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War in Iraq March 20, 2003 – December 18, 2011 (Leadership - Fiscal)
When U.S. debt skyrocketed from $6.4 trillion in to $10 trillion, about 25 percent was due to war costs in Iraq. In 2003, the price of oil was less than $25 per barrel and as the war progressed, prices started to soar ($140 each). The war contributed to the global financial crisis. The increase in price of oil prices meant that money spent buying oil abroad was money not being spent at home.
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/03/AR2010090302200.html) -
The Dow Jones drops 50% in 17 months (Trade - Result)
In 17 months the Dow Jones dropped 50% percent, the biggest deficit since the Great Depression, taking 3 years. The crash lost America trillions of dollars: $5,800 dollars lost in income per household, $73 billion in taxes $3.4 Trillion lost in real estate wealth along with over 500,000 foreclosures, the US also lost $7.4 trillion in stock wealth, and 5.5 million American jobs were lost.
https://www.thebalance.com/dow-jones-closing-history-top-highs-and-lows-since-1929-3306174 -
Obama's Stimulus Package (Leadership - Fiscal)
The American Recovery and Reinvestment Act (ARRA) was approved by congress in February 2009. The ARRA was a 787 billion dollar plan. It’s purpose was to end the 2008 recession. The ARRA cut taxes by $288 billion, spent $224 billion in unemployment benefits, and created jobs. The plan was planned to last ten years but was budgeted for the first three years spending roughly $720 billion of the planned $787 billion.
https://www.thebalance.com/what-was-obama-s-stimulus-package-3305625 -
Greece Debt Crisis (Trade - Monetary) (2009-present)
Greece announced their budget deficit of 12.9% of their national GDP, more than 4 times of the EU’s 3% limit. This has lowered the EU’s banking systems which has hurt the American economy because EU countries have been much more frugal with trade and spending. That affects America’s economy heavily because trade with Europe totals at over 1 trillions dollars a year for imports and exports.
https://www.thebalance.com/what-is-the-greece-debt-crisis-3305525 -
Affordable Care Act (Leadership - Fiscal) (2010-present)
This act commonly referred to as “Obamacare” was instilled under Obama’s presidency and was focused primarily on medicare-or federal-funded healthcare. Household spending on healthcare from 2010-2013 averaged at 3.9 percent and since 2014, it has averaged at around 5.4 percent. Healthcare has produced over 240,000 jobs per year (from 2010-2014) and currently this number is around 500,000.
https://www.youtube.com/watch?v=vju70I6qSKk -
Hurricane Sandy (October 28th 2012 - November 30th 2012) (Budget - Monetary)
Deficit: Budget
(Monetary Policy)
Hurricane Sandy was the second costliest natural disaster in American history behind Hurricane Katrina. The net economic impact of Hurricane Sandy was to the capital stock of both of New Jersey and New York and short-term impacts to business, long term to the Travel and Tourism industry in New Jersey.
http://www.esa.doc.gov/sites/default/files/sandyfinal101713.pdf
