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(Bonus Padlet) Governors Calling on Business Leaders to Rebuild State Economies 

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(Bonus Padlet) Governors Calling on Business Leaders to Rebuild State Economies 

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Link: https://www.usnews.com/news/best-states/articles/2020-04-23/americas-governors-are-calling-on-business-leaders-to-rebuild-their-state-economies

Summary:
This article focuses on the current pandemic and brings light to the ways in which our government is trying to move forward to rebuild the economy and the surrounding communities' response to it. Many states are seen putting together Covid-19 task forces made up of former politicians, business leaders and of course current politicians alike. The articles goes in to give examples of specific states and the ways they are going about setting up their task forces. The articles explains how some states are setting up task forces based on communal sector; like New Mexico. The New Mexico State governor has put together a task force that consists of leaders from industries such as agriculture, hospitality, energy, etc. While other state governments like Vermont, put together task forces that are split up on a goal basis such as increasing financial and technical support in businesses or exploring the strategies that small communities are using to counteract the virus and try to expand it to a state level. The article goes into examples of different states and the ways in which they have responded. Florida governor, Ron DeSantis, has been receiving backlash for the reopening of the beaches. The backlash came from the fact that the task force he had set up did not include the Florida cabinet's only democrat, Nikki Fried the commissioner of agriculture and consumer services. California made up a task force that focuses on Business and Job Recovery. The backlash here comes from the community regarding the membership and the ways in which meetings are conducted. A nonprofit, nonpartisan organization in California, CalMatters, explains that "don't hold your breath for this group to make meaningful changes". They say this because they believe that co-chairs Tom Steyer and Ann O'Leary, are "polarizing" and that they cannot all meet personally causing issues in the process.

Reaction:
This article has by far been the most interesting one for me to summarize because I think that regardless of politics that the community response to the ways in which our leaders are responding to the pandemic is interesting and almost humoring. This article in particular breaking down the state governments rather than focusing on the national government is interesting because I know most of us are tired of hearing about what President Trump has to say about the virus. I think the most interesting task force the article outlined was the one outlined about Florida, because it has been in media so much since he decided to reopen beaches and to find out that the only democrat in the cabinet was not included on the force is interesting.

Relates:
This relates to Macro because it is all about the ways the governments are responding to the way Covid has impacted out economy and how they are all trying to work to find ideas on how to recover it.

Citation:
“Governors Are Calling On Business Leaders to Rebuild Their State Economies.” U.S. News & World Report. U.S. News & World Report. Accessed April 27, 2020. https://www.usnews.com/news/best-states/articles/2020-04-23/americas-governors-are-calling-on-business-leaders-to-rebuild-their-state-economies.

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(week 12) Fed Gearing up To Help to Smaller Local Govs 

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(week 12) Fed Gearing up To Help to Smaller Local Govs 

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Link: https://www.nytimes.com/2020/04/20/business/economy/fed-local-governments-coronavirus.html

Summary:
This article reflects on the current event that is shocking the world right now. The coronavirus has altered life for everyone across the globe. As we all scramble and try to stay safe, many are losing jobs and many business are losing revenue as lockdown orders are put into place. This pandemic has effected pretty much every aspect of everyone's everyday life. However, this article focuses on the economic impacts of this virus. Specifically focusing on local businesses and governments, the article discusses the ways in which our national government in scrambling to save our economy as unemployment rates rise and major businesses are shutting down. The article outlines the way in which the Fed plans to become involved in local governments and businesses by buying municipal bonds because local politicians are pressuring the central bank to do so. The Fed explains that they will begin purchasing these bonds using their emergency lending powers. The article explains that this move is very radical and controversial as the Fed is supposed to stay uninvolved politically.

Reaction:
This article was interesting to me because it discusses how the national leaders on political, social and economic ends of life have to make decisions very by the seat of their chairs right now as there is no set list of what moves to make to save our livelihoods and right now, our economy. The article explains that these decisions are being made by a "move fast, save the economy" decision making basis. That is interesting to me as we all wait to see what moves are impulsively made and how these decisions will effect society.

