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Trade Deficits begin
China has become the United State's source of imports starting in 2007, accouting for 19% of total imports 2009, while Mexico and Canada only had11% and 14%. China is also the third largest export market for the United States. Website: http://www.loc.gov/rr/business/asia/chinatrade/introduction.html
Image: http://www.economicpopulist.org/files/u1/tradedeficitasgdp.jpg
Image:http://www.economicpopulist.org/files/u1/tradedeficitasgdp.jpg -
Period: to
Economy Project
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Financial Stress
When financial stress began to emerge the FOMC responded, first with liquidity actions, which cut the discount rate and extended term loans to banks.
Website:http://www.federalreserve.gov/newsevents/speech/bernanke20120831a.html
Image: http://www.tmnz.co.nz/custom-content/uploads/2014/05/Financial-stress.jpg -
George W. Bush
George W, Bush's leadership during his presidency brought tax cuts, wars in Iraq and Afghanistan, an economic downturn in 2001, and a recession starting in 2007.
Website:http://www.nytimes.com/interactive/2011/07/28/us/charting-the-american-debt-crisis.html?_r=1&
Image: http://www.georgewbushlibrary.smu.edu/~/media/GWBL/Images/Galleries/Lithography/P25695-23.ashx -
Stimulus
The president signed a 787 billion stimulus bill into law which represented a 26.2 increase over federal spending in 2008. They assumed that 75 % of the stimulus money would be spent in 2009 and 2010 and that the monies would stimulate the economy
Website:http://www.ncpa.org/pdfs/st322.pdf
Image: http://i2.cdn.turner.com/money/2009/02/16/smallbusiness/smallbiz_stimulus.smb/chart_stimulus_pie_2.jpg -
Trade Deficits Declining
The trade deficit between China and the United States has grown rapidly as the number of imports from China towered the number of U.S. exports to China from $83 billion in 2000 to $266 billion in 2008. However, the trade defict slowed down in 20o9 due to the global financial crisis in 2007.
Website: http://www.loc.gov/rr/business/asia/chinatrade/introduction.html
Image:http://www.economicpopulist.org/files/u1/tradedeficitasgdp.jpg -
Barack Obama
President Obama brought stimulus spending, tax cuts, and effects of the 2007-2009 recession in lost revenues and automatic spending, like unemployment compensation.
Website: http://www.nytimes.com/interactive/2011/07/28/us/charting-the-american-debt-crisis.html?_r=0
Image:http://upload.wikimedia.org/wikipedia/commons/8/8d/President_Barack_Obama.jpg -
Budget deficits
In May of 2012, the Treasury Department recorded a $59 billion surplus. Tax reciepts were higher and spending lower than they were in last April. The last time we experienced this problem was in September 2008 when Treasury reported a $46 billion surplus.
Website: http://money.cnn.com/2012/05/10/news/economy/budget-deficit/
Image:http://www.numbernomics.com/nomicsnotes/wp-content/uploads/2011/04/Budget-Deficits2.jpg -
Budget Deficit is Falling
The budget deficit is falling rapidly from from its trillion-dollar-plus during Obama's first term. The main cause for this situation is from too much government spending. The budget caps and automatic cuts are working to force down outlays on non-entitlement programs.
Website: http://www.heritage.org/research/commentary/2014/5/the-budget-deficit-is-falling
Image: http://www.numbernomics.com/nomicsnotes/wp-content/uploads/2011/04/Budget-Deficits2.jpg
