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InClass Presentation Political Science 203

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Could the Crisis Have Been Avoided? Will the U.S. Economy Fall Into a Recession? ... Iraq Numbers', Section: The Cost of Funding the War in Iraq, Huffington Post. ... – PowerPoint PPT presentation

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Title: InClass Presentation Political Science 203


1
In-Class PresentationPolitical Science 203
  • October 1, 2008

2
United States Economy
  • Where Are We Now?
  • What Actions Caused the Current State of the
    Economy?
  • Landman/Hauss Theories Methods
  • Could the Crisis Have Been Avoided?
  • Will the U.S. Economy Fall Into a Recession?

3
Where Are We Now?United States Budget 2000 vs.
2008
  • September 2000 President Clinton announced
    230B federal budget surplus for fiscal year 2000
    and the 5.7T national debt had been reduced
    223B in 2000 alone signifying the largest
    one-year debt reduction in the history of the
    United States. (Wallace)
  • 2008 U.S. National Debt Clock indicated on
    September 29, 2008 the national debt was 9.8T.
    (Hall)

4
Actions Caused Current State of Economy?United
States Budget Decisions 2000-2008
  • Free Trade U.S. trade deficit swelled to over
    617B in 2004. (Mekay) U.S. Census Bureau
    indicated the Nations international deficit in
    goods and services increased to 62.2B in 2008.
    (FTDWebmaster)
  • Cost of War -- Bush Administration estimated
    50-60B in 2002 for the costs of the war. In
    2008, actual cost of war is 12B per month, total
    of 144B annually. Estimates for the total cost
    of wars in Iraq and Afghanistan are 5-7T
    including military operations, growing debt and
    interest payments and continuing health care and
    counseling costs for veterans. (Reid)
  • Credit Crisis In 2008, International Monetary
    Fund reported falling U.S. house prices and
    rising delinquencies, may lead to 565B in
    mortgage-market losses and a total loss of 945B
    including securities tied to commercial real
    estate, consumer and company loans. (Bloomberg
    News) American International Group (AIG)
    increased its estimation of losses from the
    sub-prime mortgage crisis to 5B, previously 1B.
    (Masters)

5
Landman/Hauss Theories Methods
Landman discusses the strength or weakness in
comparisons. Landman might consider the three
selections that I have used to obtain information
regarding the economy selection bias.
Hauss discusses democracy and its two basic
elements rights and competitive elections.
How much influence do you think the people have
in relation to the economy? Do the people have
any influence on the decision the government is
making to possibly use government funding to bail
out corporations and cause tax payers to
essentially cover the cost in the long run if the
loans are not repaid?
6
Could the Crisis Have Been Avoided?
  • One Suggestion from Ron Paul in The Crisis is
    Upon Us Federal Reserve System originated
    between 1913 and 1933 and the Central Bank
    established itself as the official dollar
    manager. By 1945, Bretton-Woods Monetary System
    made the dollar the reserve currency of the
    world. Between 1945 and 1971, foreigners, not
    Americans, could convert dollars to gold at 35
    an ounce. Due to the excessive dollars being
    created, that system came to an end in 1971.
    (Paul)
  • Another Suggestion from Craig Harrington at CNN
    Money in Housing Slump at Root of Financial
    Crisis Home values soared over the past decade,
    topping out at all-time highs in 2006 and 2007
    and eventually crashed. The effect of this
    housing crash is still rippling through the
    economy. Policy-makers are completely out of
    their league in dealing with a crisis of these
    proportions. (Roberts)

7
Will the U.S. Economy Fall Into a Recession?
  • My personal opinion is that we already have
    fallen into a recession, but most people are not
    willing to admit it. The federal government
    continues attempts to bail out the U.S. economy,
    but at some point the top of the pyramid will be
    reached and someone will be held responsible for
    payment of an extremely large deficit.
  • Open for Discussion

8
References MLA Style
  • Bloomberg News, Credit Crisis Could Cost Nearly
    1 Trillion, IMF Predicts, Paragraph 2,
    International Herald Tribune. April 8, 2008,
    Retrieved September 17, 2008, http//www.iht.com/a
    rticles/2008/04/08/business/imf.php
  • FTDWebMaster, Foreign Trade Division. U.S.
    International Trade in Goods and Services
    Highlights, Goods and Services Deficit Increases
    in July 2008, Paragraph 1, U.S. Census Bureau.
    September 11, 2008, Retrieved September 17, 2008,
    http//www.census.gov/indicator/www/ustrade.html
  • Hall, Ed Brillig, U.S. National Debt Clock,
    Paragraph 1, U.S. Department of Treasury.
    September 16, 2008, Retrieved September 17, 2008,
    http//www.brillig.com/debt_clock/
  • Masters, David, AIGs Estimated Losses From
    Subprime Mortgage Crisis Increase Fivefold,
    Paragraph 1, Insurance Daily. February 13, 2008,
    Retrieved September 17, 2008, http//www.insuranc
    edaily.co.uk/2008/02/13/aigs-estimated-losses-from
    -subprime-mortgage-crisis-increase-fivefold/
  • Mekay, Emad. Record Deficit Challenges Free
    Trade Assumptions, Paragraph 1, Global
    Exchange/Programs in the Americas. February 10,
    2005, Retrieved September 17, 2008,
    http//www.globalexchange.org/countries/americas/v
    enezuela/2872.html
  • Paul, Ron Republican Member of Congress from
    Texas, The Crisis Is Upon Us, Paragraphs 12
    13, LewRockwell.com. July 19, 2008, Retrieved
    September 18, 2008, http//www.lewrockwell.com/pau
    l/paul466.html
  • Reid, Harry Senator Iraq Casualties, Iraq
    Costs, Iraq Numbers, Section The Cost of
    Funding the War in Iraq, Huffington Post. March
    19, 2008, Retrieved September 17,
    2008,http//www.huffingtonpost.com/2008/03/19/ira
    q-casualties-iraq-cos_n_92303.html
  • Roberts, Paul Craig formerly Secretary of the
    U.S. Treasury/ Americas Economic Report-Daily,
    Housing Slump at Root of Financial Crisis,
    Paragraphs 1 2, Economy in Crisis. September
    18, 2008, Retrieved September 18, 2008,
    http//www.economyincrisis.org/
  • Wallace, Kelly CNN White House Representative,
    President Clinton Announces Another Record
    Budget Surplus, Paragraphs 1 3, CNN. September
    27, 2000, Retrieved September 17, 2008,
    http//archives.cnn.com/2000/ALLPOLITICS/stories/0
    9/27/clinton.surplus/
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