northwest are ameliorated occasionally in January and February by warm chinook winds from the eastern slopes of the Rocky Mountains
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Geography
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Coastline
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17,968 km
Ranked 16th.
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19,924 km
Ranked 9th.
11% more than
Southern Ocean
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Geography
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Elevation extremes
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Highest point
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sea level 0 m
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Mount McKinley (Denali) 6,194 m (highest point in North America)
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Geography
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Geographic coordinates
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60 00 S, 90 00 E (nominally), but the Southern Ocean has the unique distinction of being a large circumpolar body of water totally encircling the continent of Antarctica; this ring of water lies between 60 degrees south latitude and the coast of Antarctica and encompasses 360 degrees of longitude
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38 00 N, 97 00 W
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Geography
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Location
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body of water between 60 degrees south latitude and Antarctica
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North America, bordering both the North Atlantic Ocean and the North Pacific Ocean, between Canada and Mexico
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Geography
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Natural hazards
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huge icebergs with drafts up to several hundred meters; smaller bergs and iceberg fragments; sea ice (generally 0.5 to 1 m thick) with sometimes dynamic short-term variations and with large annual and interannual variations; deep continental shelf floored by glacial deposits varying widely over short distances; high winds and large waves much of the year; ship icing, especially May-October; most of region is remote from sources of search and rescue
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tsunamis; volcanoes; earthquake activity around Pacific Basin; hurricanes along the Atlantic and Gulf of Mexico coasts; tornadoes in the Midwest and Southeast; mud slides in California; forest fires in the west; flooding; permafrost in northern Alaska, a major impediment to development
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Geography
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Natural resources
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probable large and possible giant oil and gas fields on the continental margin; manganese nodules, possible placer deposits, sand and gravel, fresh water as icebergs; squid, whales, and seals - none exploited; krill, fish
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coal, copper, lead, molybdenum, phosphates, rare earth elements, uranium, bauxite, gold, iron, mercury, nickel, potash, silver, tungsten, zinc, petroleum, natural gas, timber
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Geography
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Terrain
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the Southern Ocean is deep, 4,000 to 5,000 m over most of its extent with only limited areas of shallow water; the Antarctic continental shelf is generally narrow and unusually deep, its edge lying at depths of 400 to 800 m (the global mean is 133 m); the Antarctic icepack grows from an average minimum of 2.6 million sq km in March to about 18.8 million sq km in September, better than a sixfold increase in area; the Antarctic Circumpolar Current (21,000 km in length) moves perpetually eastward; it is the world's largest ocean current, transporting 130 million cubic meters of water per second - 100 times the flow of all the world's rivers
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vast central plain, mountains in west, hills and low mountains in east; rugged mountains and broad river valleys in Alaska; rugged, volcanic topography in Hawaii
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