Economy Project By bridgetsawesome Feb 13, 2009 American Recovery and Reinvestment Act (ARRA) The Recovery Act was passed to deal with the economic crisis. Its main goals were to create new jobs, promote economic activity, and advance new levels of accountability in government spending. This Act cut taxes and funded for entitlement programs and federal contracts. This event would fall under the budget deficit. Mar 23, 2010 Affordable Care Act The Affordable Care Act, which is part of Obamacare, helps to ensure more Americans have insurance. It requires large business to provide insurance. The act helps to regulate health insurance. This would fall under the leadership deficit because it is implemented by Obama. May 20, 2010 Financial Regulations Bill This act is aimed to protect American’s jobs and savings by preventing risks in the financial system that brought down the economy in 2008. The Financial Regulations Bill will enact new laws to will make it easier for eliminate large failing companies. This event falls under savings deficit. Jan 1, 2013 Congress signs a budget agreement This bill increased taxes with immediate spending cuts. In addition, passing this budget agreement with a divided Congress was an attempt to avoid a government shutdown, similar to the one October 2012. This event falls under budget deficit. Jan 1, 2014 Younger Generation Faces Deficit The savings rate of adults under the age of 35 had a savings rate of -2%. Many of the people in this generation are left with no financial cushion for unexpected expenses. This event falls under savings deficit. Jul 1, 2015 Trade Deficit Falls 7.4% Imports in the US have dropped in the past five months. Less products like cellphones are being brought into the country and because of this, the trade deficit has fallen to the lowest level in five months. This event would fall under the trade deficit.
