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Economy TImeline
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Obamacare Becomes a Law
Obamacare website
Obamacare is signed by President Obama into law, giving new benefits, rights, and protections to U.S. citizens. It gives better access to affordable healthcare while attempting to reform the healthcare system (especially insurance and pharmaceutical costs). (Leadership/ Budget, Fiscal) -
Budget Deficit Triples
Federal Spending 2010
The Budget deficit has tripled over the past two years due to inflation and the recession. A majority of this deficit is due to social security and Medicare programs. (Fiscal Budget) -
Obama Presents New Budget Plan
Obama Budget Adds Deficits Obama presents a budget plan to trim down the projected national debt. His policies include less tax exemptions and deductions as well as greatly reduced military spending. This prediction is spread out over 10 years. (Leadership, Fiscal) -
46% of U.S. Citizens Save 5% or Less of Their Annual Budget
Americans are not saving enough About 46% of US citizens saved 5% or lower of their annual budget, this is a very high amount of people who are not saving enough. About one fifth of people in the US need their weekly/monthly paycheck in order to live their day to day lives and not have to borrow money. The people who are the best savers are the middle class rather than upper class. -
Obama and Congress Meet for Budget Debate
Budget Deal
President Obama and congress leaders met up for their final budget debate. They reached a conclusion to raise spending over the next two years, increase the borrowing limit and finally they got rid of some social programs. (Budget/ Leadership, Fiscal) -
China Devalues Its Currency
Washington Post Article
January, 2016: China devalued its currency, causing the U.S. stock markets to plummet. China owns much of America’s debt, and as the Chinese stock market fell and was closed, experts worried that the Chinese economy was failing, which would hurt the U.S. economy. (Result, Trade)
