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Is America at the beginning of economic decline Discuss this in the light of recent economic research/historical precedents - Essay Example

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S. A.) is the largest and the most powerful economy all over the world. In the market-oriented economy of today, individuals and the companies take the decisions. The federal and state governments purchase the required goods and services from the…
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Is America at the beginning of economic decline Discuss this in the light of recent economic research/historical precedents
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Is America at the beginning of economic decline Discuss this in the light of recent economic research/historical precedents

Download file to see previous pages... S. markets. US companies are leading in technology, mainly in computers and also in aerospace along with medical and military equipment. The surge of technology explains the initial development of “two-tier labour market” where those at the end lags because of the education and the other is professional or technical skills that remains at the top and therefore do not get equal pay raise and provide health insurance with other benefits. Rise in oil prices in between 2005 and early 2008 endangered with inflation and unemployment, as high price of gasoline were more than consumers budgets. Import of oil accounts for two-thirds of US consumption. Long-term difficulties were due to insufficient investment in the economic infrastructure, rapid rise of medical and pension value of an aged population, rich in trade and budget deficits, and lack of progress in the income of family in the lower economic groups. The import and export trade deficit was about $ 840 billion in the year 2008 and shrinked to $ 450 billion in the year of 2009. The world economic decline due to the sub-prime mortgage crisis, failure of investment banks, and decrease in prices of home indulged the United States into recession by the mid-2008. GDP depreciated till the third quarter of 2009. This is the longest fall after the Great Depression of 1929. To stabilize the financial markets, US Congress introduced $700 billion Troubled Asset Relief Program (TARP) in the year of 2008. US government used these funds to buy equities from US banks and other companies. In 2009, the US Congress passed a bill of $787 billion to stimulate the fiscal policy to be use for more than 10 years out of which two-thirds to be spent additionally and one-third on tax cuts and also to create jobs and to recover the economy. About two-thirds of the revenue will be injected into the economy by 2010. In the year 2010, President signed bill of health insurance into ...Download file to see next pagesRead More
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