Essay: US Macroeconomic Scenario in 2009

Essay: US Macroeconomic Scenario in 2009
April 13, 2011 Comments Off on Essay: US Macroeconomic Scenario in 2009 Academic Papers on Business Studies,Sample Academic Papers admin

Sample Essay

The CPI-U (i.e. Consumer Price Index-Urban) for the year 2009 was increased by 2.7% for all items as stated by the Bureau of Statistics. This increase is due to the rise in energy prices by 18.5% (Bureau of Economic Analysis). The unemployment rate was about 10% and the total unemployed personals were 15.3 million until December 2009 (Bureau of Economic Analysis).

On average, the hourly earnings per person were $18.8 in the year 2009 (Bureau of Economic Analysis). The GDP rate has shrunk to 2.6% and its worth in dollars was about $14.204 trillion which was 22% of the world’s economy (Bureau of Economic Analysis). Per capita nominal GDP was $46,442 until December 2009. The United States has witnessed the most wobbly situation in 2009 which is considered to be the most uncertain case during the last 70 years. Because of this uncertainty, the government has experienced a negative trade balance, capital accounts deficits and balance of payments deficits as compared to the previous years. Main causes of this recession are the subprime mortgage loans, excessive derivative activity, real estate bubble and huge expanses on defense due to the war against terrorism. Though U.S. has injected a large chunk of money ($700 billion as a bailout plan) to support the economy, yet it was considered insufficient by the experts (News). In January 2009 the United States Congress approved a bill consist of an additional $787 billion fiscal stimulus of which two-thirds amount will be spent on additional spending and almost reaming money on tax reductions in order to create jobs and to assist the economic revival (Congress).

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