Relates:
This relates to macro as it is about how the economy is being worked on as the pandemic is effecting not just ours but the global economy. The economy is being effected on a macro level.

Citation:
Smialek, Jeanna. “Fed Gearing Up to Help to Smaller Local Governments.” The New York Times. The New York Times, April 20, 2020. https://www.nytimes.com/2020/04/20/business/economy/fed-local-governments-coronavirus.html.

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(week 11) "This Is Going to Kill Small Town America" 

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(week 11) "This Is Going to Kill Small Town America" 

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Link: https://www.nytimes.com/2020/04/14/business/coronavirus-small-towns.html

Summary:
This article focuses on the effects of the current pandemic. The corona virus has effected the world in many ways, one of the more apparent ways is the way in which the virus has effected our global economy. The economy is being affected in a global context as travel restrictions have been laid out in an effect to stop the spread. However this article particularly focuses on the effect the virus has had not on the global economy or national economy, but on a much smaller scale and focuses on the local economy of a small town in New Hampshire. The article outlines the livelihood of the community that is Bristol NH. The article explains that Bristol is a small town that relies heavily on its main factory. Many rely on the factory for work. With the unfortunate current events, the small town just like many, as been experiencing shut downs that majorly dent their community in many ways rather than one. The article outlines the ways in which the community is trying to combat the economic effects of the pandemic with small acts of communal kindness by supporting local business as much as they can.

Reaction:
I had an easy time relating to and understanding this article as I live in a small town in New Hampshire as well that has also taken a large hit from the pandemic and the economic impact it has had on everyone. My town has made huge efforts to support local business as many are volunteering to help with deliveries fro restaurants and curb side pick ups.

Relates:
This relates to macroeconomics because it discuss the economic effects of the pandemic on every scale.

Citation:
Gelles, David. “'This Is Going to Kill Small-Town America'.” The New York Times. The New York Times, April 14, 2020. https://www.nytimes.com/2020/04/14/business/coronavirus-small-towns.html.

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(week 10) Worry About the Economy Highest Among the Wealthy

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(week 10) Worry About the Economy Highest Among the Wealthy

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Link: https://www.usnews.com/news/healthiest-communities/articles/2020-03-21/worry-about-coronavirus-and-economy-highest-among-the-wealthy

Summary:
This article briefly explains how corona virus concerns have shifted from public health standpoints to more of an economical standpoint to concern as of late. While this article is very short and brief, straight tot eh point, the graphs that the article provides say more than enough. In the beginning of this outbreak and pandemic, most were concerned with losing a loved one or the possible infection of a loved one. Now that the economy is noticeable being effected with the closing of businesses and the neccessity of essential workers going out and working, the shift in concern is moving rapidly to an economical concern. The graphs show that more than half of the population is not more concerned with the economical impact of the virus rather than the health impact of the virus.

Reaction:
This shift in concern in most likely due to the fact that many are exhausted with worrying about their health and are now worries about their finances and economical standings in society. the economical concerns are more seen throughout the wealthy population rather than the middle or lower classes as they are more concerned about the health impact of the virus still.

Realtes:
This relates to macro because it discusses how the ecnomy and the state of it has an impact on the rest of society and daily life.

Citation:
“Coronavirus Survey: Worry About the Economy Is Highest Among the Wealthy.” U.S. News & World Report. U.S. News & World Report. Accessed April 7, 2020. https://www.usnews.com/news/healthiest-communities/articles/2020-03-21/worry-about-coronavirus-and-economy-highest-among-the-wealthy.

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(week 9) The US Economy Cant Withstand the Coronavirus By Itself 

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(week 9) The US Economy Cant Withstand the Coronavirus By Itself 

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Link: https://www.nytimes.com/2020/03/16/opinion/coronavirus-economy.html

Summary:
This article is a series of question and answers in an interview done by reporters and economist Ian Goldin. Goldin answers questions ranging from economic downfall to politics to questions of climate change. The coronavirus is seen affecting every possible aspect of human life as we know it right now so this range of question is full warranted. However, even given this range of types of questions, each answer can somehow ties the topic in with the state of our economy. One reported asks about inflation and raises concerns for a huge inflation period after the virus subsides. Goldin responses saying that he himself is concerned of this but explains that a deflation is more likely and he also explains that in order to combat an inflation or deflation the government should be evening out the wealth with the trillions of dollars in bills they have passed in order to keep inflation from happening after the virus is controlled. Goldin explains if the government were to do the right thing and give working people a tax cut then demand could be sustained afterward which would control inflation.

