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When George Washington was president, the government's role in the economy was established, This began the first American tariffs and taxes.
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The US Government banned all trade with foreign countries. It was very hard on the US economy.
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After the slaves were freed, the South was devastated because there was no longer free labor. Farmers had to pay for loans with their crops.
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John Rockefeller started the Standard Oil company. It was extremely successful, and it was also one of America's first monopolies.
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Like Rockefeller, Carnegie saw a chance to make a huge amount of money. He created Carnegie Steel, which is another successful monopoly.
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After the Civil War, the US expanded too much. That caused a lot of property loss. Many worldwide stock markets crashed as well.
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In order to help break up monopolies like Standard Oil and Carnegie Steel, the government tried creating new legislation to end the monopolization of companies. However, it wasn't as successful as the government had hoped, and monopolies continued until later bills were passed.
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Wilson set up the FTC in order to partially regulate trade. He also did it to help the US economy grow.
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The American stock market crashed due to bad investments and hasty withdrawals. The stock market crash led to the Great Depression.
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After taking office, FDR began "The New Deal". It consisted of several Goverment run programs that were set in place to help people cope with their poverty caused by the great depression.
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Once World War II began, many jobs were created, and the American Economy boomed.
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President Truman attempted to reform the economy in a plan called "The Fair Deal". It included universal healthcare, but it was widely opposed.
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JFK began instituting a policy called "Great Society", which was started by Johnson. There were government programs aimed to combat poverty.
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Reagan cut both government spending and taxation, and because of the, inflation stopped and the economy grew.
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During the period between Bush's presidency and Clinton's presidency,the nations deficit reached $290 Billion, which was the largest to date
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US, Canada and Mexico signed a trading block that allowed for more spending power for all three.
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Clinton announces the longest expansion period in American history. It was the first time in decades that the US had a surplus instead of a defecit.
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Because of the housing market and toxic loans, the stock market crashed again and has been recovering for the past four years.
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The Patient Protection and Affordable Care Act, also known as Obamacare, was signed into law. It tried to make healthcare easier for people to attain, and it was very controversial and especially unpopular among conservatives.
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In 2012, the oldest baby boomers will turn 66, which is the age that they can receive social security. The government isn't sure if there will be enough money.
