U.S. economy and social structure before the change of eras

Abstract

Dramas of a unique pandemic of COVID-19, an unparalleled sharp recession and critically important presidential elections have put the difficult choices for the American society in 2020. Socio-economic development of the U.S. in XXI century has come through the series of crises, which had major impacts on the global development. The country has retained the leadership in the developed world by general economic might, innovations and dynamics of upturns. In the last three decades the demographics of the U.S. population have experienced the substantial changes, notably the number of citizens of Asian origin and Hispanic group have increased. The latter has surpassed the Afro-American group by a number of families and by an average income per family. Overall growth of income in the country has not eliminated large income disparities among social strata. Statistics of tax declarations indicate the inequality by social groups and by race. These disparities have probably played an important role in 2020 recession and pandemic development. As far as electoral behavior is concerned, the inequality factor is even more visible.