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Assessing the State of the Economy in 2009
December 8, 2009
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Economists generally agree that the U.S. is currently experiencing one of the worst economic downturns since the Great Depression of the early 1930's. Still, the general consensus of economists is that while we may be in a recession...
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At least three structural differences between the economy of the 1930's and today's economy makes these types of comparisons difficult:
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Economic downturns and the political blame game. Administrations get credit or blame for the state of the economy, whether or not the President himself was in fact principally responsible for the current conditions.
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Making sense of economic indicators. Economic analysts following economic downturns use a variety of economic indicators to assess the state of the economy and the prospects for economic recovery.
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Comparing FDR's "New Deal" to Barack Obama's "Stimulus package." Both financial programs featured a significant amount of federal spending to jump start the economy, with a special focus on the objective of creating jobs.
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Author's Blog
Integrate the most current events into your classroom. Read the authors' blog, updated at least twice weekly.
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We hope that you will find this tool helpful in teaching your students the concepts of the American Government course.
If you find this newsletter helpful, we feel confident that the text will also help you improve student engagement and critical thinking as well as enliven and motivate your students.
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Kenneth Dautrich is Associate Professor of Public Policy at the University of Connecticut
David A. Yalof is Associate Professor of Political Science at the University of Connecticut
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According to Sung Won Sohn, an economist at California State University Channel Islands, "Comparing 1929 to 2008 is a bit like comparing a Model T to a 2008 Chevy ..."
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According to economists Barry Eichengreen and Kevin O'Rourke: of the Centre for Economic and Policy Research; "The Great Depression was a global phenomenon..."
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According to Charles Gascon of the Federal Reserve Bank of St. Louis, "in a recession, the severity of the decline is just as relevant as the duration of the recession..."
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President Obama has been forced to simultaneously address declining domestic economic conditions and deteriorating conditions in Afghanistan during his first year in office. Of course these are not altogether unrelated issues; as most historians can attest, increased U.S. involvement in warmaking abroad can have a significant impact on economic conditions at home, both positively and negatively.
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The current economic recession has made its way into American popular culture, as reflected in a number of books, movies, and television shows. In a recent episode of The Simpsons, Homer and Marge Simpson had to sell their home after their mortgage payment ballooned.
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The Tehran Times, Iran's leading newspaper, ran the following story on November 24, 2009. The article considered the impact of America's recession on Mexico, which has so often turned in the past to its northern neighbor for economic help. Just recently the United States organized a $50 billion bail-out for Mexico.
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