An Overview Regarding the U.S domestic Economic Strategies: Role of Think Tanks

Abstract

Even though federal government of U.S play the primary role in managing the nations various systems such as fiscal policy, healthcare, defense and welfare, the existence of different political ideologies plays a part in national and international stability[1] , in sense that each ideology strategy in managing economic issues reach a different conclusion, proved by the numerous economical tragedies such as the greater recession , implements the bases of each ideologies perspective on government's role in reducing economic inequality, addressing job displacement due to technological change, and striking a balance between free market principles and government intervention during economic crises.1 To discuss the economical view of each side, one must fully understand in clarity the differences between two ideologies, in simplest form liberalism is described by the government's sole responsibly in preserving freedom protections its citizens individual liberty while also minimizing  its intervention in its citizens lives, on the other hand, conservatism allows the government vast influence thus to conserve the established norms and institutions such as the cultural and religious traditions of its nation. While this is nearly the correct definition of what each ideology stands for, such political movements do tend to abuse power through the ideological privileges they stand for. Furthermore, the existence of the federal government is crucial in interfering with conservative or liberal administrations when their policies threaten economic stability. Federal governments’ regulatory agencies such as federal reserves and the Environmental protection agencies exist to act as checks on extreme economic policies. Under a conservative administration that Favors deregulation and reduced taxes, the federal government may intervene to prevent excessive corporate power or environmental harm that could arise from such policies.[2]  Conversely, in a liberal administration pushing for expansive social programs or aggressive tax hikes, the federal government’s budgetary and constitutional frameworks can limit excessive spending or prevent overreach that may stifle economic growth.[3] Thus, regardless of the political ideology in power, the federal government ensures a balanced approach to economic management by safeguarding essential public interests while keeping national economic stability.

[1] Conservatives vs. Liberals: The Economic Debate - Cameron School of Business Blog (stthom.edu)

[2] https://doi.org/10.1596/978-1-4648-0057-3

[3] https://www.pewresearch.org/politics/2017/10/24/5-views-of-the-economy-and-the-social-safety-net/