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Biggest Economy Drop
In September 2008, many factors came together to form the biggest economy drop since the Great Depression. The investment bank on Wall Street began to collapse because of a mortgage crisis and some corporations fraud. Obama then came to office and we didn’t see any recover till late 2009. Even the economy was recovering very slowly. (Result) (budget deficit)
https://www.thebalance.com/top-10-financial-events-of-the-decade-393162 -
Savings Dropping
In 2009, households that had any retirement savings reported that the savings had dropped 30% in value on average. About 16% relocated existing retirement account balances away from stocks, which is nearly three times as many as balances shifted towards stock. (Result) (Saving Deficit)
http://www.nber.org/bah/2010no3/w16407.html -
Trade Deficit Dropped
The Commerce Department stated that the deficit dropped down to $711.16 billion last year, which is a 6.2% decline from previous years. The Chinese trade deficit keeps rising, jumping 10.2% to $256.30 Billion, which is the largest gap that had ever been recorded between two singular countries. (Fiscal) (Trade Deficit)
http://www.cbsnews.com/news/us-trade-deficit-declined-in-2007/ -
Economic Drop
On August 2007, a very severe economic drop occurred. A response to this economic drop was to have a reduction of the federals funds rate. After doing this the economy continued to drop which increased unemployment and inflation. (Fiscal) (Budget Deficit)
http://www.frbsf.org/economic-research/publications/economic-letter/2009/may/fed-monetary-policy-crisis/ -
Affordable Care Act
Obamacare (The Affordable Care Act): President Barack Obama signs the Affordable Care Act on March 23, 2010. The Act granted more than 30 million uninsured people with insurance by expanding Medicaid and providing medical subsidies to help lower- and middle-income Americans.(Fiscal) (Leadership Deficit)
http://affordablehealthca.com/history-affordable-care-act/ -
Budget Deficit Drops by 9%
The budget has recently fallen to the lowest point since 2007 during the fiscal year in 2015, which ended Sept. 30th. The deficit declined by 9% from the year before to $439 billion, which is around 2.5% of the GDP and is far below the average the U.S. has had over the past 40 years. (Monetary)(Budget Deficit)
http://www.wsj.com/articles/u-s-posts-smallest-annual-budget-deficit-since-2007-1444937616
