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1997: The average yearly income of a USA citizen is $29,000
This was great for the US because Mexico's average income was $8,000 and the Nigerian income was $900. When we have higher incomes more people will want to work and it also increases comsumer spending. Also our average income was increasing since 1996 which was 4% and in 1997 it increased to 5%. -
1997: Amazon was launched on the web!!
This was great for our economy because it increased consumer spending and allowed our economy to make more money! -
1998: Four days of air strike with iraq
this impacts our economy because it will cause us to spend money, but it can also help us improve our economy by strenghtign the stock market. -
1998: President clinton is impeached on two charges, perjury and obstruction of justice
president Clinton was impeached for having an affair with his secretary. This impacts the economy because the new president might enfource new laws or he might increase the US debt. But he/she could also lower the US debt. -
1999: 2nd quarter people were seeing financial stability
This was extremely awesome for our economy because we have been struggling to keep our stock market stable and keeping our econmy financially stable. -
1999: inflation rates were not accelerating
This is a good thing for our economy because when inflation lowers, more people join the workforce. Also, consumers have more money to buy goods and services, and the economy benefits. -
1999: There was anti-globalization raits about the WTO.
this was very important because people were not wanting to move products outside of the country. Now we see that WTO has helped our economy tremendisly. -
1999; There was anti-globalization raits about the WTO.
This was definetly not a good thing for our economy. We can see now how much the World Trade Organization has done for our economy. It allows us to have more products in the U.S for cheaper and also gives our economy more money. But at the time some U.S citizens wanted to just stay within boarders. -
2000: U.S. and Vietnam Agree on Trade
This benefits our economy because now we have more imports coming into the U.S and we are also exporting more. This increases our GDP. -
2000: the end of the Internet stock boom
This was the new begging for many American's. It meant that finally we were getting a stable economy. The unemployment rates were starting to decrease and consumer spending was increasing. -
2000: U.S. and Vietnam Agree on Trade
This is awesome for our economy, it allows for new resources and more money into our country. It is also good because it helps make our GDP better. -
2001:9/11 terrorist attack
This was terrible for our economy and was major depressing for our country. We had to pay for all the cleanup and rebuilding. This led to one of the most government spendings programs in history, War on Terror. It was the start of the stock market crash, by lowering Dow by 600 points. -
2002: beginning of stock market crash
this was obviously not good for our economy. We are just starting to get back on our feet from the 1997 downfall and now it's crashing again. SInce people were in fear when 9/11 happened people started selling out their stocks for lower price, which will then make an economic crisis. -
2002: NATO invites additional members
NATO invites additional members of the former Soviet bloc to join its membership. Seven nations are included in the invitation; Bulgaria, Estonia, Latvia, Lithuania, Romania, Slovakia, and Slovenia. This benefits our economy because we will have better relationships with other countries and would provide the U.S with help if needed. -
2003: Iraq War
this is terrible for the economy it put everybody in a worry. The U.S was spending billions of dollars in the act. Also, President Bush signs $87.5 billion emergency package for post-war Iraq reconstruction -
2003: Bush signs ten-year, $350 billion tax cut
this was the third-largest tax cut in U.S. history. By lowering the taxes of businesses and people it would give everybody more money. Therefore benefiting the economy. When a business does not have to pay high taxes they have more money to produce products and hire employees. With lower tax rates for people, more money to spend and more money into the economy. -
2004: president George Bush beats John Kerry
This could be either good or bad for our economy. Since John Kerry was democratic he had different views than Bush and could have enfourced new laws and regualtions, that could have either benefited our economy or made it worse. -
2004: facebook launched
Facebook is launched as a social networking site only open to students from Harvard in February by Mark Zuckerberg. This is great for our economy because it spreads information further. People can see what other people are buying and this could influence them to buy the product also. -
2005: hurricane Dennis
Hurricane Dennis slams into the Florida Panhandle causing billions of dollars in damage, so this is bad for our ecoomy. -
2005: Hurricane Katrina hit
This is obviously bad for the economy. It resulted in the loss of oil, natural gas, and petroleum products processing in New Orleans and the Gulf of Mexico, which resulted in a short-term extreme escalation of energy prices. 115 billion dollars in damage. -
2006: GDP: 14.72 trillion
This is awesome for our economy because in the past year GDP was at 14.37 trillion. When GDP rises the economy is benefiting and getting greater. -
2006: job growth fell from 2005
this is obviously not good for the economy. without employement people will not have money and without money there is no consumer buying and our economy will not get money put back into it. -
2006: housing bubble
The housing bubble burst: Housing prices peaked. Banks lost significant sums of money. This was not good at all for our economy. People were not able to afford houses anymore because the prices were off the charts and banks were not making money. When nobody is making money, no money is going back into the economy and causes recessions. -
2006: the prices of homes were increasing
this was not good because the banks were loosing money because people were not having enough money for their homes. -
2006: Household debt skyrocketed
Household debt skyrocketed reaching a record 130.9 percent. This was not good for our economy, people were not having enough money to pay off their house and pay payments on their houses. This then hurts banks because banks are not making enough money, and it all has a downward effect. -
2006: the unemployment rate droped
The unemployment rate lowered from 5.1 percent to 4.6 percent. This was good for our economy because more people were working and getting money. And by having money they are able to buy things, and put money back into the economy. -
2007: the second largest recession started.
