Final Essay Preparation The “Great Recession” of 2008.

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Presentation transcript:

Final Essay Preparation The “Great Recession” of 2008

Final AP Essay 1.Briefly discuss the major economic challenges facing the USA. 2.Analyze 2 important solutions to the structural problems facing the USA which will help it prosper in the 21 st century 80 points 40 minute college level essay Use at least 2 AP Econ Graph in your essay

Speculative Bubbles Holland USA

Economy Caused by Credit Bubble Led to

U.S. Economy in 2012 Major Economic Challenges 1)

The American Dream?

New Labor Trends Over the past 15 years Labor has significantly changed Globally: Globalization: “free trade” with other countries Collapse of Soviet Union & Communist Economies China & India emerge as economic powers (GDP growth > 10%) European Union forms common currency (now what?) Worldwide free flow of financial capital & labor (financial crisis) United States: Unions are declining in power Less “Job Security” Declining Manufacturing Jobs Rising Demand for Educated Workers ↑ Gap between Rich & Poor

Bottom 20% Top 5% Income Distribution +56.0%+ 1.0%Change: The pay gap widens in USA! D2D2 D2D2

Top 1%

Great Recession Slow Recovery

Slow Job Growth---Declining Labor Force Participation

GDP What creates real economic growth?

Keynes vs. Hayek Animal Spirits versus Malinvestment

What Good Are Economists Anyway?

Economic Solutions?

Inside Job

FNMA & FHLMC Government takeover AIG Insurance Company Government Takeover Wall Street Firms Bankrupt or Bought Bear Stearns Merrill Lynch Lehman Brothers Current Problem Gov’t Takeover