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Economic Stimulus Act of 2008
In early February Bush signed the Economic Stimulus Act of 2008. This Act provided tax rebates of $300 - $1200 for low-income and middle-income families. Link: https://www.reed.edu/economics/parker/f10/201/cases/policies_2008.html -
American Recovery and Reinvestment Act
This act was a response to the Great Recession of 2008 and aimed to create jobs and jump start the American economy. This falls into the savings deficit as it tried to help people’s savings. Link: https://www.whitehouse.gov/recovery/about -
Creation of the Consumer Financial Protection Bureau
“The CFPB was created to provide a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace. Before, that responsibility was divided among several agencies. Today, it’s our primary focus.”
This event would fall under the savings deficit because the agency focuses on enhancing financial education and protecting consumers. Link: http://www.consumerfinance.gov/ -
Government Shutdown
The federal government “shutdown” because Congress had not passed any law appropriating funds since September 30, 2013.
This is a leadership deficit because the two houses could not reach an agreement, so the government shutdown. Link: http://www.forbes.com/sites/quora/2013/10/03/why-did-the-u-s-government-shut-down-in-october-2013/#5f76476f527f -
Trans Pacific Partnership
Drafted in 2015, the trans pacific partnership includes 12 countries including the United States, Japan, Canada, Mexico, and Australia. This partnership is designed to promote trade within the countries and reduce tariffs and falls under the trade deficit. Link: http://www.bbc.com/news/business-32498715
https://ustr.gov/tpp/ -
Obama's Final Budget
On February 9, 2016, Obama proposed a final budget of $4.15 trillion which was projected to raise the American government’s total spending by 4.9%. This budget would be used for programs like social security. This event contributes to the budget deficit as the government is spending more money while racking up national debt. Link: goo.gl/8FYLTR