Reaction:
Overall this article questions all aspects of the corona virus. The questions I focused on most the question about inflation as that is a reasonable concern. Yes we are experiencing a huge economic downfall, but there are so many ways the government can combat this, maybe not fully controlled but there a measures we can take to somewhat gain contoroll over the movement of our economy but we just have not and that is quite frustrating.

Relates:
This relates to macro because it is all about the corona virus and the ways in which is affects the us economy. There is a range of question topics being asked but each answer Goldin gives ties in to the US economy and the affects the corona virus has on that and how public health and gov policy should be more so enforced so we can gain more control over the economy movement but our leaders chose to not do so.

Citation:
Goldin, Ian. “The U.S. Economy Can't Withstand the Coronavirus by Itself.” The New York Times. The New York Times, March 16, 2020. https://www.nytimes.com/2020/03/16/opinion/coronavirus-economy.html.

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Link: https://www.nytimes.com/2020/03/22/us/politics/coronavirus-economy-shutdown.html

Summary:
This article is an overview of the crisis of our economy's current state due to the national pandemic that is the coronavirus. The virus has been seen effecting the economy in astronomical ways that article claims have not been seen since the Great Depression. The article outlines the ways in which the government should be and could aid these businesses that have had to shut down and lay workers off due to the outbreak. The virus has caused the shutting down of local small businesses but also large organizations. The government and CDC has ordered that gatherings stay smaller than 10 people at a time causing these business to shut down and or lay off workers, causing an extreme dip in their revenue and the economy as a whole. The article explains that the curve of the economy right now is a "V dip" meaning that there was a very instantaneous dip and that because of the nature of a virus, there should be an instantaneous spike in recovery if the virus is soon controlled. The other issue caused by this virus is that small businesses, even if the virus is controlled shortly, do not have the cash at hand to start right back up and add to the economy. This will overall drag or economic recovery come a controlled curve of this virus.

Reaction:
Overall this article outlines exactly what we have all been hearing over and over throughout this whole pandemic. If the virus is controlled the economy should be seen to see an instant recovery is what is believed. Right now the economy is frozen so therefor it will take the large organizations a little time to thaw out after the virus is controlled. However these small businesses may or not even make a come back because they might not have the cash at hand to do so. the government should put together borrowing plans or give loans to these businesses with little to no interest in order to speed the economic recovery after this virus.

Relates:
this relates to macroeconomics because it is about the economy and the health of which given current events.

Citation:
Tankersley, Jim. “The U.S. Shut Down Its Economy. Here's What Needs to Happen in Order to Restart.” The New York Times. The New York Times, March 22, 2020. https://www.nytimes.com/2020/03/22/us/politics/coronavirus-economy-shutdown.html.

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(week 7) Two Economic Scenarios for the Impact of the Corona Virus on the US

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(week 7) Two Economic Scenarios for the Impact of the Corona Virus on the US

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Link:
https://www.cnn.com/2020/03/10/perspectives/economy-recession-coronavirus/index.html

Summary:
This article starts by explaining the already noticeable effects of the corona virus on the us economy right now. Stocks have been in free fall and business have been closing leaving many without jobs and consumers without goods and services. The article then goes in to outline two possible scenarios that could happen to the us economy after and in lieu of the virus. The first scenario outlines if the virus fades away over the course of the next couple of months than the economy will only see a temporary drop. Right now the travel and restaurant industries are completely down and they make up 7 percent of our economy. Over the last few months as virus scares impeded the GDP has experienced a 0.7 percent drop which is large for a GDP that grows .05 percent a year. The first scenario says that the economy will get to grow again after if the virus is contained overall. The second scenario says that if the virus is not contained and continues to spread past April and may then the economy will experience a full blown recession. We can only control what we can as far as hygiene and policy makers making new policy to protect. However if the virus persists than the economy will experience full blow recession and we cannot control that.

