Ten years into the future the United States will be in for many unknown challenges. The biggest challenge that we will face as a nation is the economy. We are faced with a recession. We have all heard the word but what does it really mean? The word recession means a general slowdown in economic activity over time. Who or what causes this slowdown and what can us as a people do about it?
The Great Depression is probably the most widely know recession in the United States until now. It started in 1929 and lasted until the late 30s into the early 40s in some places. The stock market crash on Oct 29, 1929, also called Black Tuesday, is what caused all the mayhem of this recession. The Great Depression is used as an example of how quickly an economy can decline.
The same trend that happened with the Stock Market Crash of 1929 can also happen today and even ten years from now. The US economy is the world’s largest nominal economy. The United States wealth is three times that of the second largest national economy, Japan. With this type of wealth the economy would not seem like a problem within ten years would it? Wrong! The national debt is somewhere around $12.8 trillion dollars. This is a very steep number and is expected only to rise in the next ten years.
Ten years is a long time from now but not very long if you think about it in economic terms .If one thing happens with the economy today it can have a negative or positive effect on the economy in ten years. President Obama and Vice President Biden have come up with a plan to revitalize the economy. They plan to create jobs in America, and revitalize the homeowner market. There is also going to be relief for struggling families. There will most likely be a different president in ten years but they hope to get the ball rolling with this plan.
The economy has seen a job loss number of around 760,000 jobs in 2009. This makes the unemployment rate at 8%. It could also go higher according to some forecasters....