The Economic Crisis Of The United States - 1680 Words

Although the global economic crisis in 2008 occurred in many countries around the world, it was originally initiated by the United States of America. Being as though the United States is one of the world s most hegemonies countries after its economy suffered from an immense downturn many smaller countries were affected, most specifically the Caribbean. Many countries within the Caribbean were affected greatly by the recession due to the fact that most of their gross domestic product comes from tourist dollars and taxes on those goods. One may ponder how the recession or global economic crisis in 2008 affected tourism in Caribbean countries, true scholars can infer that the recession in 2008 caused a decrease in aggregate spending in many countries that tourist resided in. Jamaica is a prime example of a Caribbean country that was affected by the global economic crisis of 2008. As a small underdeveloped Caribbean country Jamaica s fiscal policy system can be viewed as fragile to some. With tourism bringing in the most revenue for the country the decline in economic activity which ultimately led to the economic crisis of 2008, affected the Jamaican economy to a noticeable extent. This study will expound upon the effects of the global crisis in 2008 had on Jamaica as a case study. Aggregate output, trade, real GDP are aspects that serve as focal research points to this study. The history of tourism in Jamaica is imperative in this study due to the fact that it sets aShow MoreRelatedThe Economic Crisis Of The United States1900 Words   |  8 Pagescoinciding with the subprime mortgage crisis, lasted from the end of 2007 to the middle of 2009. This downturn became the biggest economic crisis that the United States had faced since the Great Depression. Causing high unemployment rates, a decline in consumer confidence and home values, the recession had a great impact on both Americans and immigrants in the United States. Since the 1990s to a few years before the recession, the number of immigrants entering the United States increased at a constant rateRead MoreThe Economic Crisis Of The United States1084 Words   |  5 Pagesbounce back into recession with the problems in the Middle East, Russia, and elsewhere in the world which can greatly affect the economy here in the U.S. if the U.S gets deeply involved. Currently the macroeconomic situation in the United States is still in the mid crisis, fighting very hard to bounce back to its norm. The economy is still facing major challenges with health care, monetary and their immigration policy, which can have a major impact on our still struggling economy. The implementationRead MoreThe Economic Crisis Of The United States3264 Words   |  14 PagesThe year 2008 was marked by an economic crisis in the United States that had international repercussions. Many events are cited as instigators of the subprime mortgage crisis, however, in the United States, the crisis was caused by three main factors: poor lending practices, the dot-com bubble burst and the after-effects of 9/11. Together, these factors led to the creation of a housing bubble that burst in 2008. A housing bubble is â€Å"defined by rapid increases in the valuations of real property untilRead MoreThe United States Economic Crisis1332 Words   |  6 PagesTerror, the U.S. has larg ely succeeded in its attempts to destabilize Al-Qaeda and eliminate its leaders. In the writing Manhunt by Jonathan H. Cody, he states that these accomplishments didn’t come without a price; in fact the cost was enormous, and our nations decisions on how to finance it have profoundly damaged the U.S. economy. The US economic crisis can all be traced back to 9/11. In Catherine New’s article Then and Now she compared the US economy today to the economy in 2001 before the attacksRead MoreThe Economic Crisis Of The United States2110 Words   |  9 Pages The United States was coming out of the most severe economic turmoil of its history at the time World War II began in 1939. The federal government was already in debt to the tune of around 40 billion dollars, more than doubling in since 1930, largely due to federal spending in attempts to ease the economic crisis of the great depression. Americans were in no way ready, willing or financially capable of supporting another war against the Germans. The ideals of the average American at the time, muchRead MoreUnited States Economic Financial Crisis1639 Words   |  7 Pagesoil crisis in the ‘70s negatively affected the economy just as bad as the Gulf War did in 1990. On the other side, the end of other wars had a positive effect on the economy, for example World War 2, which boosted the stock market and ended the Great Depression. When multiple negative effects occur at the same time, or when crises last for a long time allowing other negative effects to surface, crises tend to last longer and prevent a pick-up in growth. The current economic-financial crisis wasRead MoreWhat Is A Financial Crisis?1671 Words   |  7 PagesWhat is a financial crisis? According to Mishkin and Eakins (2015), â€Å"a financial crisis occurs when information flows in financial markets experience a particularly large disruption, with the result that financial frictions and credit spreads increase sharply and financial markets stop functioning. Then economic activity will collapse† (p.165). Throughout history the United States of America has experienced six significant financial crises. Each crisis left the United States of America’s economyRead MoreThe World s Economy Was Devastated1732 Words   |  7 PagesWith the crash of the United States Wall Street, the realm drove into what is now known as the â€Å"Great Recession†. Its neighbour to the north, Canada also felt these affects as unemployment and poverty grew. After a decade of despair, the massive rise in government spending for the Second World War and the reductions in taxes, the economies returned to prosper. With decades of industrialization, population growth and surging economies, the Western World mainly the United States and Canada, becameRead MoreEurozone1735 Words   |  7 Pagesa risky, and perhaps foolish, task. The world’s first regional economic system was successfully created. Now, almost two decades later, the world’s economies are on the verge of collapse, and it seems that no economy, other than the Eurozone, is at fault, due to its recent and quite careless economic endeavors. As the rest of the world continues to force the blame upon the Eurozone and its twenty-five member states-including the United Kingdom of Great Britain and Northern Ireland, France, Spain,Read MoreEconomic Crisis: Effects on the Economy1486 Words   |  6 PagesRunning Head: ECONOMIC CRISIS: EFFECTS ON THE ECONOMY 2 Abstract The United States is obviously in a state of economic despair. This essay has supporting facts that prove the economy is definitely not on the mend. The public has been led to believe that this downward spiral is almost over. What will be proven in this paper is that foreclosure rates are still dramatically increasing and that the total in unemployment rates is deceiving. Without more jobs, consumers