Reaction:
Overall this whole virus is interesting because it really shows the lack of control we can have over a lot of the social aspects of life that also connect to the financial health of our nation as well. The virus has effected all aspects of life outside of public health alone.

Relates:
This relates to macro because it speaks to GDP and how it has dropped dramatically and how the coney could experience a full recession or could prosper right after the virus is possibly contained.

citation:
“Opinion: Two Economic Scenarios for the Impact of Coronavirus on the US.” CNN. Cable News Network, March 10, 2020. https://www.cnn.com/2020/03/10/perspectives/economy-recession-coronavirus/index.html.

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(week 6) The Oil Price War's Ultimate Loser is America 

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(week 6) The Oil Price War's Ultimate Loser is America 

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Link: https://www.washingtonpost.com/opinions/the-oil-price-wars-ultimate-loser-is-america/2020/03/10/814d8a1c-62eb-11ea-b3fc-7841686c5c57_story.html

Summary:
The worlds top three oil producers are currently at an economic standoff in order to profit off of the effects of the Corona virus on oil production. However, the biggest possible loser would be the United States. This is because the leaders of Saudi Arabia have been trying to team up with Vladimir Putin in an attempt to ultimately profit over this outbreak and oil production costs. President Trump has been seeing this as an opportunity for American consumers to celebrate over lower gas prices at consumption at the pump however the main issue for him here is that he is losing political stability as his once thought to be Russian economic allies are seen to be "playing hardball". These three countries are apart of the largest economic trade-off decisions and all three leaders are making decisions to profit for their own selfish needs as Russia is finding ways to "get even with America", and Saudi Arabian leaders are looking to profit on the mass hysteria to public health and Trump is looking at the tax benefits of such.

Reaction:
My reaction lies mostly on the relationship between Russia and American leaders as Saudi Arabia to me seems to just be trying to profit. However, Putin is taking it personally as he trying to "get even with America" as the article states. Doing this would be crucially detrimental to the relationship of the worlds top three largest oil producers which will have a huge impact on the global economy.

Relates:
This relates to macro as it is about the global economy and how the political state of our country and others is having an effect on the economy and things like oil production which is a top production factor to the global economy.

Citation:
Board, Editorial. “Opinion | The Oil Price War's Ultimate Loser Is America.” The Washington Post. WP Company, March 10, 2020. https://www.washingtonpost.com/opinions/the-oil-price-wars-ultimate-loser-is-america/2020/03/10/814d8a1c-62eb-11ea-b3fc-7841686c5c57_story.html.

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(week 5) Why you shouldn't believe those GDP numbers 

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(week 5) Why you shouldn't believe those GDP numbers 

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Link:
https://www.nytimes.com/2019/12/15/opinion/gdp-america.html

Summary:
This article explains the current state of the U.S economy in comparison to the state of the economy in the past and the projected future. The article uses GDP and how we measure that and what we let it represent to do so. The authors explains that we let GDP not only measure economic health but also the welfare of most Americans. The author goes in to explain why this is not okay as GDP is not a good measure of American welfare. The GDP explains the economic outputs of the country and how it effects group as a whole and not the numerous amounts of groups and subgroups amongst of our society. The GDP, according to the author, is not a good measure of American welfare because it may be seen to be rising as we move onto another record breaking year of economic expansion, but Americans are still unhappy with the economy as the average household is "still poorer than it was before". The author explains that in times like after World War two the GDP as it was was a good representation of American welfare as the economy could only go up however now we need to depict a more accurate picture and the article explains that economists are working on splitting the GDP into separate sectors to illustrate how it affects specific groups to give a more accurate reading.

Reaction:
My reaction to this is that it makes sense to do this. Having a more accurate GDP reading would show the basic welfare of the people of the country rather than just what the upper percent can output. In order to fully understand a country's economic health you need to understand the well-being of the majority classed people to see an averaged reading. The way in which economists plan to split and make the GDP reading more specific will allow us to see how all of the different groups and people are affected and how those who do can benefit and how those who are not can or will not.

