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Research Paper | Computer Science and Information Technology | India | Volume 13 Issue 8, August 2024 | Rating: 5 / 10
Road to Prosperity: Driving U.S. Economic Growth and National Debt Reduction by Leveraging Technological Innovation
Mohammed Saleem Sultan [9] | Mohammed Shahid Sultan [9]
Abstract: The paper investigates the complex role that technological innovation has played in improving U.S. Gross Domestic Product and its consequent impact on reducing national debt. The paper illustrates how investments in technology could support not only the stimulation of economic growth but also the increase of government revenues, reduction of public sector costs, and improvement in debt sustainability all based on a review of economic theories, historical case studies, and quantitative analyses. The analysis highlights critical sectors in which innovation has historically contributed to economic expansion, while the new technologies holding promise for future growth are also examined. The paper discusses potential risks of rapid technological change, such as job displacement and income inequality, and provides policy recommendations to mitigate these risks. The main findings are that it is prime important to have a strategic approach toward fostering innovation to strengthen the U.S. economy and achieve long-term debt reduction. The balance between economic growth and national debt reduction remains a persistent challenge for the United States. This paper examines the role of technological innovation in boosting U.S. GDP and its potential to reduce national debt. Through an analysis of economic theories, historical case studies, and quantitative data, the study explores how technological advancements can enhance productivity, reduce costs, and increase government revenues. The paper also addresses the risks associated with rapid technological change, such as job displacement and income inequality, offering policy recommendations to mitigate these issues. The findings suggest that strategic investments in innovation are crucial for sustaining economic growth and achieving longterm debt reduction.
Keywords: technological innovation, U.S. GDP, national debt reduction, economic growth, policy recommendations
Edition: Volume 13 Issue 8, August 2024,
Pages: 1356 - 1361