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Housing Economic and Recovery Act
Leadership, Monetary Policy
Bush put into effect the Housing Economic and recovery act to help with housing market crash that happened in 2007. The purpose of this act was to make the people feel comfortable and renew their faith in Fannie Mae and Freddie Mac. It also allowed the federal housing agency to allow 300 billion dollars in 30-year fixed rate mortgages to subprime buyers. -
Oil Price Drop
Trade, Monetary The goods trade deficit fell from $840.3 billion in 2008 to $517.0 billion in 2009, a decline of $323.4 billion (38.5%). A decline in net oil imports was responsible for slightly more than half (56%) of the fall in the goods trade deficit in 2009. Falling petroleum imports were largely explained, in turn, by a 40.2% decline in the average price per barrel of petroleum imports in 2009. -
Stimulus Package/ARRA
Leadership, Result
Approved by Congress in February 2009, the American Recovery and Reinvestment Act was designed to jumpstart the economy and save between 900,000-2.3 million jobs. The plan, also known as the Obama Stimulus Package, was to spend $787 billion over 10 years, but to maximize its effect, 91.5% of the money was spent in the first three fiscal years. It was considered a success. -
Housing Crisis
Savings, Fiscal
The reason for the housing crisis is because a very large percentage of mortgages were made exempt from federal rules and regulations. The drive for short-term profit eventually crashed. -
Gross National Savings
Fiscal, Savings
The gross national savings of the US is 17.28% of the GDP, which is 0.78% below the world average. The #1 country in terms of gross national savings is Qatar with an astonishing 56.023% of the GDP. -
Cuts Cosolodations and Savings
Budget and Savings- Fiscal Policy
The government plans to cut discretionary spending by $3.6 billion in 2016 compared to 2015, and mandatory spending by $10.7 billion. The plan should save nearly $500 billion in mandatory spending by 2025.
