The Great Recession In Charts September, 2013 Professor Robert Kaulfuss Prof. of Economics Middlesex Community College BeyondEconomics.org.

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Presentation transcript:

The Great Recession In Charts September, 2013 Professor Robert Kaulfuss Prof. of Economics Middlesex Community College BeyondEconomics.org

Employment

Housing

Evolution of Too Big to Fail

Bailouts and Stimulus Congress: $700 Billion: TARP (Bush) $787 Billion: Stimulus (Obama) Fed Trillions: Direct Support to Financial Industry Trillions: QE 1, 2, 3 (money printing) CNN Bailout Tracker

The Obama Fiscal Stimulus (Keynesian Economics) GDP = C + I + G + (X – M) Math for Obama Stimulus MPC: 1/3 spent, 2/3 saved, Multiplier of 1.5 $14T + 6% over two years = $14.8 $14T – 6% over two years = $13.1 Need: $1.7T $1.13T X 1.5 = $1.7T (-> $900B -> $787B)

Fed Response: Fed Funds Rate

Fed Response: Quantitative Easing

CBO Federal Deficit Projections Concord Coalition, 2012 Extended Baseline Assumptions: 1) End Bush tax cuts; 2) GDP growth of 4%; 3) Cut defense/other spending by 1/3

Federal Government Debt Peter G. Peterson Foundation -

State & Local Government Debt

Aging Baby Boomers

Growth in Federal Spending

Energy Prices & Economic Growth

The U.S. Economy

: A Sinking Ship

2013: Barely Afloat