this is really bad. The housing systems were starting to crash and the Dow was at a low. Overall, the whole entire economy was lossing money. -
2007: home sales dropped by 23%
This was bad because all the bank businesses were not getting money because nobody is buying homes because they are so expensive. -
2008: The US lost 8.4 million jobs
this is terrible because without any jobs nobody will ever have money. without money people wont be able to buy things and money wont get put back into the economy. -
2008: Fall in exports: China and countries in Europe.
this was bad for our economy because now we are lacking money because exports are we get some money into the U.S. So, when we have a fall in exports it can hurt the amount of money that is going into our economy. -
2008: bad loans
Banks gave out more loans to people who could not pay them off. This is bad for our economy because people were not paying off their loans so neither banks or the economy was getting money put back in. Which then causes everythings to fall eventually. -
2008: people using credit in a bad way
This could be a good and a bad thing. A good reason is people are still spending money, so the banks are getting interest on the payments and the economy is getting money. It could be a bad thing because if they are not paying off their payments, people can go bankrupt, which then makes it harder for banks to make money. -
2008: Banks started losing significant amount of money
Banks started to realise they had lost significant sums of money through the US mortgage defaults. Banks short of liquidity. The scale of bank losses started to increase and it became more difficult for banks to borrow money on money markets. This caused banks to reduce loans and mortgages -
2009: UK joins recession
The UK is involved in the World Trade Organization along with the U.S. When the UK hit the recession it could have affected our trade with them which is not good. If the UK is not trading goods with the U.S then we won't get the goods and services needed and vise-versa. -
2009: U.S. announced the closure of the Stelco Lake Erie Works
This was bad for our economy because it supplied a lot of jobs in the U.S. It was annouced that it layed off about 1,500 people off work. -
2009: Mexico enters recession
This is bad for our economy because we are in a trade agreement called NAFTA. When Mexico is hurting it can hurt America because then we will not be getting imports from Mexico and they wit be gettting out exports because they wont be able to pay for it. -
2009: unemployment rose
This is bad for our economy because people are not working and therefore not making money. Without money loans, taxes, and buying cannot happen. -
2010: uncertainty and instability of the US economy
This is kinda bad for the economy because people were not having faith in the econmy and the government. So people were always trying to perpare for the worst to come. -
2010: US economy dominated the headlines
This is good for the economy because people were getting some stabablity and didnt have to worry about the economy falling. The economy in the US was one of the top headlines during 2010. Federal Reserve planned to purchase $600 billion dollars of longer-term Treasury securities by mid-2011. The plan was known as “QE2” because it represents a second wave of the Fed’s easing program. -
2012: Employment Improved Modestly
This was good for our economy because more jobs were available and more money was getting made. Which means more money to spend. Employment continued to improve at a moderate pace, but jobless workers have seen improvements in their chances of finding a job, but wage and benefit improvements have lagged behind gains in worker productivity -
2013: The Year in taxes
The year in taxes started with the nation falling over it ended with some interesting policy proposals on tax reform. Which is good because now people would not be paying as much in taxes and would be able to afford more with their money. -
2013: The Year in Jobs
This is great for our economy. The US job market continued to support itself slowly. The labor market remains a long way from perfect health, but it is in better shape than it was a year ago.
