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Japans Tsunami and Nuclear Disaster
A 9.0 magnitude earthquake, and a 100 foot tsunami hit Japan's eastern shoreline, also hitting a nuclear power plant, and causing a "Triple Disaster". It killed 28,000, and misplaced 465,000.
This is important to the economy because it destroyed 138,000 buildings and cost $360 billion in economic damage. This region was also responsible for 6-8 percent of the country's total production. Finally they also had to import oil to replace generation capacity, which caused record trade deficits -
Obamacare adds coverage of $20 million
he Affordable Care Act expanded health coverage to 20 million people. They could receive low-cost preventive care for chronic illnesses. That kept them out of expensive emergency rooms. As a result, the rise in health care costs slowed. That may help the United States receive a better score from the World Health Organization. -
The Massive hack on Sony Pictures
The Sony Pictures hack was a public relations nightmare of the worst kind in Hollywood, one that the company will be reeling from for years. Some cybersecurity experts estimated the leak could cost Sony (SNE) as much as $100 million, along with the possibility of lost future business opportunities as Hollywood reacts to the damage. News reports continue to link the hack to North Korea, but neither the company nor North Korea have publicly confirmed a connection. -
The Trans-Pacific Partnership finally gets done
After seven years of negotiations, the United States and 11 other countries finally reached agreement in October on the Trans-Pacific Partnership (TPP), the largest regional trade deal in history. This affects the economy because it would set trade rules that would govern roughly 40% of the global economy. -
China emerges as worlds largest economy
In 2015, China became the world's largest economy. That shifts the economic balance of power, putting the European Union second and the United States third. China is also the largest holder of U.S. debt. It owns $1.2 billion of U.S. Treasuries. This affects the economy because the economic balance of power was shifted putting the european union ahead of us. -
Greece Debt Crisis
The Greece debt crisis warned of the danger facing other heavily indebted countries. In 2015, Greece nearly defaulted on its debt and exited the eurozone. It triggered the Eurozone debt crisis, creating fears of a global financial crisis. Although the crisis was resolved. This affects the economy because the Greek economy shrank 25 percent thanks to spending cuts and tax increases demanded by creditors. Greece's debt-to-GDP ratio grew to 179 percent. -
China Devalues the Renminbi Amid an Economic Slowdown
Beijing sent shock waves through global financial markets in August when it devalued its currency, variously called the yuan or renminbi, against the dollar. -
China builds islands in the South China Sea
China claims a 12 mile zone of the south china sea, and takes it to build islands. this is economically effective because there were more than $5 trillion in trade passes -
Hurricane Harvey cost $180 billion
Hurricane Harvey was a Category 4 storm that hit Texas on August 25, 2017. It caused $180 billion in damage. That’s more than any other natural disaster in U.S history, except the largest estimates of Hurricane Katrina damage. It affected 13 million people from Texas through Louisiana, Mississippi, Tennessee and Kentucky. this affects the economy because -
Cost of War on Terror Escalates U.S. Debt
The 9/11 attack led to increased defense spending - first in Afghanistan and second in Iraq. By 2006, the War on Terror had increased the defense budget to $600 - $700 per year, creating an annual budget deficit of $500 billion per year. By 2007, the debt had almost doubled to $9.2 trillion. By 2018, it added $2 trillion to the debt.
