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Stimulating the Economy. Eli Cohen, Clay Christmyer , Luke Mogle. http://static.seekingalpha.com/uploads/2009/8/11/saupload_housing_crisis_cartoon.png. Definition of an economy : The wealth and resources of a country, includes production and consumption of goods and services

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eli cohen clay christmyer luke mogle

Stimulating the Economy

Eli Cohen, Clay Christmyer, Luke Mogle

http://static.seekingalpha.com/uploads/2009/8/11/saupload_housing_crisis_cartoon.png

slide2

Definition of an economy: The wealth and resources of a country, includes production and consumption of goods and services

  • Touches every aspect of society
  • Determines the following:
    • How much your house is
    • What the value of your dollar is worth
    • How much money your parents make
    • How many christmas gifts you get this year
    • How much you pay for college…etc

How does it affect you?

history of economic crises

The Stock Market Crash of 1929

    • Most devastating stock market crash in the history of the U.S.
    • Caused the 1930’s great depression
    • 1973 Market Crash
      • Affected all major stock markets in the world
      • Caused a recession in the 70’s
      • Compounded by the outbreak of the ‘73 oil crisis
History of Economic Crises
depression vs recession

Depression:

  • Recession: a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters
Depression vs Recession
republican views

Fewer restrictions on big business

  • Cut taxes for businesses
  • Lower taxes
  • Less government control, “ free market”
Republican Views
liberal views

More restrictions on big business

  • Increased taxes on wealthy
  • More action by government to stimulate the economy
Liberal Views
1900 s

Rapid growth of industries and production

  • Low unemployment, roughly 4.2%
  • Federal spending was at $0.57 billion
  • Growth in new business, Bethlehem Steel, Planters Nuts and Chocolate Company and Harley Davidson etc.
1900’s
1920 s

New business and production methods led to greater profits of businesses

  • Increased incomes
  • People willing to buy goods
1920’s
controversies

$6.4 Billion from stimulus package goes to phantom districts

  • U.S. congressional districts are areas created after each census to select members for the House of Representitives.
  • Nearly $6.4 billion was used to “create or save” just under 30,000 jobs in phantom congressional districts which is about $225,000 a job
Controversies
public opinion poll
Public Opinion Poll

"Americans' Perceptions of Job Market Worst in a Decade." Gallup.Com - Daily News, Polls, Public Opinion on Government, Politics, Economics, Management. Web. 20 Nov. 2011. <http://www.gallup.com/poll/150704/Americans-Perceptions-Job-Market-Worst-Decade.aspx>.

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evidence statistics

Bad

  • Obama’s $787 billion stimulus bill was intended to keep the unemployment rate from exceeding 8 percent. In November, it topped 10 percent (2008)

http://www.heritage.org/research/reports/2010/01/why-government-spending-does-not-stimulate-economic-growth-answering-the-critics#_ftn8

  • Good
  • American Recovery and Reinvestment Act created or saved as many as 3.3 million in 2010

http://www.bloomberg.com/news/2010-08-25/obama-s-economic-stimulus-program-created-up-to-3-3-million-jobs-cbo-says.html#

Evidence/Statistics