Economy

 Bush's Response to the Recession

    President George Bush had led the economy in the 2000's, where the economy had gone into a recession. Bush would state, "Wall Street got drunk and we got a hangover." In 2001, Bush would assume there would be $5.6 trillion surplus for the next ten years. The economy was doing bad even before 9/11, 9/11 did not put the economy into a recession. Bush would argue that a tax cut would stimulate and create jobs for the economy.  Bush would be politically popular by making his tax reductions, but late in 2002 the economy would slowly start to decrease again.  In May, 2003 tax cuts were made a law, doing this would grow on a average of four percent over the three year interval.

 Hurricane Katrina

Hurricane Katrina had been a reason for the huge hit on the economy. This natural disaster had destroyed so many buildings and natural surroundings. It had costed a ton of money that had led the government into even more debt then it already is in. Also the government had to supply food for the people who had lost there homes and everything they had owned. But this brought the country a lot closer, and made it easier to get throught things in the future.

Employment Rate 

The jobless rate would drop from 6.3% in June 2003 to 4.4% in October 2006. in 2003, the economy had seemed to be doing slightly better, but finding jobs was still challenging. In Feburary 2007, 63,000 jobs were lost. Bush would aid this situation with signing a $170 billion economic stimulus package. The Bureau of Labor Statistics (a fact finding agency for the United States government) would state that at the end of the year of 2008 2.6 million jobs were lost.

Social Security and Social Services

Bush had signed a bill in 2003 that had changed Medicare. It had changed what Medicare will pay for and how much. He also supported the AARP, which was for retired people, and it would control there health care for them. Also he had tried to fix the social security issue that has been occuring since 2005. He made social security his main topic in his 2005 State of the Union Adress. 

Obama

When Obama was first elected into office gas was very cheap. A lot cheaper than Bush's. But it was understandable because at the time Obama had entered office the US was in a recession and nott many people would buy gas. The gas was $1.85 when he entered office but it is now up to almost $4.00 depending on the economic state at the time.   

Gas in the Middle East 

The Middle East is known for having a large supply of gas. They have a lot more than the United States. In some cases, countries from the Middle East will not sell gas to the US due to past conflicts. Countries such as Iran and Suadi Arabia have a large supply and sell it to the US for a large amount of money. The US spends billions of dollars on gas each year.

Bush

During the Bush presidency gas had always seemed to be to high. At one point the price of gas was up to $4.21. Bush knew it was a problem and had tried to reduce the cost of gas. Gas has an extremely high demand and people will buy gas at whatever cost it is because they have too. As time went on and it was near to the end of the Bush campain gas prices had reduced to just above $3.00.  

How Much Gas is Actually Used

Gas is used everyday by the average person. Across the country gas is being bought every second, producing a ton of money for the government. But with this being said a lot of gas has to be supplied to the people. In 2005, everyday 365 million gallons of gas is being bought. 

While president Bush was spending money on the war in Iraq his pocket was getting more empty than ever before. During his Presidency federal government spending increased from $2.4trillion to $3.6trillion, a 50% increase. The only time in recent history when federal spending increased so much so fast was during World War Two.  Reasons were that Bush needed money for "his oil war" so he borrowed money from China.

Inflation 

In February 2008, Reuters reported that global inflation was at historic levels, and that domestic inflation was at 10–20 year highs for many nations." Excess money supply around the globe, monetary easing by the Fed to tame financial crisis, growth surge supported by easy monetary policy in Asia, speculation in commodities, agricultural failure, rising cost of imports from China and rising demand of food and commodities in the fast growing emerging markets." What this is saying is everything got so expensive to the point where the market just went into a slump.

Obama's aid

Obama has done many things to try and help the economy. When he first went into office the economy was in a really bad recession when Wall Street crashed. He made many plans for a new health care plan, infrastructure, education, various tax breaks, and direct assistance to individuals. These plans all sound great until you realize the cost of it all. The cost of all these plans Obama had made are about 787 billion dollars. Obama had mainly aimed to help the lower class rather than the middle class who are working everyday.

Chrysler

On Sunday, May 31, 2009, bankruptcy judge Arthur J. Gonzalez approved a proposed government restructuring plan and sale of Chrysler's assets.On June 8, 2009, Supreme Court Associate Justice Ruth Bader Ginsburg, who handles emergency motions  from the United States Appeals Court for the Second Circuit, in a one-sentence order, temporarily stayed the orders of the bankruptcy judge allowing the sale, pending further order by Justice Ginsburg or the Supreme Court.On June 9, 2009, the Supreme Court published its denial of the applications for a stay of the sale from the three Indiana funds, allowing the sale of assets to "New Chrysler" to proceed.

Washington Mutual 

Washington Mutual had gone bankrupt on September 26, 2008. As it had gone bankrupt they had sold all the assets of the business for nearly 1.9 billion dollars. This was the 6th largest bank in the US when it had gone under.  With all this being said JPMorgan will now have about $900 billion dollars in deposits.

General Motors

The General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through section 363 of Chapter 11, Title 11, United States Code in the United States Bankruptcy Court for the Southern District of New York. After the Chapter 11 filing, effective Monday, June 8, 2009, GM was temporarily removed from the Dow Jones Industrial Average and replaced by Cisco Systems. But after it was all said and done the company was restored by the government and is now up and running again.

Delta Airlines

September 14, 2005 was when the company had gone under. Since 2004 it had been financially challenged. They tried to stay away from bankruptcy by cutting peoples jobs. This was the first time the company had done this poor in its 75 year history. At the time they filed for bankruptcy they were in a 20.5 billion dollar debt.