Unspoken recovery, how long can America’s prolonged slow boom last. This issue dates back to 2009 when Barack Obama was in his sixth month of presidency and wanted some good economic news. The US had just endured its profound post war recession. Unemployment was spearheading for 10% and Washington was forced to bail out the banks.
However, in June of that year world’s second largest economy recuperated. A retrieval commenced that has been advancing without any interruptions ever since. Towards the month’s end the US would have appreciated its second largest period of economic expansion in history overthrowing the boom under John F Kennedy and Lyndon Johnson between 1961 and 1968.
If by next summer nothing unexpected occurs Donald Trump will be able to brag that the US has defeated the record 10-year period of expansion between the conclusion of the Gulf war in 1991 and the 2001 dotcom bust. Anticipate an outbreak of self-applauded tweets from the White House.
The bases for America’s recovery are not that intricate. Interest rates were slashed swiftly by the country’s central bank, the Federal Reserve, and maintained at record low for seven years. The Fed also injected trillions of dollars into the economy through quantitative easing that is buying bonds to augment the money supply.
Prompt action was taken to square away the financial system so that the banks could commence lending again. Obama declared an unpretentious package of tax cuts and disbursement increases.
Simon Morgan was born and raised in Ottawa. Simon has worked as a freelance journalist for nearly a decade and written for The Ottawa Sun, the Vancouver Sun and the Star. As a journalist for Island Daily Tribune, Simon mostly covers community events and human interest stories.