Relates:
This relates to macroeconomics as it explains the economy as a whole and we talked in class a lot about GDP and whether or not it is a good measuring of economic health. I think this new idea to specify the GDP will allow us to expand this conversation and debate overall.

Citation:
Leonhardt, David. “Why You Shouldn't Believe Those G.D.P. Numbers.” The New York Times. The New York Times, December 16, 2019. https://www.nytimes.com/2019/12/15/opinion/gdp-america.html.

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(week4) How Coronavirus Could Disrupt the Auditing of Companies

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(week4) How Coronavirus Could Disrupt the Auditing of Companies

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Link: https://www.wsj.com/articles/how-coronavirus-could-disrupt-the-auditing-of-companies-11580772000

Summary:
This article explains the recently outbreaking coronavirus and how it is affecting auditing companies as the government has been putting on travel restrictions to airlines as an attempt to controlling the outbreak from spreading. External auditors for the big four accounting companies are encouraged to not travel or they are restricted by their companies to travel. This poses as a huge threat to these companies as a key factor in external auditing is the collection of inventory as inventory is a crucial part of the balance sheet. If auditors cannot travel to these warehouses to gather inventory information then they will not have enough information to submit their reports which can pose legal issues for a company. This can also effect a companies financial health. The article explains that the SEC is taking time to analyze the possible long term effects of the virus so that they can ponder on ways that the auditors and these companies can be given appropriate relief with maybe adding extensions on the due dates of these reports or the ability to submit incomplete reports.

Reaction:
My reaction to this is that it makes sense that the virus has a huge effect on our global market. Especially with all of the travel restrictions that have been put in place in order to control the outbreak. The restrictions are obviously going to  negatively affected the global economy as there is no ability to move globally. I also do not think that the SEC will be able to find an appropriate way to help relieve auditors and companies because its hard to fix a problem that cannot be projected with time like a virus as there is no set time that can be predicted to when the virus will be cured 100%.

Relates:
This relates to macroeconomics as the virus has an effect on the economy as a whole. If companies cannot get their reports out and things are not properly accounted for than the company will face legal and economical problems that will overall affect our GDP.

Citation:
Maurer, Mark. “How Coronavirus Could Disrupt the Auditing of Companies.” The Wall Street Journal. Dow Jones & Company, February 3, 2020. https://www.wsj.com/articles/how-coronavirus-could-disrupt-the-auditing-of-companies-11580772000.

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(week 3) White House advisers study potential economic fallout from coronavirus as global response intensifies

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(week 3) White House advisers study potential economic fallout from coronavirus as global response intensifies

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Link: https://www.washingtonpost.com/business/2020/02/02/white-house-advisers-are-studying-potential-economic-fallout-coronavirus-global-response-intensifies/

Summary:
This article explains the recently outbreaking coronavirus and how it might have possible affects on the U.S economy. The article explains the two sides economists are arguing. Some say the coronavirus may affect the U.S economy as we can already see some of the economic growth rates declining, while others are arguing that it will not affect the domestic economy as GDP has already been seen increasing by around 2 percent this year. The article explains that the major affects that are more easily seen are to the economy in China. This is due to the fact that many businesses in China have shut down as their consumers are simply staying home in order to stay safe from the spreading virus. One economist even states that the virus may help the domestic economy as "companies will move operations back to the United States and Mexico". All in all the article explains that the virus would need to be much more severe than any we have seen recently in order to have a major affect to the domestic economy.

Reaction:
My reaction to this is that I agree with the whole message of this article. In order for us to see a major impact to our own economy, I think that the virus must be much larger. The virus is undoubtedly hurting out global economy as people are not as easily accessible to travel in and out of the U.S from China which has an effect on business ventures and such however, the virus must spread to equate to something as serious as the plague in order to see direct effects on our domestic economical health.

Relates:
This relates to macroeconomics because it explains effects on the whole economy on both a domestic front and global front.

