Tuesday, May 17, 2016
America's Economy (SBAC sucks)
America in the modern world is, despite being in debt, an economic powerhouse. The country we live is one of the biggest consumers in the world, and certainly has one of the highest GDP's. This, however, wasn't always the case. America experiences several economic downturns in the past century. The first one we learned about, in modern America, was the legendary Great Depression. As we know this was at least partially due to a major stock market crash, which led to the whole economy taking one of the biggest hits in history. Wartime production is what got America out of this problem. After the war, there was a period of rebuilding, which was great for the economy, and helped American production a lot. The next really major economic issue came in 1973, when we had the whole oil price deal going on because of the middle east. This had major effects, especially for our domestic car industry. This is around the time when Detroit started to fall apart. Following that in the early 80's, there was a minor recession and a large rise in unemployment rates. These are the main ones that we've learned about so far, but there are a few more to come. So, as great as one might think America's economy is, we have definitely had our ups and major downs, and we can only hope the next massive one doesn't come any time soon.
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I love and found it very helpful that you instinctively compared the economy today as "The Modern America". Listing all the major comic issues and their effects was very interesting to read, as well as to see the similarities and differences between them.
ReplyDeleteEssentially, America's economy has sucked a lot in the past. Which I think is sort of a given due to the fact that we were learning how to become a more organized nation in the past, and things are a lot better now, because of the organization we have in this country, unlike the organization we had back then in the times of say like the Great Depression.
ReplyDeleteIt is a great thing that the lowering of oil prices in the middle east was able to kick start a whole industry that the US wasn't even aware that they needed, as it saved the economy in many different ways by producing an increase in the automobile production. However, these things can also be damaging, as this also proved to be very devastating to the American economy when the production of cars slowed, and with it a massive part of the economy also collapsed. So while yes it was a release of pressure for some, it was also a glimmer of false hope to many more.
ReplyDeleteGood example about the Detroit car industry-- it is a very spcific example that helped me to fully understand the concept and some of its possible effects on a community, or the US as a whole. Do you think that if America had not had its economy restrengthened by the wartime economy, the Great Depression would have recovered as well or in the same time that it did? What could be the possible effects of having another deficit as large and as detrimental as the Great Depression? I would hope that after the GD, America (and other nations) have learned from past mistakes and strategies and formed a better way to recover if it should ever happen again.
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