Obama Financial Crisis Summary - 1578 Words

Upon entering office, Obama focused on handling the global financial crisis and the subsequent Great Recession,[43][44] which was generally regarded as the worst economic downturn since the Great Depression.[45] On February 17, 2009, Obama signed into law a $787 billion economic stimulus bill that included spending for health care, infrastructure, education, various tax breaks and incentives, and direct assistance to individuals. The tax provisions of the law temporarily reduced taxes for 98 percent of taxpayers, bringing tax rates to their lowest levels in 60 years.[46] The Obama administration would later argue that the stimulus saved the United States from a double-dip recession.[47] Obama asked for a second major stimulus package in†¦show more content†¦GDP growth returned in the third quarter of 2009, expanding at a 1.6% pace, followed by a 5.0% increase in the fourth quarter.[65] Growth continued in 2010, posting an increase of 3.7% in the first quarter, with lesser ga ins throughout the rest of the year.[65] Overall, the economy expanded at a rate of 2.9% in 2010.[66] The countrys GDP consistently grew by about 2% in 2011, 2012, 2013, and 2014.[67] However, median household income (adjusted for inflation) fell to $53,600 in 2014, down from an inflation-adjusted $57,400 in 2007, just before the start of the Great Recession.[67] The poverty rate peaked at 15.1% in 2010 but declined to 13.5% in 2015, which is still higher than the 12.5% pre-recession figure of 2007.[68] The relatively small GDP growth rates in the United States and other developed countries following the Great Recession left economists and others wondering whether U.S. growth rates would ever return to the levels seen in the second half of the twentieth century.[69][70] Wall Street reform See also: Banking in the United States Risky practices amongShow MoreRelatedThe Financial Crisis Of The U.s. Auto Industry1295 Words   |  6 PagesThe Problem The year was 2008 and the daily news for Americans could make us choke on our morning coffee. The financial crisis was something out of a movie that could be titled The Horrors from Wall Street. The nasty mortgage mess was having a negative impact on other areas of the economy. The U.S. auto industry was taking a sizeable hit. It became hard to conceive that a legacy industry like 100 year old General Motors could be in deep trouble. But indeed they were and by June, 2009, General MotorsRead MoreU.s National Debt And History1304 Words   |  6 Pagesafter the crisis in 2008. And finally the US national debt reached 120.6% of GDP in 2014 and still kept increasing till today. The surge in national debt during Bush and Obama administrations It is true that there was a surge in US national debt in past decade, the total federal debt was reaching 105% of GDP in 2012 which is the historically highest level since the Second World War. Although the crest existed in the president term of Obama, however, the rise of debt started long before Obama took officeRead MoreAnalysis Of Donald Trump And The Election1422 Words   |  6 Pagesboom and the month of March doesn’t exactly support the idea of an economic boom happening. In 2016 it is stated that previous President, Barack Obama created over two million jobs in the United States, with that being said where Donald Trump’s job creation numbers are at he is still on the right track to adding many numbers to the work previous President Obama did. The unemployment rate in January 2016 was 4.9%, while in March of 2016 the rate was still at 4.9% and by December of 2016 that rate wasRead MoreThe Modern Day Finance World Essay1635 Words   |  7 Pages2007 and 2009 was nothing nice, the modern-day finance world being primarily influenced by financial or monetary concern in the shape of â€Å"financial crisis,† as the whole financial support system convulsed to its roots and as the world went through its worst economic failure and disaster of the current times. I have read many articles and journals on the subject of past crisis that took place, but this crisis, stood out from the rest enough to catch my attention and want to read about it. The causesRead MoreEconomic Growth Out of Recession616 Words   |  3 Pages In 2007-2009 the recession in the U.S economy was long and deep. At some point the economic activity was reasonable in 2008, but the economy overtaken by a financial problems that could improve the economic weaknesses. The economy was recovered in mid of 2009. GDP has been in a stable path since then, although the jump has been unequal and slowed down in 2011. The high rate of long term unemployment and the labor rate has decreased the labor market. In the paragraphs below, I’m going to defineRead More2008 Us Economic Recession1709 Words   |  7 PagesINTRODUCTIONS The  Global Financial Crisis  of 2008 is considered by many economists to be the worst  financial crisis  since the  Great Depression  of the 1930s. It resulted in the threat of total collapse of large financial institutions, the  bailout  of small and big banks by national governments, and downturns in stock markets around the world. In United States, the housing market also suffered, resulting in  evictions,  foreclosures  and prolonged unemployment. The crisis played a significant role inRead MoreThe Aftermath Of The 2008 Financial Crisis1274 Words   |  6 Pages2008 financial crisis, Congress recognized the need to regulate nonbank institutions. Many of the financially distressed institutions were not regulated by the same standards bank holdings were. As a result The Financial Stability Oversight Committee was created under Title I of the Dobb-Frank Wall Street Reform and Consumer Protection Act. The committee was signed into law by Barack Obama on July 2 1, 2010 and serves three primary purposes. One is to authorize and determine nonbank financial institutionsRead MoreAn Analysis of Funding Levels for the US Government and Its Department of Education1617 Words   |  6 PagesIntroduction Budget analysis is a process that involves the evaluation if a given budget in order to see its efficiency. When conducting this process, it is crucial to locate the problem areas as well as check if we are reaching the set financial goals. The analysis should be carried out monthly, quarterly or annually as deemed appropriate. In this paper, we prepare an analysis of funding levels for the U.S. Government and its Department of Education, identify trends as you look at 2011 budgetsRead MoreThe Impact Of Domestic Aviation Industry On The Domestic Airline Industry1508 Words   |  7 Pagesgreater ramification on the US GDP as a whole. The report analyzed jet fuel prices between 2002 and 2013, a period that was marked by the occurrence of the bursting of the housing market bubble coupled with the sequential occurrence of the global financial crisis, events that resulted in the increase in jet fuel prices(United States Government Accountability Office, 2014).. GAO (2014) reported the results from the report indicated that the prices quadrupled over the 11-year period, from $ 0.72 per gallonRead MoreEssay on U.S. Health Care Timeline921 Words   |  4 Pages[Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | 1950 | Most American receives their health coverage through the private insurance market, usually through their jobs. Many people buy insurance on their own in the individual market. Since coverage from private companies is the largest surge of insurance for Americans