Citation:
Stein, Jeff. “White House Advisers Study Potential Economic Fallout from Coronavirus as Global Response Intensifies.” The Washington Post. WP Company, February 2, 2020. https://www.washingtonpost.com/business/2020/02/02/white-house-advisers-are-studying-potential-economic-fallout-coronavirus-global-response-intensifies/.

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(week 2) U.S Factory Gauge Unexpectedly Falls To Lowest Since 2009 (Jan 3, 2020)

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(week 2) U.S Factory Gauge Unexpectedly Falls To Lowest Since 2009 (Jan 3, 2020)

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Link:

https://www.bloomberg.com/news/articles/2020-01-03/u-s-factory-gauge-unexpectedly-falls-to-lowest-level-since-2009

Summary: This article outlines the ways in which the trade war we were recently in against China has affected different sectors of our economy. This past closing year, U.S manufacturing closed out with the weakest monthly performance since 2009. The article explains that business investments have been pulled back from manufacturing, in turn factories have dialed back on production causing those workers to see a decrease in their income as they are forced to respond to the “unplanned factory closures and extended holidays”. The article also explains that the index for Supply Management’s purchasing managers fell to 47.2, readings lower than 50 are indicative of activity shrinking. The article explains that this is all happening because of pullbacks in domestic business investments , softer demand globally, and the recent trade war with China. Through all of this economists are predicting that the rebuilding period, after Trump signs the trade agreement with China, will project to be about six to seven months. Economists say the fix will not be immediate because corporate investments and structure will take that time to rebuild.

Reaction: My reaction to this article is that a lot of the issues we see in global politics right now are seriously affecting us on a domestic front. The trade war with China caused economical damage and may take a long time to rebuild on our structure within our organizations and manufacturing structures.

Relates: The article relates to macroeconomics because it explains effects on the whole economy and how different sectors are affected.

Bibliography

Bloomberg.com. https://www.bloomberg.com/news/articles/2020-01-03/u-s-factory-gauge-unexpectedly-falls-to-lowest-level-since-2009.

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(week 1) U.S Economy Breaks Free of Recession Fears… by Heather Long (Dec 15, 2020) 

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(week 1) U.S Economy Breaks Free of Recession Fears… by Heather Long (Dec 15, 2020) 

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Link: https://www.washingtonpost.com/business/2019/12/15/us-economy-shakes-free-recession-fears-striking-turnaround-since-august/

Summary: This article illustrates how the U.S economy escaped possibilities of recession over the last couple of months. Through the resolution of trade wars, and interest rate cuts, the U.S economy is predicted to see more upwards trends according to economists. Most economists are accrediting the movement in economic trend to the Federal Reserve as they were the ones that reduced the benchmark interest rates by three times this year from 2.5% to 1.75%. It was this change that caused a turnaround in the housing markets as mortgage rates were seen to be lower. The biggest worries were that the economy was spiraling downwards because of business withholding their spending due to the tariffs imposed through the trade wars inflicted by the actions of our president. However, President Trump has since resolved the 17 month month trade war with China and has drafted a trade agreement with Canada and Mexico that allows tariff free trade throughout the Americas and the agreed 200 billion dollar purchases in trade from China over the next two years. These things relieved economists and business owners alike as it lessened the uncertainties about the future performance of the economy. Recession possibility claims made by economists have dropped from 38% to 25% from August to November.

Reaction: My reaction to this article is that no matter what your political affiliations are, the existence of a 17 month trade war should raise eyebrows as it clearly affected our economy greatly. Being able to see these clear economical effects of a political campaign is important to consider come reelection time. Also the trade deals made recently with China, Mexico, and Canada personally lift economical worries as it shows progression however, not lifted entirely as tariffs still exist.

Relation: This relates to the study of macroeconomics because it explains the performance of the economy as a whole. Throughout the article it is broken down into things like interest rates and tariffs and how they affected the economy however, the article specifically focuses on the economy and its overall performance given the political climate.

Bibliography

Long, Heather. "U.S. Economy Shakes Free of Recession Fears in Striking Turnaround since August." The Washington Post. December 16, 2019. https://www.washingtonpost.com/business/2019/12/15/us-economy-shakes-free-recession-fears-striking-turnaround-since-august/.